Wright Investors' Service (IWSH) 10-K 24 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 03, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 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	FY
Document Fiscal Year Focus	2,015
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		19,169,273
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 15,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues
Investment management services	$ 2,453	$ 2,600
Other investment advisory services	2,839	2,600
Financial research and related data	733	620
Total revenues	6,025	5,820
Expenses
Compensation and benefits	4,802	5,108
Other operating	3,783	4,036
Total expenses	8,585	9,144
Operating loss	(2,560)	(3,324)
Investment and other expense, net	$ (170)	(56)
Gain on sale of investment in MXL		719
Change in fair value of liability for contingent consideration	$ 336	(66)
Loss from continuing operations before income taxes	(2,394)	(2,727)
Income tax (expense) benefit	(27)	172
Loss from continuing operations	$ (2,421)	(2,555)
Income from discontinued operations, net of taxes		315
Net loss	$ (2,421)	$ (2,240)
Basic and diluted loss per share
Continuing operations	$ (0.13)	$ (0.14)
Discontinued operations		0.02
Net loss	$ (0.13)	$ (0.12)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 8,493	$ 11,163
Short-term investments	157	154
Accounts receivable	326	336
Prepaid income taxes	37	12
Prepaid expenses and other current assets	456	451
Total current assets	9,469	12,116
Property and equipment, net	44	40
Intangible assets, net	2,644	3,281
Goodwill	3,364	$ 3,364
Investment in LLC	287
Investment in undeveloped land	355	$ 355
Other assets	120	108
Total assets	16,283	19,264
Current liabilities
Accounts payable and accrued expenses	$ 1,030	1,116
Deferred revenue		12
Liability for contingent consideration		572
Current portion of officers retirement bonus liability	$ 200	160
Total current liabilities	1,230	1,860
Officers retirement bonus liability, net of current portion	714	698
Total liabilities	$ 1,944	$ 2,558
Stockholders' equity
Preferred stock, par value $0.01 per share, authorized 10,000,000 shares; none issued
Common stock, par value $0.01 per share, authorized 30,000,000 shares; issued 19,720,971 in 2015 (including 596,513 shares issuable for vested restricted stock units) and 19,059,198 in 2014; outstanding 19,155,752 in 2015 and 18,494,129 in 2014	$ 197	$ 191
Additional paid-in capital	33,488	33,440
Accumulated deficit	(17,987)	(15,566)
Treasury stock, at cost (565,219 in 2015 and 565,069 shares in 2014)	(1,359)	(1,359)
Total stockholders' equity	14,339	16,706
Total liabilities and stockholders' equity	$ 16,283	$ 19,264

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, issued	19,720,971	19,059,198
Common stock, outstanding	19,155,752	18,494,129
Treasury stock, shares	565,219	565,069
Restricted Stock Units (RSUs) [Member]
Common stock, shares authorized	596,513

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net loss	$ (2,421)	$ (2,240)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	652	659
Change in liability for contigent consideration	(336)	$ 66
Decrease in value of warrant	108
Equity based compensation, including issuance of stock to directors	446	$ 330
Equity in income of LLC	$ (74)
Gain on sale of investment in MXL		$ (719)
Changes in other operating items:
Accounts receivables	$ 10	(14)
Short-term investments	(3)	(22)
Deferred revenue	(12)	(2)
Officers retirement bonus liability	56	(44)
Prepaid income tax	(25)	4
Prepaid expenses and other current assets	(5)	(116)
Accounts payable and accrued expenses	(86)	(286)
Net cash used in operating activities	$ (1,690)	(2,384)
Cash flows from investing activities
Proceeds from sale of investment in MXL		$ 994
Investment in LLC	$ (333)
Additions to property and equipment	(19)	$ (13)
Net cash provided by (used in) investing activities	(352)	$ 981
Cash flows from financing activities
Payment of liability for contingent consideration	(236)
Repurchase of fully vested restricted stock units	(392)
Net cash used in financing activities	(628)
Net decrease in cash and cash equivalents	(2,670)	$ (1,403)
Cash and cash equivalents at the beginning of the year	11,163	12,566
Cash and cash equivalents at the end of the year	8,493	11,163
Net cash paid during the period for
Income taxes	$ 35	$ 31

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]	Treasury stock, at cost [Member]	Total
Balance at Dec. 31, 2013	$ 190	$ 33,111	$ (13,326)	$ (1,359)	$ 18,616
Balance, shares at Dec. 31, 2013	19,040,416
Net loss			$ (2,240)		(2,240)
Equity based compensation expense		$ 298			298
Issuance of common stock to directors	$ 1	31			32
Issuance of common stock to directors, shares	18,782
Balance at Dec. 31, 2014	$ 191	$ 33,440	$ (15,566)	$ (1,359)	16,706
Balance, shares at Dec. 31, 2014	19,059,198
Net loss			$ (2,421)		(2,421)
Equity based compensation expense		$ 344			344
Repurchase of vested restricted stock units		(392)			$ (392)
Repurchase of vested restricted stock units, shares
Shares issuable for vested restricted stock units	$ 5	(5)
Shares issuable for vested restricted stock units, shares	596,513
Issuance of common stock to directors	$ 1	101			$ 102
Issuance of common stock to directors, shares	65,260
Balance at Dec. 31, 2015	$ 197	$ 33,488	$ (17,987)	$ (1,359)	$ 14,339
Balance, shares at Dec. 31, 2015	19,720,971

