Wright Investors' Service (IWSH) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Entity Registrant Name	Wright Investors Service Holdings, Inc.
Entity Central Index Key	1,279,715
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,558,939

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Investment management services	$ 627	$ 647	$ 1,867	$ 1,974
Other investment advisory services	721	664	2,136	1,952
Financial research and related data	188	155	516	449
Total revenues	1,536	1,466	4,519	4,375
Expenses
Compensation and benefits	1,176	1,294	3,693	3,842
Other operating	858	988	2,823	3,042
Total expenses	2,034	2,282	6,516	6,884
Operating loss	(498)	(816)	(1,997)	(2,509)
Interest expense and other, net	$ (81)	$ (22)	$ (162)	(37)
Gain on sale of investment in MXL				719
Change in fair value of contingent consideration	$ (176)	$ (27)	$ (196)	(109)
Loss from continuing operations before income taxes	(755)	(865)	(2,355)	(1,936)
Income tax (expense) benefit	(11)	54	(44)	115
Loss from continuing operations	$ (766)	$ (811)	$ (2,399)	(1,821)
Income from discontinued operations, net of taxes (Note 11 and 13 (a))				315
Net loss	$ (766)	$ (811)	$ (2,399)	$ (1,506)
Basic and diluted (loss) income per share
Continuing operations	$ (0.04)	$ (0.04)	$ (0.12)	$ (0.10)
Discontinued operations				0.02
Net loss	$ (0.04)	$ (0.04)	$ (0.12)	$ (0.08)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 9,656	$ 11,163
Short-term investments	149	154
Accounts receivable, net	355	336
Prepaid income taxes	8	12
Prepaid expenses and other current assets	455	451
Total current assets	10,623	12,116
Property and equipment, net	37	40
Intangible assets, net	2,804	3,281
Goodwill	3,364	$ 3,364
Investment in LLC	257
Investment in undeveloped land	355	$ 355
Other assets	132	108
Total assets	17,572	19,264
Current liabilities
Accounts payable and accrued expenses	$ 1,251	1,116
Deferred revenue		12
Liability for contingent consideration	$ 768	572
Current portion of officers retirement bonus liability	213	160
Total current liabilities	2,232	1,860
Officers retirement bonus liability, net of current portion	689	698
Total liabilities	2,921	2,558
Stockholders' equity
Common stock	191	191
Additional paid-in capital	33,784	33,440
Accumulated deficit	(17,965)	(15,566)
Treasury stock, at cost (565,069 shares in 2015 and 2014)	(1,359)	(1,359)
Total stockholders' equity	14,651	16,706
Total liabilities and stockholders' equity	$ 17,572	$ 19,264

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Paranthetical) - shares	Sep. 30, 2015	Dec. 31, 2014
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Treasury stock, shares	565,069	565,069

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net loss	$ (2,399,000)	$ (1,506,000)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	490,000	492,000
Change in liability for contigent consideration	196,000	$ 109,000
Change in value of warrant	95,000
Equity based compensation, including issuance of stock to directors	344,000	$ 247,000
Equity income in LCC	$ (43,000)
Gain on sale of investment in MXL		$ (719,000)
Changes in other operating items:
Accounts receivable	$ (19,000)	(40,000)
Investment securities	5,000	(14,000)
Deferred revenue	(12,000)	(1,000)
Officers retirement bonus liability	44,000	(21,000)
Prepaid income taxes	4,000	(5,000)
Prepaid expenses and other current assets	(4,000)	(122,000)
Accounts payable and accrued expenses	135,000	(50,000)
Net cash used in operating activities	$ (1,164,000)	(1,630,000)
Cash flows from investing activities
Proceeds from sale of investment in MXL		$ 994,000
Investment in LLC	$ (333,000)
Additions to property and equipment	(10,000)
Net cash (used in) provided by investing activities	(343,000)	$ 994,000
Net decrease in cash and cash equivalents	(1,507,000)	(636,000)
Cash and cash equivalents at the beginning of the period	11,163,000	12,566,000
Cash and cash equivalents at the end of the period	9,656,000	11,930,000
Supplemental disclosures of cash flow information
Net cash paid during the period for income taxes	35,000	$ 23,000
Non cash activity:
Warrant distributed from LLC	$ 120,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]	Treasury stock, at cost [Member]
Balance at Dec. 31, 2014	$ 16,706	$ 191	$ 33,440	$ (15,566)	$ (1,359)
Balance, shares at Dec. 31, 2014		19,059,198
Net loss	(2,399)			$ (2,399)
Issuance of common stock to directors	74		$ 74
Issuance of common stock to directors, shares		44,425
Equity based compensation expense	270		270
Balance at Sep. 30, 2015	$ 14,651	$ 191	$ 33,784	$ (17,965)	$ (1,359)
Balance, shares at Sep. 30, 2015		19,103,623

