Wright Investors' Service (IWSH) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 11, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
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	Q1
Document Fiscal Year Focus	2,016
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,919,573

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Investment management services	$ 588	$ 623
Other investment advisory services	714	697
Financial research and related data	175	158
Total revenues	1,477	1,478
Expenses
Compensation and benefits	1,092	1,295
Other operating	904	1,082
Total expenses	1,996	2,377
Operating loss	(519)	(899)
Interest expense and other income (loss), net	$ 28	(37)
Change in fair value of contingent consideration		112
Loss before income taxes	$ (491)	(824)
Income tax expense	16	17
Net loss	$ (507)	$ (841)
Basic and diluted net loss per share	$ (0.03)	$ (0.04)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 8,227	$ 8,493
Short-term investments		157
Accounts receivable,net	$ 359	326
Prepaid income taxes	8	37
Prepaid expenses and other current assets	373	456
Total current assets	8,967	9,469
Property and equipment, net	44	44
Intangible assets, net	2,485	2,644
Goodwill	3,364	3,364
Investment in LLC	321	287
Investment in undeveloped land	355	355
Other assets	122	120
Total assets	15,658	16,283
Current liabilities
Accounts payable and accrued expenses	874	$ 1,030
Deferred revenue	14
Current portion of officers retirement bonus liability	200	$ 200
Total current liabilities	1,088	1,230
Officers retirement bonus liability, net of current portion	684	714
Total liabilities	1,772	1,944
Stockholders' equity
Common stock	197	197
Additional paid-in capital	33,542	33,488
Accumulated deficit	(18,494)	(17,987)
Treasury stock, at cost (565,219 common shares at March 31, 2016 and December 31, 2015)	(1,359)	(1,359)
Total stockholders' equity	13,886	14,339
Total liabilities and stockholders' equity	$ 15,658	$ 16,283

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Treasury stock, shares	565,219	565,219

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net loss	$ (507)	$ (841)
Adjustments to reconcile net loss to cash used in operating activities:
Realized loss on sale of short-term investments	9
Depreciation and amortization	$ 163	$ 164
Change in liability for contigent consideration		$ (112)
Decrease in value of warrant	$ (2)
Equity based compensation, including issuance of stock to directors	54	$ 72
Equity in income of LLC	(34)
Changes in other operating items:
Accounts receivables	$ (33)	$ (102)
Short-term investments		(3)
Deferred revenue	$ 14	1
Officers retirement bonus liability	(30)	19
Prepaid income tax	29	4
Prepaid expenses and other current assets	83	122
Accounts payable and accrued expenses	(156)	72
Net cash used in operating activities	(410)	$ (604)
Cash flows from investing activities
Proceeds from sale of short-term investments	148
Additions to property and equipment	(4)	$ (9)
Net cash provided by (used in) investing activities	144	(9)
Cash flows from financing activities
Net decrease in cash and cash equivalents	(266)	(613)
Cash and cash equivalents at the beginning of the year	8,493	11,163
Cash and cash equivalents at the end of the year	$ 8,227	10,550
Net cash paid during the period for
Income taxes		$ 10

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]	Treasury stock, at cost [Member]
Balance at Dec. 31, 2015	$ 14,339	$ 197	$ 33,488	$ (17,987)	$ (1,359)
Balance, shares at Dec. 31, 2015		19,720,971
Net loss	(507)			$ (507)
Equity based compensation expense	27		27
Issuance of common stock to directors	27		27
Issuance of common stock to directors, shares		13,821
Balance at Mar. 31, 2016	$ 13,886	$ 197	$ 33,542	$ (18,494)	$ (1,359)
Balance, shares at Mar. 31, 2016		19,734,792

Basis of presentation and descr

Basis of presentation and description of activities	3 Months Ended
	Mar. 31, 2016
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, 2015 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, 2015 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 2016 interim period are not necessarily indicative of results to be expected for the entire year. 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. Critical accounting policies and estimates There have been no changes to our critical accounting policies and estimates in the three months ended March 31, 2016. The Securities and Exchange Commission (“SEC”) defines “critical accounting policies” as those that require application of management's most difficult subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Our significant accounting policies are described under “Critical Accounting Policies” in our “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7, as well as in our consolidated financial statements and footnotes thereto for the year ended December 31, 2015, as filed with the Commission with our Annual Report form 10-K filed on March 23, 2016. Reclassification The Company has reclassified $ 11,000

Contingent Consideration

Contingent Consideration	3 Months Ended
	Mar. 31, 2016
Contingent Consideration [Abstract]
Contingent Consideration	2. Contingent Consideration In connection with the Company's acquisition of Winthrop on December 19, 2012, the Company had agreed to pay contingent consideration in cash to a holder of Winthrop common stock who received 852,228 1,900,000 three ten 236,000 336,000 112,000

