Wright Investors' Service (IWSH) 10-Q 6 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Entity Registrant Name	Wright Investors Service Holdings, Inc.
Entity Central Index Key	1,279,715
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		19,647,243

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Expenses
Compensation and benefits	$ 184	$ 101	$ 556	$ 344
Other operating	317	289	944	937
Total expenses	501	390	1,500	1,281
Investment and other income, net	17	3	24	6
Operating loss	(484)	(387)	(1,476)	(1,275)
Income tax expense	(3)	(3)	(39)	(33)
Loss from continuing operations before income taxes	(487)	(390)	(1,515)	(1,308)
Income from discontinued operation	1,008	179	810	218
Net income (loss)	$ 521	$ (211)	$ (705)	$ (1,090)
Basic and diluted income (loss) per share
Continuing operations	$ (0.02)	$ (0.02)	$ (0.08)	$ (0.07)
Discontinued operation	0.05	0.01	0.04	0.01
Net income (loss)	$ 0.03	$ (0.01)	$ (0.04)	$ (0.06)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 9,840	$ 5,601
Assets held for sale		6,161
Income tax receivable	148
Prepaid expenses and other current assets	63	127
Total current assets	10,051	11,889
Deferred tax asset		148
Investment in undeveloped land	355	355
Other assets	58	58
Total assets	10,464	12,450
Current liabilities
Liabilities held for sale		1,250
Accounts payable and accrued expenses	171	158
Income taxes payable	32	18
Total current liabilities	203	1,426
Stockholders' equity
Common stock	203	199
Additional paid-in capital	34,028	33,933
Accumulated deficit	(22,271)	(21,409)
Treasury stock, at cost (815,219 shares at September 30, 2018 and December 31, 2017)	(1,699)	(1,699)
Total stockholders' equity	10,261	11,024
Total liabilities and stockholders' equity	$ 10,464	$ 12,450

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Treasury stock, shares	815,219	815,219

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net loss	$ (705)	$ (1,090)
Adjustments to reconcile net loss to cash used in operating activities:
Equity based compensation, including issuance of stock to directors	99	163
Gain on sale of Winthrop, net of transaction costs	(664)
Changes in other operating items:
Assets net of liabilities held for sale		(131)
Income tax payable/receivable	14	(5)
Prepaid expenses and other current assets	64	(27)
Accounts payable and accrued expenses	(17)	(55)
Net cash used in operating activities	(1,209)	(1,145)
Cash flows from investing activities
Proceeds from sale of Winthrop, net of transaction costs	5,448
Net cash provided by activities	5,448
Net increase (decrease) in cash and cash equivalents	4,239	(1,145)
Cash and cash equivalents at the beginning of the period	5,601	6,808
Cash and cash equivalents at the end of the period	9,840	5,663
Net cash paid during the period for
Income taxes	$ 30	$ 49

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Common Stock [Member]	Additional paid-in capital [Member]	Accumulated deficit [Member]	Treasury stock, at cost [Member]	Total
Balance at Dec. 31, 2017	$ 199	$ 33,933	$ (21,409)	$ (1,699)	$ 11,024
Balance, shares at Dec. 31, 2017	19,962,014
New standard cumulative adjustment			(157)		(157)
Adjusted balance at Dec. 31, 2017	$ 199	33,933	(21,566)	(1,699)	10,867
Adjusted balance, Share at Dec. 31, 2017	19,962,014
Net loss			(705)		(705)
Equity based compensation expense		16			16
Issuance of vested restricted shares	$ 2				2
Issuance of vested restricted shares, shares	200,000
Issuance of common stock to directors	$ 2	79			81
Issuance of common stock to directors, shares	255,135
Balance at Sep. 30, 2018	$ 203	$ 34,028	$ (22,271)	$ (1,699)	$ 10,261
Balance, shares at Sep. 30, 2018	20,417,149

Basis of presentation and descr

Basis of presentation and description of activities	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [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, 2017 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, 2017 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 2018 interim period are not necessarily indicative of results to be expected for the entire year.