Basis of presentation and descr

Basis of presentation and description of activities	9 Months Ended
	Sep. 30, 2015
Basis of presentation and description of activities [Abstract]
Basis of presentation and description of activities	1. Basis of presentation and description of activities Basis of presentation The accompanying interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The information and note disclosures normally included in complete financial statements have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2014 has been derived from audited financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 as presented in our Annual Report on Form 10-K. In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation. The results for the 2015 interim periods are not necessarily indicative of results to be expected for the entire year. Description of activities On February 4, 2013, National Patent Development Corporation changed its name to Wright Investors' Service Holdings, Inc. (hereinafter referred to as the “Company” or “Wright Holdings”). On December 19, 2012 (the “Closing Date”), the Company, completed the acquisition of The Winthrop Corporation, a Connecticut corporation (“Winthrop”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”) dated June 18, 2012 . Winthrop, through its wholly-owned subsidiaries Wright Investors' Service, Inc. (“Wright”), Wright Investors' Service Distributors, Inc. (“WISDI”) and Wright's wholly-owned subsidiary, Wright Private Asset Management, LLC (“WPAM”) (collectively, the “Wright Companies”), offers investment management services, financial advisory services and investment research to large and small investors, both taxable and tax exempt. WISDI is a registered broker dealer with the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities and Exchange Commission. In accordance with the Merger Agreement, a wholly-owned newly formed subsidiary of the Company, was merged with and into Winthrop and Winthrop became a wholly-owned subsidiary of the Company. Reclassification The Company has reclassified $ 1,294,000 3,842,000

Liability for Contingent Consid

Liability for Contingent Consideration	9 Months Ended
	Sep. 30, 2015
Liability for Contingent Consideration [Abstract]
Liability for Contingent Consideration	2. Liability for Contingent Consideration In connection with the Company's acquisition of Winthrop on December 19, 2012, the Company has agreed to pay contingent consideration in cash to a holder of Winthrop common stock who received 852,228 1,900,000 A liability was recognized based on an estimate of the acquisition date fair value of the acquisition-related contingent consideration which may be payable. The fair value was calculated by applying a lattice model, which takes into account the potential for the Company's common stock price per share being less than $ 2.23 1.32 1.74 50 0.0 0.38 768,000 $ 176,000 196,000 27,000 109,000

Sale of MXL investment

Sale of MXL investment	9 Months Ended
	Sep. 30, 2015
Sale of MXL investment [Abstract]
Sale of MXL investment	3. Sale of MXL investment The Company held a 19.9% equity investment in a privately-held company, MXL, which is engaged in the plastic molding and precision coating businesses. On February 3, 2014 the privately-held company exercised its right to purchase the Company's 19.9 994,000 719,000

Per share data

Per share data	9 Months Ended
	Sep. 30, 2015
Per share data [Abstract]
Per share data	4. Per share data Loss per share for the three months ended September 30, 2015 and 2014 respectively, is calculated based on 19,272,000 19,096,000 737,772 608,526 Loss per share for the nine months ended September 30, 2015 and 2014 respectively, is calculated based on 19,249,000 19,089,000 736,589 607,343 September 30, 2015 and 2014 , respectively. Options for 3,250,000 328,128 286,256

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2015
Capital Stock [Abstract]
Capital Stock	5. Capital Stock The Company's Board of Directors, without any vote or action by the holders of common stock, is authorized to issue preferred stock from time to time in one or more series and to determine the number of shares and to fix the powers, designations, preferences and relative, participating, optional or other special rights of any series of preferred stock. The Board of Directors authorized the Company to repurchase up to 5,000,000 1,791,821 3,208,179