Per share data

Per share data	3 Months Ended
	Mar. 31, 2016
Per share data [Abstract]
Per share data	3. Per share data Loss per share for the three months ended March 31, 2016 and 2015, respectively, is calculated based on 19,198,000 19,229,000 35,706 608,526 Options for 3,375,000 133,332 332,923

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2016
Capital Stock [Abstract]
Capital Stock	4. 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 1,791,971 3,208,029

Short-term investments

Short-term investments	3 Months Ended
	Mar. 31, 2016
Short-term investments [Abstract]
Short-term investments	5. Short-term investments Short-term investments, which at December 31, 2015 consisted 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 income (loss), net in the Condensed Consolidated Statements of Operations. The Company liquidated these investments in the first quarter of 2016 for proceeds of $ 148,000 9,000 3,000

Investment in LLC

Investment in LLC	3 Months Ended
	Mar. 31, 2016
Investment in LLC [Abstract]
Investment in LLC	6. 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 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 one 1,000,000 12 five 500,000 1.00 166,666 five 333,333 25 166,666 25 five 34,000 120,000 321,000 287,000 14,000 12,000 2,000 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	3 Months Ended
	Mar. 31, 2016
Incentive stock plans and stock based compensation [Abstract]
Incentive stock plans and stock based compensation	7. 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 plans provide for up to 3,500,000 7,500,000 ten three 110 The Company recorded no compensation expense related to option grants for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the number of shares reserved and available for award under the 2007 NPDC Plan is 6,116,786 700,000 During the three months ended March 31, 2016, the Company issued 100,000 25,000 3 three 1.29 1.34 0.50 0.52 Dividend yield 0 % Expected volatility 48.24 % Risk-free interest rate 1.21 % Expected life (in years) 4 The fair value of the options granted on March 28, 2016 were reduced by an 8 During the three months ended March 31, 2015, there was no option activity. As of March 31, 2016, there were outstanding options to acquire 3,375,000 3,250,000 2.27 1.7 5,000 As of March 31, 2016, the unrecognized compensation expense related to non-vested options was $ 59,000 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 At December 19, 2015, the above RSUs were fully vested. In December 2015, the Company repurchased 252,767 369,000 596,513 596,513 In addition, the following RSUs were granted to employees of the Company: (c) 17,738 three 11,701 2.40 11 2.25 1,000 3,000 d) 30,000 1.90 11,000 e) On January 19, 2015 and March 31, 2015, 100,000 3 1.70 1.85 8 1.56 1.70 26,000 11,000 205,000 2

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2016
Intangible Assets [Abstract]
Intangible Assets	8. Intangible Assets At March 31, 2016, 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 $ 1,159 $ 2,022 Trademarks 10 433 142 291 Proprietary software and technology 4 960 788 172 $ 4,574 $ 2,089 $ 2,485 For the three month periods ended March 31, 2016 and 2015, amortization expense was $ 159,000 160,000 4.75 Year ending December 31, 2016 (remainder) $ 470 2017 397 2018 397 2019 397 2020 397 2021-2023 427 $ 2,485

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2016
Related party transactions [Abstract]
Related party transactions	9. 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 has 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 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 $ 206,000 209,000

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2016
Income taxes [Abstract]
Income taxes	10. Income taxes For the three months ended March 31, 2016 and 2015, income tax expense of $ 16,000 17,000

Retirement plans

Retirement plans	3 Months Ended
	Mar. 31, 2016
Retirement plans [Abstract]
Retirement plans	11. 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 10 884,000 200,000 50,000 885,000 14 1,027,000 20,000 37,000 884,000 586,000

Contingencies and commitments

Contingencies and commitments	3 Months Ended
	Mar. 31, 2016
Contingencies and commitments [Abstract]
Contingencies and commitments	12. Contingencies and commitments (a) 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 879,000 180,000 248,000 255,000 196,000 (b) 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Information [Abstract]
Segment Information	13. Segment information The Company through its wholly-owned subsidiaries has one 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 before income taxes (in thousands): Three months ended March 31, 2016 2015 Adjusted EBITDA of operating segment $ 168 $ 18 Other operating expenses: Corporate (398 ) (588 ) Depreciation and amortization (163 ) (164 ) Equity based compensation (54 ) (72 ) Amortization of stay and retention bonuses - (37 ) Relocation and severance costs (72 ) (56 ) Operating loss (519 ) (899 ) Non- operating income (expense): Interest expense and other (loss) income, net 28 (37 ) Change in fair value of contingent consideration - 112 Loss from before income taxes $ (491 ) $ (824 ) Following is a summary of the Company's total assets (in thousands): March 31, December 31, 2016 2015 Operating segment $ 6,747 $ 7,125 Corporate (1) 8,911 9,158 $ 15,658 $ 16,283 (1)