Description of activities

Description of activities	12 Months Ended
	Dec. 31, 2015
Description of activities [Abstract]
Description of activities	1. Description of activities On December 19, 2012 (the “Closing Date”), National Patent Development Corporation, which changed its name on February 4, 2013 to Wright Investors’ Service Holdings, Inc. (hereinafter referred to as the “Company” or “Wright Holdings”), 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.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2015
Summary of significant accounting policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Cash and cash equivalents Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents, Cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Short-term investments Short term investments are recorded at fair value, with related unrealized gains and losses recognized in operations. Fair values are based on listed market prices, where available. If listed market prices are not available or if the liquidation of our positions would reasonably be expected to impact market prices, fair value is determined based on other relevant factors, including dealer price quotations. See Note 6. Basic and diluted loss per share Basic and diluted loss per share for the years ended December 31, 2015 and 2014, respectively, is calculated based on 19,250,000 and 19,101,000 weighted average outstanding shares of common stock including common shares underlying vested RSUs. Options for 3,250,000 shares of common stock in 2015 and 2014, and unvested RSUs for 204,000 and 207,000 shares of common stock in 2015 and 2014, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company has losses from continuing operations for both years. Employees’ stock based compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. See Note 14. Income taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The accounting for uncertain tax positions guidance requires that the Company recognize the financial statement benefit of a tax position only after determining that the Company would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties on uncertain tax positions as interest and other expenses, respectively. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. The Company places its cash investments with high quality financial institutions. Property and equipment Property and equipment are carried at cost, net of allowance for depreciation. Depreciation is provided on a straight-line basis over estimated useful lives of 3 to 7 years for equipment and furniture. Intangible Assets Intangible assets, which were recorded in connection with the acquisition of Winthrop, are amortized over their estimated useful lives, on a straight-line basis. Intangible assets subject to amortization are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assesses the recoverability of its intangible assets by determining whether the unamortized balance can be recovered over the assets’ remaining life through undiscounted forecasted cash flows. If undiscounted forecasted cash flows indicate that the unamortized amounts will not be recovered, an adjustment will be made to reduce such amounts to fair value determined based on forecasted future cash flows discounted at a rate commensurate with the risk associated with achieving such cash flows. Future cash flows are based on trends of historical performance and the Company’s estimate of future performance, giving consideration to existing and anticipated competitive and economic conditions. No impairment of intangible assets was recognized at December 31, 2015 or 2014. Goodwill Goodwill, which was recorded in connection with the acquisition of Winthrop, is not subject to amortization and is tested for impairment annually on December 31, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The impairment test consists of a comparison of the fair value of the reporting unit, which consists of The Wright Companies operating segment, with its carrying amount, including goodwill. Fair value was calculated based upon future cash flows discounted at a rate commensurate with the risk involved, market based comparables and recent transactions within the financial services industry. Future cash flows are based on projection of adjusted EBITDA of the operating segment (see Note 18). If the carrying amount of the reporting unit exceeds its fair value then an analysis will be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will be recognized in an amount equal to the excess of the carrying amount over the implied fair value. After an impairment loss is recognized, the adjusted carrying amount of goodwill is its new accounting basis. No impairment of goodwill was recognized at December 31, 2015 or 2014. There were no changes in the carrying value of goodwill during 2015 or 2014. Revenue recognition Revenue from investment advisory services and investment management services are recognized over the period in which the service is performed. Accordingly, the amount of such revenue billed as of the balance sheet date relating to periods after the balance sheet date is accounted for as deferred revenue. Revenue from research reports is recognized monthly upon the downloading of reports by institutional and other investors from investment industry distributors.

Discontinued Operation

Discontinued Operation	12 Months Ended
	Dec. 31, 2015
Discontinued Operation [Abstract]
Discontinued Operation	3. Discontinued Operation During the year ended December 31, 2014, the Company agreed to a settlement of its insurance claim related to a loss in connection with the litigation related to the sale of a former subsidiary, and received a net payment of $525,000, which has been credited to discontinued operations (See Note 16(a)). See Note 10 with respect to $210,000 of tax expense charged to discontinued operations in 2014.

Sale of MXL investment

Sale of MXL investment	12 Months Ended
	Dec. 31, 2015
Sale of MXL investment [Abstract]
Sale of MXL investment	4. 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, MXL exercised its right to purchase the Company’s 19.9% interest for $994,000, resulting in a gain of $719,000 for the year ended December 31, 2014.

Liability for Contingent Consid

Liability for Contingent Consideration	12 Months Ended
	Dec. 31, 2015
Liability for Contingent Consideration [Abstract]
Liability for Contingent Consideration	5. Liability for contingent consideration In connection with the Company’s acquisition of Winthrop on December 19, 2012, the Company agreed to pay contingent consideration in cash to a holder of Winthrop common stock who received 852,228 shares of Company Common Stock to the extent that such shares had a value of less than $1,900,000 on the expiration of the three year period based on the average closing price of the Company’s Common Stock for the ten trading days prior to such date. A liability was recognized for an estimate of the acquisition date fair value of the acquisition-related contingent consideration which may be paid. The fair value was calculated by utilizing a lattice model, which takes into account the potential for the Company’s stock price per share being less than $2.23 per share at the end of the 3 year lock-up period. The fair value measurement was based on significant unobservable inputs that were supported by little market activity and reflect the Company’s own assumptions. Key assumptions included expected volatility (50% at December 31, 2014) in the Company’s Common Stock and the risk free interest rate (0.25 % at December 31, 2014) during the then remainder of the three year lock up period. Changes in the fair value of the contingent consideration subsequent to the acquisition date were recognized in earnings prior to the liability being settled. The fair value of the liability was $572,000 on December 31, 2014 (Level 3 under the fair value hierarchy-see Note 6). In December 2015, the Company paid $236,000 to settle the contingent consideration liability and recognized income of $336,000 for the reduction in the fair value of the liability during 2015. Based on the fair value of the liability at September 30, 2015, the Company recognized a gain of $532,000 (unaudited) for the fourth quarter ended December 31, 2015. The Company recognized expense of $66,000 for the change in the value for the year ended December 31, 2014.

Short-term investments

Short-term investments	12 Months Ended
	Dec. 31, 2015
Short-term investments [Abstract]
Short-term investments	6. Short-term investments: The Financial Accounting Standards Board has issued authoritative accounting guidance that defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. The guidance clarifies that fair value should be based on assumptions that market participants would use when pricing an asset or liability. The three levels of fair value hierarchy are described below: · Level 1 · Level 2 · Level 3 Marketable securities at December 31, 2015 and 2014 consist of (in thousands): December 31, 2015 Cost Unrealized Gains Estimated Fair Value Mutual funds $ 91 $ 66 $ 157 $ 91 $ 66 $ 157 December 31, 2014 Cost Unrealized Gains Estimated Fair Value Mutual funds $ 91 $ 63 $ 154 $ 91 $ 63 $ 154 Short-term investments in mutual funds managed by a subsidiary of Winthrop, which are classified as a level 1, are stated at the net asset value of the funds. The Company liquidated these investments in the first quarter of 2016 for a total of $148,000 and recognized a loss of $9,000.

Investment in LLC

Investment in LLC	12 Months Ended
	Dec. 31, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [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 and acquired 333,333 Units, representing a 33.33% Membership Interest in EGS. In addition to the Company, EGS has two other members, one of whom is Marshall Geller, a member of the Company’s Board of Directors. The EGS transaction, as well as Mr. Geller’s participation in the transaction, received the prior approval of the Company’s Audit Committee. Mr. Geller is the Managing Member of the LLC and also invested $333,333 and acquired 333,333 Units, representing a 33.33% Membership Interest in EGS. EGS entered into 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 (i) a one-year Senior Secured Note in the original principal amount of $1,000,000, at 12% interest, payable quarterly, in arrears (the “Note”) and (ii) a Common Stock Purchase Warrant which expires in five years to purchase 500,000 shares of Merriman common stock at $1.00 per share (the “Warrants”). EGS distributed the Warrants to its members and the Company received 166,666 Warrants which expire in five years. The investment in EGS is being accounted for under the equity method. Under this method, the Company records its share of EGS’s earnings (losses) in the statement of operations with equivalent amount of increases (decreases) to the investment. At April 28, 2015, the Company valued the Warrants at their fair value, of $120,000, using the Black Scholes model, and recorded their value as a reduction in the investment in EGS. The Company recorded approximately $74,000 as its share of EGS’s net income for the year ended December 31, 2015 which is included in Investment and other expense, net in the Consolidated Statements of Operations. At December 31, 2015, the carrying value of the investment in EGS was $287,000. The Warrant which permits a cashless exercise, qualifies as a derivative, and is recorded at fair value (based on observable inputs) with change in such value included in earnings. At December 31, 2015, the value of the Warrant (a Level 2 Security) was $12,000, which is included in Other Assets in the Consolidated Balance Sheet. The decrease in the value of the Warrant of $108,000 is included in Interest expense and other, net in the Consolidated Statement of Operations. Such reduction reflects the decrease in the price of Merriman’s common stock as measured for the period ended December 31, 2015. On July 20, 2015, a fourth member joined EGS and invested $333,333, and received a 25% Membership Interest in EGS. EGS advanced the funds to Merriman and increased its investment in the Note and in addition, received 166,666 additional Warrants which it distributed to its new member. This transaction reduced the Company’s interest in EGS to 25%, and changed the expiration date of the Note to July 20, 2016, and extended the exercise date of the warrant to five years from that date. 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% of the capital stock of MC. Marshall Geller also received 166,666 Warrants with an exercise price of $1.00 per share that expire in five years. 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.