Short-term investments_

Short-term investments:	9 Months Ended
	Sep. 30, 2015
Short-term investments: [Abstract]
Short-term investments:	6. Short-term investments: Short-term investments, which at September 30, 2015 and December 31, 2014 consist of mutual funds managed by a subsidiary of Winthrop are stated at the net asset value of the funds and are accounted for as trading securities with unrealized gain or loss included in Interest expense and other, net in the Condensed Consolidated Statements of Operations. Unrealized (losses) gains on short term investments amounted to ($ 12,000) 8,000 25,000 32,000

Investment in LLC

Investment in LLC	9 Months Ended
	Sep. 30, 2015
Investment in LLC [Abstract]
Investment in LLC	7. Investment in LLC The Company entered into a Limited Liability Company Agreement dated April 28, 2015 by and among EGS, LLC , a newly formed Delaware limited liability company (“EGS”) and the members named therein. The Company invested $ 333,333 333,333 33.33 333,333 333,333 33.33 EGS entered in a Note Purchase Agreement effective April 28, 2015 with Merriman Holdings, Inc. (“Merriman”), a publically traded company, pursuant to which EGS purchased from Merriman for an aggregate purchase price of $ 1,000,000 one 1,000,000 12 five 500,000 1.00 166,666 120,000 26,000 43,000 257,000 25,000 95,000 65,000 On July 20, 2015, a fourth member joined EGS and invested $ 333,333 25 166,666 25 Merriman is a financial services holding company that provides capital markets advisory and research, corporate and investment banking services through its wholly-owned principal operating subsidiary, Merriman Capital, Inc. (“MC”). The Note is secured by 99.998 166,666 1.00 five The Note, pursuant to the terms of an Intercreditor Agreement entered into with Merriman's current debt holders, is senior to all of Merriman's debt.

Incentive stock plans and stock

Incentive stock plans and stock based compensation	9 Months Ended
	Sep. 30, 2015
Incentive stock plans and stock based compensation [Abstract]
Incentive stock plans and stock based compensation	8. Incentive stock plans and stock based compensation Common stock options The Company had initially adopted a stock-based compensation plan for employees and non-employee members of its Board of Directors in November 2003 (the “2003 Plan”), which was subsequently amended in March 2007 (the “2003 Plan Amendment”). In December 2007, the Company adopted the National Patent Development Corporation 2007 Incentive Stock Plan (the “2007 NPDC Plan”). The 2003 Plan Amendment and the 2007 NPDC Plan shall be collectively referred to as the “Plans”. The Plans 3,500,000 7,500,000 ten three 110 The Company recorded no compensation expense related to options for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, the number of shares reserved and available for award under the 2007 NPDC Plan is 5,986,336 700,000 During the nine months ended September 30, 2015, there was no option activity. As of September 30, 2015, there were outstanding options to acquire 3,250,000 2.31 1.9 0 Restricted stock units As a result of the Winthrop acquisition, the Company issued a total of 849,280 a) 479,280 three 2.52 20 2.02 966,000 b) 370,000 three 2.52 11 2.25 69,000 208,000 44,000 three In addition, the following RSUs were granted to employees of the Company: c) 17,738 three 11,701 2.40 11 three 2.25 3,000 8,000 3,000 6 d) 30,000 1.90 11,000 e) 100,000 3 1.70 1.85 8 1.56 1.70 27,000 65,000 260,000 2.5

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2015
Intangible Assets [Abstract]
Intangible Assets	9. Intangible Assets At September 30, 2015, intangible assets subject to amortization which were recorded in connection with the acquisition of Winthrop consisted of the following (in thousands): Intangible Estimated useful life Gross carrying amount Accumulated Amortization Net carrying amount Investment management and advisory contracts 9 $ 3,181 $ 982 $ 2,199 Trademarks 10 433 121 312 Proprietary software and technology 4 960 667 293 $ 4,574 $ 1,770 $ 2,804 For the nine months ended September 30, 2015 amortization expense was $ 477,000 Year ending December 31, 2015 (remainder) $ 159 2016 630 2017 397 2018 397 2019 397 2020-2023 824 $ 2,804

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2015
Related party transactions [Abstract]
Related party transactions	10. Related party transactions Effective June 1, 2010, the Company had relocated its headquarters to the offices of Bedford Oak in Mount Kisco, New York. Bedford Oak is controlled by Harvey P. Eisen, Chairman, Chief Executive Officer and a director of the Company. The Company had been subleasing a portion of the Bedford Oak space and has access to various administrative support services on a month-to-month basis. On October 31, 2012, the Company's Audit Committee approved an increase to approximately $ 40,700 On May 13, 2014, the Company's Audit Committee approved a decrease to approximately $ 27,600 83,000 314,000 0 83,000 Wright acts as an investment advisor, its subsidiary acts as a principal underwriter and one officer of Winthrop is also an officer for a family of mutual funds from which investment management and distribution fees are earned based on the net asset values of the respective funds. Such fees, which are included in Other investment advisory services, amounted to $ 221,000 649,000 213,000 639,000