Incentive stock plans and sto20

Incentive stock plans and stock based compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Incentive stock plans and stock based compensation [Abstract]
Schedule of Fair Value Assumptions	Dividend yield 0 % Expected volatility 48.24 % Risk-free interest rate 1.21 % Expected life (in years) 4

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Intangible Assets [Abstract]
Components of Acquired Intangible Assets	Intangible Estimated useful life Gross carrying amount Accumulated Amortization Net carrying amount Investment management and Advisory Contracts 9 $ 3,181 $ 1,159 $ 2,022 Trademarks 10 433 142 291 Proprietary software and technology 4 960 788 172 $ 4,574 $ 2,089 $ 2,485
Amortization Expense Related to Intangible Assets	Year ending December 31, 2016 (remainder) $ 470 2017 397 2018 397 2019 397 2020 397 2021-2023 427 $ 2,485

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Information [Abstract]
Schedule of Segment Information	Three months ended March 31, 2016 2015 Adjusted EBITDA of operating segment $ 168 $ 18 Other operating expenses: Corporate (398 ) (588 ) Depreciation and amortization (163 ) (164 ) Equity based compensation (54 ) (72 ) Amortization of stay and retention bonuses - (37 ) Relocation and severance costs (72 ) (56 ) Operating loss (519 ) (899 ) Non- operating income (expense): Interest expense and other (loss) income, net 28 (37 ) Change in fair value of contingent consideration - 112 Loss from before income taxes $ (491 ) $ (824 ) Following is a summary of the Company's total assets (in thousands): March 31, December 31, 2016 2015 Operating segment $ 6,747 $ 7,125 Corporate (1) 8,911 9,158 $ 15,658 $ 16,283

Basis of presentation and des23

Basis of presentation and description of activities (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Basis of presentation and description of activities [Abstract]
Reclassification of Compensation and benefits to Other operating expenses	$ 11,000

Contingent Consideration (Detai

Contingent Consideration (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 19, 2012	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Change in liability for contigent consideration			$ 112,000
Winthrop [Member]
Business Acquisition [Line Items]
Issuance of common stock in connection with acquisition, shares	852,228
Cash paid				$ 236,000
Contingent consideration, maximum value of shares	$ 1,900,000
Change in liability for contigent consideration			$ 112,000	$ 336,000

Per share data (Details)

Per share data (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding	19,198,000	19,229,000
Weighted average number of common shares, vested RSUs	35,706	608,526
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,375,000	3,375,000
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	133,332	332,923

Capital Stock (Details)

Capital Stock (Details)	Mar. 31, 2016shares
Capital Stock [Abstract]
Number of shares authorized to be repurchased	5,000,000
Number of shares repurchased	1,791,971
Remaining number of shares available for repurchase	3,208,029

Short-term investments (Details

Short-term investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Short-term investments [Abstract]
Proceeds from sale of short-term investments	$ 148,000
Realized loss on sale of short-term investments	$ 9,000
Unrealized (losses) gains		$ 3,000

Investment in LLC (Details)

Investment in LLC (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 28, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity investment		$ 321,000		$ 287,000
Change in value of warrant		(2,000)
Exercise price of warrants	$ 1
Term of warrants	5 years
Warrants received	166,666
Share of income from equity method investments		$ 34,000
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		$ 321,000		287,000
Share of income from equity method investments		34,000
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
Term of note	1 year
Principal amount	$ 1,000,000
Interest rate	12.00%
Warrant distributed from LLC	$ 120,000	14,000		$ 12,000
Change in value of warrant		$ 2,000
Common Stock Purchase Warrant, amount of shares	500,000
Term of warrants	5 years
Merriman Holdings, Inc. [Member] | Marshall Geller [Member]
Schedule of Equity Method Investments [Line Items]
Exercise price of warrants	$ 1
Term of warrants	5 years
Warrants received	166,666
Merriman Capital, Inc. [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) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2016	Mar. 28, 2016	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted - Stock Options	25,000	100,000
Unrecognized compensation cost	$ 59,000		$ 59,000
Weighted average fair value of stock options granted	$ 0.52	$ 0.50
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%
Outstanding options	3,375,000		3,375,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	3,250,000		3,250,000
Outstanding options, weighted average exercise price	$ 2.27		$ 2.27
Outstanding options, weighted average contractual term			1 year 8 months 12 days
Outstanding options, aggregate intrinsic value	$ 5,000		$ 5,000
Dividend yield			$ 0
Expected volatility			48.24%
Risk-free interest rate			1.21%
Expected life			10 years
Exercise price	$ 1.34	$ 1.29
2003 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	3,500,000		3,500,000
Number of shares reserved and available for award	700,000		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		7,500,000
Number of shares reserved and available for award	6,116,786		6,116,786