Accounts receivable

Accounts receivable	12 Months Ended
	Dec. 31, 2015
Accounts receivable [Abstract]
Accounts receivable	8. Accounts receivable Winthrop and its subsidiaries continuously monitor the creditworthiness of customers and establish an allowance for uncollectible accounts based on specific customer related collection issues. As of December 31, 2015 and 2014, there was no allowance for uncollectible accounts.

Accounts payable and accrued ex

Accounts payable and accrued expenses	12 Months Ended
	Dec. 31, 2015
Accounts payable and accrued expenses [Abstract]
Accounts payable and accrued expenses	9. Accounts payable and accrued expenses Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2015 2014 Accrued professional fees $ 328 $ 323 Accrued compensation and related expenses 193 322 Other 509 471 $ 1,030 $ 1,116

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2015
Income taxes [Abstract]
Income taxes	10. Income taxes The components of income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2015 2014 Continuing operations: Current Federal $ - $ (179) State and local 27 7 Total current 27 (172) Discontinued operations: Current Federal $ - $ 179 State and local - 31 Total current - 210 Total income tax expense $ 27 $ 38 For the year ended December 31, 2015, current income tax expense related to continuing operations substantially represents minimum state income taxes. For the year ended December 31, 2014, current income tax benefit related to continuing operations substantially represents a benefit from utilizing the loss from continuing operations against income from discontinued operations, offset by minimum state taxes. The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax expense (benefit) from continuing operations is as follows: Year ended December 31, 2015 2014 Federal income tax rate (34.0) % (34.0) % State income tax (net of federal effect) (4.7) (4.9) Change in valuation allowance 41.9 38.6 Loss utilized against discontinued operations - (6.4) Non-deductible expenses 2.7 0.6 Non-taxable income (4.8) - Effective tax rate 1.1 % (6.1) % The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 8,325 $ 7,076 Equity-based compensation 1,237 1,593 Tax credit carryforwards 148 148 Accrued compensation 369 418 Accrued liabilities & other 113 193 Gross deferred tax assets 10,192 9,428 Less: valuation allowance (9,138 ) (8,140 ) Deferred tax assets after valuation allowance 1,054 1,288 Deferred tax liabilities: Intangible assets (1,043 ) (1,278 ) Other (11 ) (10 ) Deferred tax liabilities (1,054 ) (1,288 ) Net Deferred tax assets $ - $ - A valuation allowance is provided when it is more likely than not that some portion of deferred tax assets will not be realized. The valuation allowance increased by approximately $998,000 and $1,109,000 respectively, during the years ended December 31, 2015 and 2014 principally due to increases of net operating loss carryforwards. The Company files a consolidated federal tax return with its subsidiaries. As of December 31, 2015, the Company has a federal net operating loss carryforward of approximately $19.9 million, which expires from 2030 through 2035, and various state and local net operating loss carryforwards totaling approximately $29.3 million, which expire between 2016 and 2035. Approximately $1.3 million of the federal net operating loss carryforward and $8.5 million of the state net operating loss carryforward were acquired from Winthrop. The acquired federal net operating loss carryfoward is limited in its utilization by Section 382 of the Internal Revenue Code due to an ownership change. The 2012 through 2015 tax years remain open for examination by the Internal Revenue Service. For state tax purposes, the 2011 through 2015 tax years remain open for examination by the tax authorities under a four year statute of limitations.

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2015
Property and equipment [Abstract]
Property and equipment	11. Property and equipment: Property and equipment consists of the following (in thousands): December 31, 2015 2014 Computer software $ 2 $ 2 Computer equipment 108 94 Office furniture and equipment 45 40 Leasehold improvements 1 1 156 137 Less accumulated depreciation and amortization (112 ) (97 ) $ 44 $ 40 Depreciation expense for the years ended December 31, 2015 and 2014 was $15,000 and $22,000, respectively.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2015
Intangible Assets [Abstract]
Intangible Assets	12. Intangible Assets Intangible assets subject to amortization consisted of the following (in thousands): December 31, 2015 Intangible Estimated useful life Gross carrying amount Accumulated Amortization Net carrying amount Investment Management and Advisory Contracts 9 years $ 3,181 $ 1,072 $ 2,109 Trademarks 10 years 433 131 302 Proprietary Software and Technology 4 years 960 727 233 $ 4,574 $ 1,930 $ 2,644 December 31, 2014 Intangible Estimated useful life Gross carrying amount Accumulated Amortization Net carrying amount Investment Management and Advisory Contracts 9 years $ 3,181 $ 718 $ 2,463 Trademarks 10 years 433 88 345 Proprietary Software and Technology 4 years 960 487 473 $ 4,574 $ 1,293 $ 3,281 Amortization expense amounted to $637,000 for each of the years ended December 31, 2015 and 2014. The weighted-average amortization period for total amortizable intangibles at December 31, 2015 is 5 years. Estimated amortization expense for each of the five succeeding years and thereafter is as follows (in thousands): Year ending December 31, 2016 $630 2017 397 2018 397 2019 397 2020 397 2020-2023 426 $2,644

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2015
Capital Stock [Abstract]
Capital Stock	13. 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 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At December 31, 2015, the Company had repurchased 1,791,971 shares of its common stock (of which 150 shares were purchased in 2015 at a cost of $200) and a total of 3,208,029 shares, remained available for repurchase.