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2015
Income taxes [Abstract]
Income taxes	11. Income taxes For the three and nine months ended September 30, 2015, the Company recorded income tax expense from continuing operations of $ 11,000 44,000 minimum state taxes. For the three and nine months ended September 30, 2014, the Company recorded an income tax benefit from continuing operations of $ 54,000 115,000 65,000 145,000 11,000 30,000 210,000 No tax benefit has been recorded in relation to the pre-tax loss from continuing operations for the three and nine months ended September 30, 2015, or for the pre-tax loss from continuing operations for the three and nine months ended September 30, 2014 in excess of the amount utilized to offset income from discontinued operations, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the loss.

Retirement plans

Retirement plans	9 Months Ended
	Sep. 30, 2015
Retirement plans [Abstract]
Retirement plans	12. Retirement plans a) The Company maintains a 401(k) Savings Plan (the “Plan”), for full time employees who have completed at least one hour of service coincident with the first day of each month. The Plan permits pre-tax contributions by participants. Effective January 15, 2013, the employees of Winthrop and its subsidiaries were eligible to participate in the Plan, and the Company ceased matching the participant's contributions. b) Winthrop maintains an officer retirement bonus plan (the “Bonus Plan”) that is an unfunded deferred compensation program providing retirement benefits equal to 10 1,546,000 213,000 50,000 885,000 14 1,027,000 amounted to $ 37,000 112,000 25,000 75,000 902,000 644,000

Commitments, Contingencies and

Commitments, Contingencies and Other	9 Months Ended
	Sep. 30, 2015
Commitments, Contingencies and Other [Abstract]
Commitments, Contingencies and Other	13. Commitments, Contingencies and Other a) On January 15, 2010, the Company completed the sale to The Merit Group, Inc. (“Merit”) of all of the issued and outstanding stock of the Company's wholly-owned subsidiary, Five Star Products, Inc., the holding company and sole stockholder of Five Star Group, Inc., for cash. On or about May 17, 2011, Merit filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of South Carolina. On or about December 14, 2011, the Official Committee of Unsecured Creditors of TMG Liquidation Company (formerly known as The Merit Group, Inc.) filed in that court an adversary proceeding against the Company (the “Avoidance Action”). The Avoidance Action sought, among other things, to avoid and recover the consideration paid by Merit to the Company for the purchase of Five Star Products, Inc. from the Company under the Stock Purchase Agreement, dated November 24, 2009 (the “Agreement”), as a constructive fraudulent transfer under sections 548, 550, and 551 of the Bankruptcy Code. On August 2, 2013 the Company entered into the settlement agreement, and during the year ended December 31, 2013, the Company recorded a loss in discontinued operations of $ 2,375,000 525,000 b) Pursuant to his Employment Agreement, Mr. Peter Donovan serves as Chief Executive Officer of Winthrop, commencing upon the Closing Date of the Merger. Mr. Donovan's Employment Agreement provides for a term of five 300,000 200,000 Under their respective Employment Agreements, the three other key executives are serving as Senior Managing Directors of Winthrop. Their Employment Agreements each provide for a term of three three key executives were informed that their contracts would not be automatically renewed. Each of the other 250,000 114,000 2.00 114,000 28,500 c) The Company has a call right to acquire any shares of Company common stock held by the four key executives of Winthrop received as merger consideration who terminate employment without “good reason” prior to the third anniversary of the Closing Date, at a purchase price per share equal to the fair market value of Company common stock as of the date of the notice of the exercise of the call right. d) On July 1, 2014, Winthrop, pursuant to the terms of its Milford facility lease, gave eight months' notice to their landlord to terminate their lease in Milford, Connecticut. In August 2014, the Company entered into a five year sublease in Greenwich, Connecticut for 10,000 61,000 240,000 248,000 255,000 196,000 e) On September 26, 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Orders requiring the investigation and repair of two dams in which the Company and its subsidiaries have certain ownership interests. The first Order requires that the Company investigate and make specified repairs to the Acme Pond Dam located in Killingly, Connecticut. The second Order, as subsequently revised by DEEP on October 10, 2014, requires that the Company investigate and make specified repairs to the Killingly Pond Dam located in Killingly, Connecticut. The Company has administratively appealed and contested the allegations in both Orders. As the administrative appeal of both Orders is in its early stages, it is not possible at this time to evaluate the likelihood of, or to estimate the range of loss from, an unfavorable outcome.