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. 01, 2014	Jan. 19, 2015	Dec. 19, 2012	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted				849,280
RSUs outstanding							596,513
RSUs repurchased during period							$ 369,000
RSUs repurchased during period, shares							252,767
Stock issued for RSUs, shares					596,513
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
RSUs value per share			$ 1.70			$ 1.85
RSU, discount rate			8.00%			8.00%
RSUs Value per share, less discount for post vesting restrictions on sale			$ 1.56			$ 1.70
Compensation					$ 26,000	$ 11,000
Unrecognized compensation cost					$ 205,000
Unrecognized compensation recognition period					2 years
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted		17,738
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					$ 1,000	$ 3,000
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
Four Key Executives Group Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted				370,000
Stock price				$ 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
Four Key Executives Group One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs, Granted				479,280
Stock price				$ 2.52
Post-vesting restrictions, term				3 years
RSU, discount rate				20.00%
RSUs Value per share, less discount for post vesting restrictions on sale				$ 2.02
Compensation				$ 966,000

Intangible Assets (Intangible A

Intangible Assets (Intangible Assets) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 4,574
Accumulated Amortization	2,089
Net carrying amount	$ 2,485
Investment Management and Advisory Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	9 years
Gross carrying amount	$ 3,181
Accumulated Amortization	1,159
Net carrying amount	$ 2,022
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years
Gross carrying amount	$ 433
Accumulated Amortization	142
Net carrying amount	$ 291
Proprietary Software and Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	4 years
Gross carrying amount	$ 960
Accumulated Amortization	788
Net carrying amount	$ 172

Intangible Assets (Estimated Am

Intangible Assets (Estimated Amortization Expense) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Intangible Assets [Abstract]
2016 (remainder)	$ 470,000
2,017	397,000
2,018	397,000
2,019	397,000
2,020	397,000
2021-2023	427,000
Finite-lived intangible assets, net carrying amount	2,485,000
Amortization expense related to intangible assets	$ 159,000	$ 160,000
Weighted average useful life of intangible assets	4 years 9 months

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	May. 13, 2014	Oct. 31, 2012
Related Party Transaction [Line Items]
Operating expenses	$ 1,996,000	$ 2,377,000
Bedford Oak [Member] | Sublease arrangement [Member]
Related Party Transaction [Line Items]
Monthly sublease payment amount			$ 27,600	$ 40,700
Operating expenses		83,000
Winthrop [Member]
Related Party Transaction [Line Items]
Investment management and distribution fees	$ 206,000	$ 209,000

Income taxes (Details)

Income taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income taxes [Abstract]
Minimum state taxes	$ 16,000	$ 17,000

Retirement plans (Details)

Retirement plans (Details) - Frozen defined benefit plans [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Employer match of eligible compensation of employees	10.00%
Total obligation	$ 884,000
Obligation payable in next 12 months	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	20,000	$ 37,000
Present value of plan	884,000
Unamortized discount	$ 586,000

Contingencies and commitments (

Contingencies and commitments (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Contingencies and commitments [Abstract]
Lease term	5 years
Future minimum payments	$ 879,000
Future minimum payments remainder of 2016	180,000
Future minimum payments 2017	248,000
Future minimum payments 2018	255,000
Future minimum payments 2019	$ 196,000

Segment Information (Details)

Segment Information (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments		1
Other operating expenses:
Depreciation and amortization		$ (163)	$ (164)
Operating loss		$ (519)	(899)
Non-operating income (expense):
Change in fair value of contingent consideration			112
Loss from before income taxes		$ (491)	(824)
Total assets		15,658		$ 16,283
Operating Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA (income/(loss)) of operating segment		168	18
Other operating expenses:
Corporate		(398)	(588)
Depreciation and amortization		(163)	(164)
Equity based compensation		$ (54)	(72)
Amortization of stay and retention bonuses			(37)
Relocation and severance costs		$ (72)	(56)
Operating loss		(519)	(899)
Non-operating income (expense):
Interest Expense, Other		$ 28	(37)
Change in fair value of contingent consideration			112
Loss from before income taxes		$ (491)	$ (824)
Total assets		6,747		7,125
Corporate [Member]
Non-operating income (expense):
Total assets	[1]	$ 8,911		$ 9,158
[1]	Consists principally of cash and cash equivalents