Incentive stock plans and stock

Incentive stock plans and stock based compensation	12 Months Ended
	Dec. 31, 2015
Incentive stock plans and stock based compensation [Abstract]
Incentive stock plans and stock based compensation	14. 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 which was subsequently amended in March 2007 (the “2003 Plan”). In December 2007, the Company adopted the National Patent Development Corporation 2007 Incentive Stock Plan (the “2007 NPDC Plan”). The plans provide for up to 3,500,000 and 7,500,000 awards for shares under the 2003 Plan and 2007 NPDC Plan, respectively, in form of discretionary grants of stock options, restricted stock shares, restricted stock units (RSUs) and other stock-based awards to employees, directors and outside service providers. The Company’s plans are administered by the Compensation Committee of the Board of Directors, which consists solely of non-employee directors. The term of any option granted under the plans will not exceed ten years from the date of grant and, in the case of incentive stock options granted to a 10% or greater holder of total voting stock of the Company, three years from the date of grant. The exercise price of any option granted under the plans may not be less than the fair market value of the common stock on the date of grant or, in the case of incentive stock options granted to a 10% or greater holder of total voting stock, 110% of such fair market value. As of December 31, 2015, the number of shares reserved and available for award under the 2007 NPDC Plan is 6,241,786 and under the 2003 Plan is 700,000. During the year ended December 31, 2015, there was no option activity. No compensation expense related to option grants was recorded for the years ended December 31, 2015 and 2014. As of December 31, 2015 there were outstanding options to acquire 3,250,000 common shares, all of which were vested and exercisable, having a weighted average exercise price of $2.31 per share, a weighted average contractual term of 1.6 years and an aggregate intrinsic value of $284,000. Restricted stock units As a result of the Winthrop acquisition, the Company issued a total of 849,280 RSUs on the Closing Date to be settled in shares of Company common stock as follows: a) 479,280 RSUs were granted to four key executives of Winthrop, which vested as of the Closing Date and are subject to post-vesting restrictions on sale for three years. The RSUs were valued at the closing price of the Company’s common stock of $2.52, less a 20% discount for post vesting restrictions on sale, or $2.02 per share. The total value of these RSUs of $966,000, were accounted for as compensation and charged to retention bonus expense on the closing date. b) 370,000 RSUs were granted to four key executives, which vested equally over three years, with the first third vesting one year from the Closing Date. The RSUs were valued based on the closing price of the Company’s common stock on the Closing Date of $2.52, less an average discount of 11% for post-vesting restrictions on sale until the three year anniversary of the grant date, or an average price per share of $2.25. The Company recorded compensation expense of $252,000 and $277,000 for each of the years ended December 31, 2015 and 2014 related to these RSUs. At December 19, 2015, the above RSUs were fully vested. In December 2015, the Company repurchased 252,767 RSUs for a total cost of $369,000. The remaining 596,513 RSUs were settled by the issuance of 596,513 common shares in the first quarter of 2016. Such issuable shares are included in the outstanding common shares at December 31, 2015 in the accompanying financial statements. In addition, the following RSUs were granted to employees of the Company: c) 17,738 RSUs were granted to certain employees on February 4, 2013, which vest equally over three years, with the first third vesting on February 4, 2014 and the second third vesting on February 4, 2015. At December 31, 2015, 11,701 of the RSU’s were still outstanding. The RSUs are valued based on the closing price of the Company’s common stock on February 4, 2013 of $2.40, less an average discount of 11% for post-vesting restrictions on sale until the three year anniversary of the grant date, or an average price per share of $2.25. The Company recorded compensation expense of $11,000 for each of the years ended December 31, 2015 and 2014 related to these RSUs. The total unrecognized compensation expense related to these unvested RSUs at December 31, 2015 is $1,000, which will be recognized over the remaining vesting period of approximately 0.2 years. d) 30,000 RSUs were granted to an employee on June 10, 2014, which will vest on the third anniversary of the individual’s employment, assuming the individual is still employed at that time. The RSUs were valued based on the closing price of the Company’s common stock on June 10, 2014 of $1.90. The Company recorded compensation expense of $11,000 for the year ended December 31, 2014 related to these RSUs. In the first quarter of 2015, the individual was no longer employed by the Company and the above RSUs were cancelled and $11,000 of expense was reversed. e) 100,000 RSUs were issued on each of January 19, 2015 and March 31, 2015, to two newly appointed directors of the Company. The RSUs will vest equally over 3 years, with the first third vesting in January and March 2016, respectively. The RSUs are valued based on the closing price of the Company’s common stock on January 19, 2015 and March 31, 2015 of $1.70 and $1.85, respectively, less an average discount of 8% for post-vesting restrictions on sale until the three year anniversary of the grant date, or an average price per share of $1.56 and $1.70, respectively. The Company recorded compensation expense of $92,000 for the year ended December 31, 2015 related to these RSUs. The total unrecognized compensation expense related to these unvested RSUs at December 31, 2015 is $233,000, which will be recognized over the remaining vesting period of approximately 2 years.

Retirement plans

Retirement plans	12 Months Ended
	Dec. 31, 2015
Retirement plans [Abstract]
Retirement plans	15. 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 participants 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% of annual compensation, as defined, to those officers upon their retirement. Effective December 1, 1999, the Plan was frozen so that no additional benefits will be earned. The present value of the obligation under the Bonus Plan at December 31, 2015 is $914,000, of which $200,000 is estimated to be payable over the next twelve months. The liability is payable to individual retired employees at the rate of $50,000 per year in equal monthly amounts commencing upon retirement. The liability was recorded at $885,000 at the date of acquisition, representing its estimated fair value computed based on its present value, utilizing a discount rate of 14%, which was estimated to be the acquired company’s weighted average cost of capital on such date from the perspective of a market participant. The calculated discount of $1,027,000 at the date of acquisition is being amortized as interest expense over the period the obligation is outstanding by use of the effective interest method. For the years ended December 31, 2015 and 2014, interest expense, (included in Investment and other expense, net) amounted to $148,000 and $92,000, respectively. At December 31, 2015, and 2014 the present value of the obligation under the Bonus Plan was $914,000, and $858,000, respectively, net of discount of $606,000 and $756,000, respectively. During 2014, one employee left Winthrop and accordingly forfeited their retirement bonus, and in addition there were certain changes to previously expected retirement dates. The effect of the departure and changes in 2014 resulted in a $36,000 decrease to the liability at the date of departure or change in expected retirement date, and a corresponding credit to Compensation and benefits in the Consolidated Statement of Operations.