Basis of presentation and des20

Basis of presentation and description of activities (Policies)	9 Months Ended
	Sep. 30, 2015
Basis of presentation and description of activities [Abstract]
Basis of presentation	Basis of presentation The accompanying interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The information and note disclosures normally included in complete financial statements have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2014 has been derived from audited financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 as presented in our Annual Report on Form 10-K. In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation. The results for the 2015 interim periods are not necessarily indicative of results to be expected for the entire year.
Description of activities	Description of activities On February 4, 2013, National Patent Development Corporation changed its name to Wright Investors' Service Holdings, Inc. (hereinafter referred to as the “Company” or “Wright Holdings”). On December 19, 2012 (the “Closing Date”), the Company, completed the acquisition of The Winthrop Corporation, a Connecticut corporation (“Winthrop”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”) dated June 18, 2012 . Winthrop, through its wholly-owned subsidiaries Wright Investors' Service, Inc. (“Wright”), Wright Investors' Service Distributors, Inc. (“WISDI”) and Wright's wholly-owned subsidiary, Wright Private Asset Management, LLC (“WPAM”) (collectively, the “Wright Companies”), offers investment management services, financial advisory services and investment research to large and small investors, both taxable and tax exempt. WISDI is a registered broker dealer with the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities and Exchange Commission. In accordance with the Merger Agreement, a wholly-owned newly formed subsidiary of the Company, was merged with and into Winthrop and Winthrop became a wholly-owned subsidiary of the Company.
Reclassification	Reclassification The Company has reclassified $ 1,294,000 3,842,000

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Intangible Assets [Abstract]
Components of Acquired Intangible Assets	At September 30, 2015, intangible assets subject to amortization which were recorded in connection with the acquisition of Winthrop consisted of the following (in thousands): Intangible Estimated useful life Gross carrying amount Accumulated Amortization Net carrying amount Investment management and advisory contracts 9 $ 3,181 $ 982 $ 2,199 Trademarks 10 433 121 312 Proprietary software and technology 4 960 667 293 $ 4,574 $ 1,770 $ 2,804
Amortization Expense Related to Intangible Assets	Year ending December 31, 2015 (remainder) $ 159 2016 630 2017 397 2018 397 2019 397 2020-2023 824 $ 2,804

Basis of presentation and des22

Basis of presentation and description of activities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Basis of presentation and description of activities [Abstract]
Reclassification of Other operating expenses to compensation and benefits	$ 1,294,000	$ 3,842,000

Liability for Contingent Cons23

Liability for Contingent Consideration (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 19, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Change in liability for contigent consideration		$ 176,000	$ 27,000	$ 196,000	$ 109,000
Winthrop [Member] | Unspecified stockholder [Member]
Business Acquisition [Line Items]
Issuance of common stock in connection with acquisition, shares	852,228
Contingent consideration, maximum value of shares	$ 1,900,000
Stock price	$ 2.23	$ 1.32	$ 1.74	$ 1.32	$ 1.74
Expected volatility				50.00%	50.00%
Risk-free interest rate				0.00%	0.38%
Fair value of contingent liability		$ 768,000		$ 768,000

Sale of MXL investment (Details

Sale of MXL investment (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 26, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of investment in MXL					$ 994,000
Gain on sale of investment in MXL					719,000
MXL [Member]
Schedule of Equity Method Investments [Line Items]
Equity investment, percentage						19.90%
Proceeds from sale of investment in MXL	$ 994,000
Gain on sale of investment in MXL					$ 719,000

Per share data (Details)

Per share data (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding	19,272,000	19,096,000	19,249,000	19,089,000
Weighted average number of common shares, vested RSUs	737,772	608,526	736,589	607,343
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,250,000	3,250,000	3,250,000	3,250,000
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	328,128	286,256	328,128	300,640

Capital Stock (Details)

Capital Stock (Details)	Sep. 30, 2015shares
Capital Stock [Abstract]
Number of shares authorized to be repurchased	5,000,000
Number of shares repurchased	1,791,821
Remaining number of shares available for repurchase	3,208,179

Short-term investments_ (Detail

Short-term investments: (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Unrealized (losses) gains	$ (12,000)	$ 25,000	$ (8,000)	$ 32,000

Investment in LLC (Details)

Investment in LLC (Details) - USD ($)	1 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Apr. 28, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Jul. 20, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investment amount				$ 333,000
Equity investment		$ 257,000	$ 257,000	257,000
Warrant distributed from LLC		120,000	120,000	120,000
Change in value of warrant				95,000
Share of income from equity method investments				43,000
EGS [Member]
Schedule of Equity Method Investments [Line Items]
Investment amount	$ 333,333
Units acquired	333,333
Membership Interest	33.33%					25.00%
Equity investment		257,000	257,000	257,000
Warrant distributed from LLC	$ 120,000	25,000	25,000	25,000
Change in value of warrant		65,000	$ 95,000
Noncontrolling interest						$ 333,333
Noncontrolling interest, ownership percentage						25.00%
Warrants owned by noncontrolling interests						166,666
Share of income from equity method investments		$ 26,000		$ 43,000
Marshall Geller [Member] | EGS [Member]
Schedule of Equity Method Investments [Line Items]
Investment amount	$ 333,333
Units acquired	333,333
Membership Interest	33.33%
Merriman [Member]
Schedule of Equity Method Investments [Line Items]
Note Purchase Agreement, aggregate purchase price	$ 1,000,000
Common Stock Purchase Warrant, amount of shares	500,000
Exercise price of warrants	$ 1
Term of warrants	5 years
Warrants received	166,666
Merriman [Member] | Marshall Geller [Member]
Schedule of Equity Method Investments [Line Items]
Exercise price of warrants	$ 1
Term of warrants	5 years
Merriman [Member] | Marshall Geller [Member] | EGS [Member]
Schedule of Equity Method Investments [Line Items]
Warrants received	166,666
Senior Secured Note [Member] | Merriman [Member]
Schedule of Equity Method Investments [Line Items]
Term of note	1 year
Principal amount	$ 1,000,000
Interest rate	12.00%
Senior Secured Note [Member] | MC [Member]
Schedule of Equity Method Investments [Line Items]
Notes secured, percentage of capital stock	99.998%

Incentive stock plans and sto29

Incentive stock plans and stock based compensation (Common Stock Options) (Details)	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options	3,250,000
Outstanding options, weighted average exercise price | $ / shares	$ 2.31
Outstanding options, weighted average contractual term	1 year 10 months 24 days
Outstanding options, aggregate intrinsic value | $	$ 0
2003 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	3,500,000
Number of shares reserved and available for award	700,000
2007 NPDC Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	7,500,000
Number of shares reserved and available for award	5,986,336
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of any option granted under the plans	10 years
Term for options granted to a 10% or greater holder of total voting stock	3 years
Percentage of fair market value	110.00%

Incentive stock plans and sto30

Incentive stock plans and stock based compensation (Restricted Stock) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)	Jun. 10, 2014	Feb. 04, 2013	Mar. 31, 2015	Jan. 19, 2015	Dec. 19, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted					849,280
Four Key Executives Group One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted					479,280
Post-vesting restrictions, term					3 years
RSUs value per share					$ 2.52
RSU, discount rate					20.00%
RSUs Value per share, less discount for post vesting restrictions on sale					$ 2.02
Compensation					$ 966,000
Four Key Executives Group Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted					370,000
RSUs value per share					$ 2.52
Vesting period for plan					3 years
RSU, discount rate					11.00%
RSUs Value per share, less discount for post vesting restrictions on sale					$ 2.25
Compensation						$ 69,000	$ 69,000	$ 208,000	$ 208,000
Unrecognized compensation cost						$ 44,000		$ 44,000
Unrecognized compensation recognition period								3 months
Certain employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted		17,738
RSUs outstanding						11,701		11,701
Post-vesting restrictions, term		3 years
RSUs value per share		$ 2.40
Vesting period for plan		3 years
RSU, discount rate		11.00%
RSUs Value per share, less discount for post vesting restrictions on sale		$ 2.25
Compensation						$ 3,000	$ 3,000	$ 8,000	$ 8,000
Unrecognized compensation cost						3,000		$ 3,000
Unrecognized compensation recognition period								6 months
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted	30,000
RSUs value per share	$ 1.90
Compensation										$ (11,000)
Director One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted				100,000
RSUs value per share				$ 1.70
Vesting period for plan				3 years
RSU, discount rate				8.00%
RSUs Value per share, less discount for post vesting restrictions on sale				$ 1.56
Compensation						27,000		$ 65,000
Director Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted			100,000
RSUs value per share			$ 1.85
Vesting period for plan			3 years
RSU, discount rate			8.00%
RSUs Value per share, less discount for post vesting restrictions on sale			$ 1.70
Two Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost						$ 260,000		$ 260,000
Unrecognized compensation recognition period								2 years 6 months