Commitments, Contingencies and

Commitments, Contingencies and Other	12 Months Ended
	Dec. 31, 2015
Commitments, Contingencies and Other [Abstract]
Commitments, Contingencies and Other	16. Commitments, Contingencies and Other (a) On or about May 17, 2011, the Merit Group, Inc. (“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”) now captioned CohnResnick LLP, as Plan Administrator v. National Patent Development Corp. In re TMG Liquidation Co. On August 2, 2013, the Company entered into a Settlement Agreement and Release (the “Settlement Agreement”) with CohnReznick LLP (the “Plan Administrator”) to settle the Avoidance Action. Under the terms of the Settlement Agreement, the Plan Administrator was required to file with the Bankruptcy Court, no later than August 9, 2013, a motion to approve the Settlement Agreement (the “Settlement Motion”) and a proposed order approving relief to be requested in the Settlement Motion (the “Proposed Order”). Pursuant to the Settlement Agreement, the Company agreed to make a settlement payment of $2,375,000 (the “Settlement Payment”) to the Plan Administrator conditioned upon the entry of an order (the “Approval Order”) by the Bankruptcy Court approving the Settlement Motion, that is in a form acceptable to the Company and in substantially the same form as the Proposed Order. The Bankruptcy Court entered an order approving the Settlement Agreement on September 4, 2013, and the Settlement Agreement required the Company to make the Settlement Payment within fifteen days of the Approval Order becoming a final, non-appealable order (a “Final Order”). On October 3, 2013, the Company made a payment of $2,375,000 to the Plan Administrator pursuant to the terms of the Settlement Agreement. The Settlement Agreement also provides for general mutual releases by each of the parties, including a general release in favor of the Company and its affiliates, and the Company’s and its affiliates’ officers, directors, employees, agents, and professionals. The mutual releases became effective upon entry of the Final Order and receipt of the Settlement Payment by the Plan Administrator. In addition, pursuant to the terms of the Settlement Agreement, on October 9, 2013 the Plan Administrator made the requisite filings to dismiss, with prejudice, the Avoidance Action and a second pending adversary complaint against the Company. Upon entry of the Final Order by the Bankruptcy Court, the Company resolved all claims and causes of action that have been or could have been asserted against it by the Plan Administrator. As a result of entering into the Settlement Agreement, during the year ended December 31, 2013, the Company recorded a loss in discontinued operations of $2,375,000 in connection with the Avoidance Action. In April 2014, the Company agreed to a settlement of its insurance claim related to this matter, and received a net payment of $525,000, which was recorded as income in discontinued operations during the year ended December 31, 2014. (b) Pursuant to his Employment Agreement, Mr. Peter Donovan serves as Chief Executive Officer of Winthrop, commencing upon the Closing Date. Mr. Donovan’s Employment Agreement provides for a term of five years, with automatic annual renewals unless notice of non-renewal is given at least six months prior to the applicable employment period. Mr. Donovan is receiving an annual base salary of $300,000, subject to increases at the discretion of the Compensation Committee of Winthrop’s Board of Directors. During the initial term of Mr. Donovan’s Employment Agreement but subsequent to the third anniversary of the Closing Date, in the sole discretion of the Board of Directors of Winthrop, Mr. Donovan will assume the position of Executive Chairman of Winthrop in lieu of his position as Chief Executive Officer, with such authority, duties and responsibilities as are commensurate with his position as Executive Chairman and such other duties and responsibilities as may reasonably be assigned to him by the Chief Executive Officer of the Company. As Executive Chairman, Mr. Donovan is receiving an annual base salary of $200,000. Under their respective Employment Agreements, the three other key executives were serving as Senior Managing Directors of Winthrop. Their Employment Agreements each provide for a term of three years, with automatic annual renewals unless notice of non-renewal is given at least six months prior to the applicable employment period. On June 16, 2015, the other three key executives were informed that their contracts would not be automatically renewed. Each of the three key executives is receiving an annual base salary of $250,000. In addition to their base salaries, each of the other three key executives are entitled to receive a “Stay/Client Retention Bonus” of $114,000. The Stay/Client Retention Bonus was payable in equal installments on the Closing Date and first, second and third anniversaries of the Closing Date. Two of the executives elected to receive the Stay/Client Retention Bonus in RSUs, valued at $2.00 per RSU (a total of 114,000 RSUs) which vested in equal annual installments on the first, second and third anniversaries of the Closing and one elected to receive cash payable in four equal installments of $28,500, the first paid and expensed on the Closing Date. In the first quarter of 2016, one of the three key executives was no longer employed by the Company. (c) On July 1, 2014, Winthrop, pursuant to the terms of its Milford Connecticut 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 square feet. At December 31, 2015, annual future rent for the Greenwich space, which expires on September 30, 2019 aggregated $939,000 payable as follows; $240,000 (2016), $248,000 (2017), $255,000 (2018), and $196,000 (through September 30, 2019). Rent expense charged to operations related to the facilities aggregated $225,000 and $165,000 in 2015 and 2014, respectively. The rent expense in 2015 and 2014 included deferred rent of $65,000 and $68,000, respectively, due to straight lining the amounts payable over the lease term commencing in August 2014 upon the Company gaining access to the premises. The Company also moved their corporate office from Mount Kisco, New York (see Note 17) to the new Greenwich facility in March 2015, which resulted in a consolidation of the Company’s corporate headquarters to Greenwich, Connecticut. (d) 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. These two properties are included in Investment in undeveloped land in the Consolidated Balance Sheets. 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.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2015
Related party transactions [Abstract]
Related party transactions	17. Related party transactions Effective June 1, 2010, the Company 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 had 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 per month (effective as of September 1, 2012) in the monthly sublease and administrative support services rate, which increased rate the Company believed, was necessary to provide for the increased personnel and space requirements necessary for an operating company. On May 13, 2014, the Company’s Audit Committee approved a decrease to approximately $27,600 per month (effective as of June 1, 2014) in the monthly sublease and administrative support services rate, which decreased rate was part of the Company’s effort to control and reduce costs. In March 2015, the Audit Committee approved the elimination of the monthly sublease and administrative support services fee effective March 31, 2015. Operating expenses for the year ended December 31, 2015 and 2014, includes $83,000 and $397,000, respectively, related to the sublease arrangement with Bedford Oak. See Note 16 (c) for a description and the terms of the Company’s sublease transaction for its new corporate headquarters. 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 $871,000 and $794,000 for the years ended December 31, 2015 and 2014, respectively.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Information [Abstract]
Segment Information	18. Segment information The Company through its wholly-owned subsidiary has one operating segment which is engaged in the investment management and financial advisory business and derives its revenue from investment management services, other investment advisory services and financial research. The Company’s corporate operations are not considered an operating segment and the Company does not allocate corporate expense for management and administrative services or income and expense related to other corporate activity to its operating segment to measure its operations. The Company’s management utilizes adjusted EBITDA to measure segment performance. Adjusted EBITDA is a measure defined as EBITDA before corporate expense, equity based compensation, , amortization of stay and retention bonuses, relocation and severance costs and non-operating income (expense). EBITDA is a measure defined as earnings (loss) before interest, taxes, depreciation and amortization Adjusted EBITDA is a non-GAAP measure and should not be construed as an alternative to operating loss or net loss as an indicator of the Company’s performance, or as an alternative to cash used in operating activities, or as a measure of liquidity, or as any other measure determined in accordance with GAAP. Following is a reconciliation of adjusted EBITDA of the operating segment to loss from continuing operations before income taxes (in thousands): Year ended December 31, 2015 2014 Adjusted EBITDA (income/(loss)) of operating segment $ 366 $ (335 ) Other operating expenses: Corporate (1,629 ) (1,833 ) Depreciation and amortization (652 ) (659 ) Equity based compensation (446 ) (330 ) Amortization of stay and retention bonuses (135 ) (133 ) Relocation and severence costs (64 ) (34 ) Operating loss (2,560 ) (3,324 ) Non- operating income (expense): Interest expense and other, net (170 ) (56 ) Gain on sale of investment in MXL - 719 Change in fair value of contingent consideration 336 (66 ) Loss from continuing operations before income taxes $ (2,394 ) $ (2,727 ) Following is a summary of the Company's total assets (in thousands): December 31, 2015 2014 Operating segment $ 7,125 $ 7,601 Corporate (1) 9,158 11,663 $ 16,283 $ 19,264 (1) Consists principally of cash and cash equivalents

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of significant accounting policies [Abstract]
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Cash and cash equivalents	Cash and cash equivalents Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents, Cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.
Short-term investments	Short-term investments Short term investments are recorded at fair value, with related unrealized gains and losses recognized in operations. Fair values are based on listed market prices, where available. If listed market prices are not available or if the liquidation of our positions would reasonably be expected to impact market prices, fair value is determined based on other relevant factors, including dealer price quotations. See Note 6.
Basic and diluted loss per share	Basic and diluted loss per share Basic and diluted loss per share for the years ended December 31, 2015 and 2014, respectively, is calculated based on 19,250,000 and 19,101,000 weighted average outstanding shares of common stock including common shares underlying vested RSUs. Options for 3,250,000 shares of common stock in 2015 and 2014, and unvested RSUs for 204,000 and 207,000 shares of common stock in 2015 and 2014, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company has losses from continuing operations for both years.
Employees' stock based compensation	Employees’ stock based compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. See Note 14.
Income taxes	Income taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The accounting for uncertain tax positions guidance requires that the Company recognize the financial statement benefit of a tax position only after determining that the Company would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties on uncertain tax positions as interest and other expenses, respectively.
Concentrations of credit risk	Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. The Company places its cash investments with high quality financial institutions.
Property and equipment	Property and equipment Property and equipment are carried at cost, net of allowance for depreciation. Depreciation is provided on a straight-line basis over estimated useful lives of 3 to 7 years for equipment and furniture.
Intangible Assets	Intangible Assets Intangible assets, which were recorded in connection with the acquisition of Winthrop, are amortized over their estimated useful lives, on a straight-line basis. Intangible assets subject to amortization are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assesses the recoverability of its intangible assets by determining whether the unamortized balance can be recovered over the assets’ remaining life through undiscounted forecasted cash flows. If undiscounted forecasted cash flows indicate that the unamortized amounts will not be recovered, an adjustment will be made to reduce such amounts to fair value determined based on forecasted future cash flows discounted at a rate commensurate with the risk associated with achieving such cash flows. Future cash flows are based on trends of historical performance and the Company’s estimate of future performance, giving consideration to existing and anticipated competitive and economic conditions. No impairment of intangible assets was recognized at December 31, 2015 or 2014.
Goodwill	Goodwill Goodwill, which was recorded in connection with the acquisition of Winthrop, is not subject to amortization and is tested for impairment annually on December 31, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The impairment test consists of a comparison of the fair value of the reporting unit, which consists of The Wright Companies operating segment, with its carrying amount, including goodwill. Fair value was calculated based upon future cash flows discounted at a rate commensurate with the risk involved, market based comparables and recent transactions within the financial services industry. Future cash flows are based on projection of adjusted EBITDA of the operating segment (see Note 18). If the carrying amount of the reporting unit exceeds its fair value then an analysis will be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will be recognized in an amount equal to the excess of the carrying amount over the implied fair value. After an impairment loss is recognized, the adjusted carrying amount of goodwill is its new accounting basis. No impairment of goodwill was recognized at December 31, 2015 or 2014. There were no changes in the carrying value of goodwill during 2015 or 2014.
Revenue recognition	Revenue recognition Revenue from investment advisory services and investment management services are recognized over the period in which the service is performed. Accordingly, the amount of such revenue billed as of the balance sheet date relating to periods after the balance sheet date is accounted for as deferred revenue. Revenue from research reports is recognized monthly upon the downloading of reports by institutional and other investors from investment industry distributors.

Short-term investments (Tables)

Short-term investments (Tables)	12 Months Ended
	Dec. 31, 2015
Short-term investments [Abstract]
Current Trading Marketable Securities	December 31, 2015 Cost Unrealized Gains Estimated Fair Value Mutual funds $ 91 $ 66 $ 157 $ 91 $ 66 $ 157 December 31, 2014 Cost Unrealized Gains Estimated Fair Value Mutual funds $ 91 $ 63 $ 154 $ 91 $ 63 $ 154

Accounts payable and accrued 27

Accounts payable and accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Accounts payable and accrued expenses [Abstract]
Schedule of accounts payable and accrued expenses	December 31, 2015 2014 Accrued professional fees $ 328 $ 323 Accrued compensation and related expenses 193 322 Other 509 471 $ 1,030 $ 1,116

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income taxes [Abstract]
Schedule of Income Tax Expense (Benefit)	Year Ended December 31, 2015 2014 Continuing operations: Current Federal $ - $ (179) State and local 27 7 Total current 27 (172) Discontinued operations: Current Federal $ - $ 179 State and local - 31 Total current - 210 Total income tax expense $ 27 $ 38
Differences Between Statutory and Reported Amount Tax Rates	Year ended December 31, 2015 2014 Federal income tax rate (34.0) % (34.0) % State income tax (net of federal effect) (4.7) (4.9) Change in valuation allowance 41.9 38.6 Loss utilized against discontinued operations - (6.4) Non-deductible expenses 2.7 0.6 Non-taxable income (4.8) - Effective tax rate 1.1 % (6.1) %
Schedule of Deferred Tax Assets and Liabilities	December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 8,325 $ 7,076 Equity-based compensation 1,237 1,593 Tax credit carryforwards 148 148 Accrued compensation 369 418 Accrued liabilities & other 113 193 Gross deferred tax assets 10,192 9,428 Less: valuation allowance (9,138 ) (8,140 ) Deferred tax assets after valuation allowance 1,054 1,288 Deferred tax liabilities: Intangible assets (1,043 ) (1,278 ) Other (11 ) (10 ) Deferred tax liabilities (1,054 ) (1,288 ) Net Deferred tax assets $ - $ -

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property and equipment [Abstract]
Schedule of property and equipment	December 31, 2015 2014 Computer software $ 2 $ 2 Computer equipment 108 94 Office furniture and equipment 45 40 Leasehold improvements 1 1 156 137 Less accumulated depreciation and amortization (112 ) (97 ) $ 44 $ 40