Intangible Assets (Intangible A

Intangible Assets (Intangible Assets) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 4,574
Accumulated Amortization	1,770
Net carrying amount	$ 2,804
Investment management and advisory contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	9 years
Gross carrying amount	$ 3,181
Accumulated Amortization	982
Net carrying amount	$ 2,199
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years
Gross carrying amount	$ 433
Accumulated Amortization	121
Net carrying amount	$ 312
Proprietary Software and Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	4 years
Gross carrying amount	$ 960
Accumulated Amortization	667
Net carrying amount	$ 293

Intangible Assets (Estimated Am

Intangible Assets (Estimated Amortization Expense) (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Intangible Assets [Abstract]
Amortization expense related to intangible assets	$ 477,000
2015 (remainder)	159,000
2,016	630,000
2,017	397,000
2,018	397,000
2,019	397,000
2020-2023	824,000
Finite-Lived Intangible Assets, Net, Total	$ 2,804,000

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	May. 13, 2014	Oct. 31, 2012
Related Party Transaction [Line Items]
Operating expenses	$ 2,034,000	$ 2,282,000	$ 6,516,000	$ 6,884,000
Bedford Oak [Member] | Sublease arrangement [Member]
Related Party Transaction [Line Items]
Monthly sublease payment amount					$ 27,600	$ 40,700
Operating expenses	0	83,000	83,000	314,000
Winthrop [Member]
Related Party Transaction [Line Items]
Investment management and distribution fees	$ 221,000	$ 213,000	$ 649,000	$ 639,000

Income taxes (Details)

Income taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income taxes [Abstract]
Income tax expense	$ 11,000	$ (54,000)	$ 44,000	$ (115,000)
Federal and state benefit		65,000	0	145,000
Minimum state taxes		$ 11,000		30,000
Income tax expense from discontinued operations			$ 0	$ 210,000

Retirement plans (Details)

Retirement plans (Details) - Frozen defined benefit plans [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Employer match of eligible compensation of employees			10.00%
Total obligation	$ 1,546,000		$ 1,546,000
Total obligation, payable in 2015	213,000		213,000
Annual liability payable to individual retired employees			50,000
Liability recorded at date of acquisition			$ 885,000
Present value discount factor			14.00%
Amount to be amortized, as interest expense	1,027,000		$ 1,027,000
Interest expense	37,000	$ 25,000	112,000	$ 75,000
Present value of plan	902,000		902,000
Unamortized discount	$ 644,000		$ 644,000

Commitments, Contingencies an36

Commitments, Contingencies and Other (Details)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2014ft²	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2013USD ($)	Aug. 02, 2013USD ($)
Commitments And Contingencies [Line Items]
Amount of settlement					$ 2,375,000
Loss in connection with Avoidance Action				$ 2,375,000
Insurance claim settlement, amount awarded to company		$ 525,000
Lease, square footage | ft²	10,000
Future minimum payments remainder of 2015			$ 61,000
Future minimum payments 2016			240,000
Future minimum payments 2017			248,000
Future minimum payments 2018			255,000
Future minimum payments 2019			$ 196,000
Chief Executive Officer [Member]
Commitments And Contingencies [Line Items]
Employment agreements			5 years
Annual base salary			$ 300,000
Board of Directors Chairman [Member]
Commitments And Contingencies [Line Items]
Annual base salary			$ 200,000
Executive Officer [Member]
Commitments And Contingencies [Line Items]
Employment agreements			3 years
Annual base salary			$ 250,000
Bonus awarded			$ 114,000
Restricted stock units value per share | $ / shares			$ 2
Number of restricted stock units awarded for bonus | shares			114,000
Bonus paid			$ 28,500