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets [Abstract]
Components of Acquired Intangible Assets	December 31, 2015 Intangible Estimated useful life Gross carrying amount Accumulated Amortization Net carrying amount Investment Management and Advisory Contracts 9 years $ 3,181 $ 1,072 $ 2,109 Trademarks 10 years 433 131 302 Proprietary Software and Technology 4 years 960 727 233 $ 4,574 $ 1,930 $ 2,644 December 31, 2014 Intangible Estimated useful life Gross carrying amount Accumulated Amortization Net carrying amount Investment Management and Advisory Contracts 9 years $ 3,181 $ 718 $ 2,463 Trademarks 10 years 433 88 345 Proprietary Software and Technology 4 years 960 487 473 $ 4,574 $ 1,293 $ 3,281
Amortization Expense Related to Intangible Assets	Year ending December 31, 2016 $630 2017 397 2018 397 2019 397 2020 397 2020-2023 426 $2,644

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Information [Abstract]
Schedule of Segment Information	Year ended December 31, 2015 2014 Adjusted EBITDA (income/(loss)) of operating segment $ 366 $ (335 ) Other operating expenses: Corporate (1,629 ) (1,833 ) Depreciation and amortization (652 ) (659 ) Equity based compensation (446 ) (330 ) Amortization of stay and retention bonuses (135 ) (133 ) Relocation and severence costs (64 ) (34 ) Operating loss (2,560 ) (3,324 ) Non- operating income (expense): Interest expense and other, net (170 ) (56 ) Gain on sale of investment in MXL - 719 Change in fair value of contingent consideration 336 (66 ) Loss from continuing operations before income taxes $ (2,394 ) $ (2,727 ) Following is a summary of the Company's total assets (in thousands): December 31, 2015 2014 Operating segment $ 7,125 $ 7,601 Corporate (1) 9,158 11,663 $ 16,283 $ 19,264 (1) Consists principally of cash and cash equivalents

Summary of significant accoun32

Summary of significant accounting policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash equivalents	$ 7,833,000	$ 10,985,000
Weighted average number of common shares outstanding	19,250,000	19,101,000
Office Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Office Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options outstanding	204,000	207,000
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options outstanding	3,250,000	3,250,000

Discontinued Operation (Details

Discontinued Operation (Details)	12 Months Ended
	Dec. 31, 2014USD ($)
Discontinued Operation [Abstract]
Tax (benefit) expense to discontinued operations	$ 210,000
Insurance claim settlement, amount awarded to company	$ 525,000

Sale of MXL investment (Details

Sale of MXL investment (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 26, 2014	Dec. 31, 2015	Dec. 31, 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

Liability for Contingent Cons35

Liability for Contingent Consideration (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 19, 2012	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015	Jan. 19, 2015	Jun. 10, 2014
Business Acquisition [Line Items]
Stock price						$ 1.85	$ 1.70	$ 1.90
Change in liability for contigent consideration				$ 336,000	$ (66,000)
Winthrop [Member]
Business Acquisition [Line Items]
Cash paid	$ 236,000
Change in liability for contigent consideration	$ 336,000		$ 532,000
Winthrop [Member] | Nonspecified Stock Holder [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
Expected volatility					50.00%
Risk-free interest rate					0.25%
Fair value of contingent liability					$ 572,000

Short-term investments (Details

Short-term investments (Details) - USD ($) $ in Thousands	2 Months Ended
	Mar. 06, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost		$ 91	$ 91
Unrealized Gains		66	63
Estimated Fair Value		157	154
Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		91	91
Unrealized Gains		66	63
Estimated Fair Value		$ 157	$ 154
Subsequent Event [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sale of investments	$ 148
Recognized Loss	$ 9

Investment in LLC (Details)

Investment in LLC (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 28, 2015	Dec. 31, 2015	Dec. 31, 2014	Jul. 20, 2015
Schedule of Equity Method Investments [Line Items]
Investment amount		$ 333,000
Equity investment		287,000
Change in value of warrant		108,000
Share of income from equity method investments		74,000
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		287,000
Warrant distributed from LLC	$ 120,000	12,000
Change in value of warrant		$ 108,000
Term of warrants		5 years
Noncontrolling interest				$ 333,333
Noncontrolling interest, ownership percentage				25.00%
Warrants owned by noncontrolling interests				166,666
Share of income from equity method investments		$ 74,000
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 Holdings, Inc. [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 Holdings, Inc. [Member] | Senior Secured Note [Member]
Schedule of Equity Method Investments [Line Items]
Term of note	1 year
Principal amount	$ 1,000,000
Interest rate	12.00%
Merriman Holdings, Inc. [Member] | Marshall Geller [Member]
Schedule of Equity Method Investments [Line Items]
Exercise price of warrants	$ 1
Term of warrants	5 years
Merriman Holdings, Inc. [Member] | Marshall Geller [Member] | EGS [Member]
Schedule of Equity Method Investments [Line Items]
Warrants received	166,666
Merriman Capital, Inc. [Member] | Senior Secured Note [Member]
Schedule of Equity Method Investments [Line Items]
Notes secured, percentage of capital stock	99.998%

Accounts payable and accrued 38

Accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts payable and accrued expenses [Abstract]
Accrued professional fees	$ 328	$ 323
Accrued compensation and related expenses	193	322
Other	509	471
Accounts payable and accrued expenses	$ 1,030	$ 1,116

Income taxes (Components of Inc

Income taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current
Federal		$ (179)
State and local	$ 27	7
Total current	$ 27	(172)
Current
Federal		179
State and local		31
Total current		210
Total income tax expense	$ 27	$ 38

Income taxes (Differences Betwe

Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income taxes [Abstract]
Federal income tax rate	(34.00%)	(34.00%)
State income tax (net of federal effect)	(4.70%)	(4.90%)
Change in valuation allowance	41.90%	38.60%
Loss utilized against discontinued operations		(6.40%)
Non-deductible expenses	2.70%	0.60%
Non-taxable income	(4.80%)
Effective tax rate	1.10%	(6.10%)

Income taxes (Deferred Tax Asse

Income taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Net operating loss carryforwards	$ 8,325	$ 7,076
Equity-based compensation	1,237	1,593
Tax credit carryforwards	148	148
Accrued compensation	369	418
Accrued liabilities & other	113	193
Gross deferred tax assets	10,192	9,428
Less: valuation allowance	(9,138)	(8,140)
Deferred tax assets after valuation allowance	1,054	1,288
Deferred tax liabilities:
Intangible assets	(1,043)	(1,278)
Others	(11)	(10)
Deferred tax liabilities	$ (1,054)	$ (1,288)
Net Deferred tax assets

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Examination [Line Items]
Income tax benefit		$ (179)
Operating loss carryforwards	$ 19,900
Increase in valuation allowance	998	$ 1,109
Federal [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 19,900
Federal [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Jan. 1, 2030
Income Tax Examination, Year under Examination	2,012
Federal [Member] | Maximum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Dec. 31, 2035
Income Tax Examination, Year under Examination	2,015
New York State [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 29,300
New York State [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Jan. 1, 2016
Income Tax Examination, Year under Examination	2,011
New York State [Member] | Maximum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Dec. 31, 2035
Income Tax Examination, Year under Examination	2,015
Winthrop [Member] | Federal [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 1,300
Winthrop [Member] | New York State [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 8,500

Property and equipment (Details

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment	$ 156	$ 137
Less accumulated depreciation and amortization	(112)	(97)
Property and Equipment, Net, Total	44	40
Depreciation expenses	15	22
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	2	2
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	108	94
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	45	40
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1	$ 1

Intangible Assets (Intangible A

Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 4,574	$ 4,574
Accumulated Amortization	1,930	1,293
Net carrying amount	$ 2,644	$ 3,281
Investment Management and Advisory Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	9 years	9 years
Gross carrying amount	$ 3,181	$ 3,181
Accumulated Amortization	1,072	718
Net carrying amount	$ 2,109	$ 2,463
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years	10 years
Gross carrying amount	$ 433	$ 433
Accumulated Amortization	131	88
Net carrying amount	$ 302	$ 345
Proprietary Software and Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	4 years	4 years
Gross carrying amount	$ 960	$ 960
Accumulated Amortization	727	487
Net carrying amount	$ 233	$ 473

Intangible Assets (Estimated Am

Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets [Abstract]
2,016	$ 630
2,017	397
2,018	397
2,019	397
2,020	397
2020-2023	426
Finite-Lived Intangible Assets, Net, Total	2,644	$ 3,281
Amortization expense related to intangible assets	$ 637	$ 637
Weighted average useful life of intangible assets	5 years

Capital Stock (Details)

Capital Stock (Details)	12 Months Ended
	Dec. 31, 2015USD ($)shares
Capital Stock [Abstract]
Number of shares authorized to be repurchased	5,000,000
Number of shares repurchased	1,791,971
Number of shares repurchased during period	150
Value of shares repurchased during period | $	$ 200
Remaining number of shares available for repurchase	3,208,029

Incentive stock plans and sto47

Incentive stock plans and stock based compensation (Common Stock Options) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to option grants	$ 0	$ 0
Outstanding options	3,250,000
Outstanding options, weighted average exercise price	$ 2.31
Outstanding options, weighted average contractual term	1 year 7 months 6 days
Outstanding options, aggregate intrinsic value	$ 284,000
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
Sharebased Compensation Arrangement By Sharebased Payment Award Exercise Price Of Options Granted Percentage Of Fair Market Value		110.00%
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	6,241,786

Incentive stock plans and sto48

Incentive stock plans and stock based compensation (Restricted Stock) (Details) - USD ($)	Jun. 10, 2014	Feb. 04, 2013	Jan. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Jan. 19, 2015	Dec. 19, 2012	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price	$ 1.90				$ 1.85	$ 1.70		$ 1.85
RSUs repurchased during period									$ 200
RSUs repurchased during period, shares									150
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted							849,280
RSUs repurchased during period				$ 369,000
RSUs repurchased during period, shares				252,767
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued for RSUs, shares			596,513
Restricted Stock Units (RSUs) [Member] | Two Newly Appointed Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted					100,000	100,000
Vesting period for plan					3 years	3 years
RSU, discount rate					8.00%	8.00%
RSUs Value per share, less discount for post vesting restrictions on sale					$ 1.7	$ 1.56
Compensation									$ 92,000
Unrecognized compensation cost				$ 233,000					$ 233,000
Unrecognized compensation recognition period									2 years
Restricted Stock Units (RSUs) [Member] | 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
Vesting period for plan		3 years
RSUs value per share		$ 2.40
RSU, discount rate		11.00%
RSUs Value per share, less discount for post vesting restrictions on sale		$ 2.25
Compensation									$ 11,000	$ 11,000
Unrecognized compensation cost				$ 1,000					$ 1,000
Unrecognized compensation recognition period									2 months 12 days
Restricted Stock Units (RSUs) [Member] | 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)		11,000
Restricted Stock Units (RSUs) [Member] | Four Key Executives Group Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted							370,000
Vesting period for plan							3 years
RSUs value per share							$ 2.52
RSU, discount rate							11.00%
RSUs Value per share, less discount for post vesting restrictions on sale							$ 2.25
Compensation									$ 252,000	$ 277,000
Unrecognized compensation recognition period									1 year
Restricted Stock Units (RSUs) [Member] | 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

Retirement plans (Details)

Retirement plans (Details) - Pension Plans, Defined Benefit [Member] - USD ($)	Dec. 19, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Employer match of eligible compensation of employees		10.00%
Total obligation		$ 914,000	$ 858,000
Total obligation, payable in 2016		200,000
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
Interest expense		$ 148,000	92,000
Discounts		$ 606,000	756,000
Decrease in obligation liability			$ (36,000)

Commitments, Contingencies an50

Commitments, Contingencies and Other (Details)	1 Months Ended	12 Months Ended
	Aug. 31, 2014ft²	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 03, 2013USD ($)	Aug. 02, 2013USD ($)
Commitments And Contingencies [Line Items]
Issued restricted stock
Amount of settlement						$ 2,375,000
Payment for 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 2016		$ 240,000
Future minimum payments 2017		248,000
Future minimum payments 2018		255,000
Future minimum payments 2019		196,000
Future minimum payments, Total		939,000
Rent expense		225,000	165,000
Deferred rent		$ 65,000	$ 68,000
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
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

Related party transactions (Det

Related party transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	May. 13, 2014	Oct. 31, 2012
Related Party Transaction [Line Items]
Operating expenses	$ 8,585,000	$ 9,144,000
Winthrop [Member]
Related Party Transaction [Line Items]
Investment management and distribution fees	871,000	794,000
Lease Agreements [Member] | Bedford Oak [Member]
Related Party Transaction [Line Items]
Monthly sublease payment amount			$ 27,600	$ 40,700
Operating expenses	$ 83,000	$ 397,000

Segment Information (Details)

Segment Information (Details)		12 Months Ended
		Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of operating segments		1
Other operating expenses:
Depreciation and amortization		$ (652,000)	$ (659,000)
Operating loss		$ (2,560,000)	(3,324,000)
Non-operating income (expense):
Gain on sale of investment in MXL			719,000
Change in fair value of contingent consideration		$ 336,000	(66,000)
Loss from continuing operations before income taxes		(2,394,000)	(2,727,000)
Total assets		16,283,000	19,264,000
Operating Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA (income/(loss)) of operating segment		366,000	(335,000)
Other operating expenses:
Corporate		(1,629,000)	(1,833,000)
Depreciation and amortization		(652,000)	(659,000)
Equity based compensation		(446,000)	(330,000)
Amortization of stay and retention bonuses		(135,000)	(133,000)
Relocation and severance costs		(64,000)	(34,000)
Operating loss		(2,560,000)	(3,324,000)
Non-operating income (expense):
Interest expense and other, net		$ (170,000)	(56,000)
Gain on sale of investment in MXL			719,000
Change in fair value of contingent consideration		$ 336,000	(66,000)
Loss from continuing operations before income taxes		(2,394,000)	(2,727,000)
Total assets		7,125,000	7,601,000
Corporate [Member]
Non-operating income (expense):
Total assets	[1]	$ 9,158,000	$ 11,663,000
[1]	Consists principally of cash and cash equivalents