Sale of Winthrop

Sale of Winthrop	9 Months Ended
	Sep. 30, 2018
Sale Of Winthrop
Sale of Winthrop	2. Sale of Winthrop On April 11, 2018, Wright Investors’ Service Holdings, Inc. a Delaware corporation (“the Company), Khandwala Capital Management, Inc., a Connecticut corporation (“Purchaser”), and Amit S. Khandwala (“ASK”) entered into a Stock Purchase Agreement (the “Agreement”). Pursuant to the Agreement, upon the terms and subject to the satisfaction or waiver of the conditions therein, the Company sold (the “Sale”), all of the issued and outstanding stock (the “Stock”) of the Company’s wholly-owned subsidiary, The Winthrop Corporation (“Winthrop”). Winthrop through the completion of the Sale was a wholly- owned subsidiary of the Company, and 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. The Company’s board of directors, as well as the stockholders of the Company approved the Agreement and the Sale. The Agreement provides, among other things, a detailed description of the conditions to the completion of the Sale, termination provisions, representations and warranties and covenants made by the Company, ASK and Purchaser, indemnity provisions, and liquidated damages related to certain termination provisions of the Agreement. The Sale was approved by the Company’s stockholders on July 16, 2018 at the annual stockholders meeting, and the Sale was completed on July 17, 2018. The Company received $6,000,000 in cash as well as $173,000 from Winthrop for repayment of the intercompany balance between the Company and Winthrop on July 17, 2018. The Company recognized a gain of $1.2 million before transaction expenses in the three and nine months ended September 30, 2018. Included in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2018, and included in Income from discontinued operation, are $209,000 and $552,000, respectively, of transaction costs related to the Agreement, which are comprised of legal and consulting costs. Description of the business of the Company after the Sale Following the Sale, we will continue to be a public company. We also intend to evaluate and potentially explore all available strategic options. We will continue to work to maximize stockholder value. Such strategic options may include acquisition of an investment advisory business, acquisition of a financial services business, creating partnerships or joint ventures for those or other businesses and investing in other businesses that provide attractive opportunities for growth. The directors will also consider alternatives for distributing some or all of the proceeds of the Sale to stockholders. Until such time as a decision is made as to how the proceeds from the Sale and other liquid assets of the Company are so deployed, we intend to invest the proceeds of the Sale and our other liquid assets in high-grade, short-term investments (such as cash and cash equivalents) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation. Immediately following consummation of the Sale, we have no or nominal operations. As a result, we believe that we are a “shell company”, as defined in Rule 405 of the Securities Act of 1933, as amended, or the Securities Act, and Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. As a shell company, our stockholders will be unable to utilize Rule 144 of the Securities Act, or Rule 144 to sell “restricted stock” as defined in Rule 144 or otherwise use Rule 144 to sell stock of the Company, and we would be ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as we remain a shell company and for 12 months thereafter. Among other things, as a consequence, the offering, issuance and sale of our securities is likely to be more expensive and time consuming and may make our securities less attractive to investors. Although the Company is not engaged in the business of investing, reinvesting, or trading in securities, and the Company does not hold itself out as being engaged in those activities, following the closing of the Sale, the Company will likely be an “inadvertent investment company” under section 3(a)(1)(C) of the Investment Company Act. The Company will fall within the scope of section 3(a)(1)(C) if the value of its investment securities (as defined in the Investment Company Act) is proposed to be more than 40% of its total assets (exclusive of government securities and cash and certain cash equivalents) following the closing of the Sale. The Company does not intend to be regulated as an investment company under the Investment Company Act and, therefore, will rely on certain SEC no-action letters and other SEC guidance, including the “transient investment company” Rule 3a-2 under the Investment Company Act. That rule provides a one-year grace period for companies that might otherwise be required to register as an investment company where the company has, as does the Company currently, a bona fide

Discontinued operation

Discontinued operation	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operation	3. Discontinued operation Winthrop’s results of operations through July 16, 2018 are included in the Company’s results of operations for the three and nine months ended September 30, 2018 and have been accounted for as a discontinued operation in the accompanying Condensed Consolidated Statement of Operations. Its results of operations for the three and nine months ended September 30, 2018 have been reclassified as discontinued operations to be consistent with the current periods presentation. Assets and liabilities of Winthrop in the accompanying Condensed Consolidated Balance Sheets as of December 31, 2017 have been reclassified to present the assets and liabilities of Winthrop separately as held for sale. At December 31, 2017 Winthrop’s assets and liabilities held for sale were as follows (in thousands): December 31, 2017 Assets Current assets Cash and cash equivalents $ 417 Accounts receivable 308 Prepaid expenses and other current assets 304 Total current assets 1,029 Property and equipment, net 100 Intangible assets, net 1,618 Goodwill 3,364 Other assets 50 Total assets held for sale $ 6,161 Liabilities Current liabilities Accounts payable and accrued expenses $ 587 Deferred revenue 6 Current portion of officers retirement bonus liability 190 Total current liabilities 783 Officers retirement bonus liability, net of current portion 467 Total liabilities held for sale 1,250 Net assets held for sale $ 4,911 For the three and nine months ended September 30, 2018 and 2017 the components of income from discontinued operation were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues Investment management services $ 121 $ 583 $ 1,237 $ 1,608 Other investment advisory services 61 564 1,165 1,826 Financial research and related data 40 216 485 595 222 1,363 2,887 4,029 Expenses Compensation and benefits 99 654 1,371 2,204 Other operating 130 508 1,332 1,542 229 1,162 2,703 3,746 Investment and other income (loss), net 8 (22 ) (38 ) (65 ) Income from discontinued operation $ 1 $ 179 $ 146 $ 218 Income from discontinued operation for the three and nine months ended September 30, 2018 is as follows: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Net assets held for sale at July 16, 2018 $ (4,957 ) $ (4,957 ) Selling price, as adjusted 6,173 6,173 Transaction costs (209 ) (552 ) Income from discontinued operation 1 146 Income from discontinued operation $ 1,008 $ 810 The Company reclassed $343,000 of Transaction costs recorded for the six months ended June 30, 2018 to Income (loss) from discontinued operation in the Condensed Consolidated Statement of Operations for nine month period ended September 30, 2018.

Revenue recognition from contra

Revenue recognition from contracts with customers related to discontinued operation	9 Months Ended
	Sep. 30, 2018
Revenue Recognition [Abstract]
Revenue recognition from contracts with customers	4. Revenue recognition from contracts with customers related to discontinued operation In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers (Topic 606) The Company adopted the new standard on January 1, 2018, using the modified retrospective method, which provides for a cumulative effect adjustment in the amount of $157,000 to beginning 2018 accumulated deficit and to opening Accounts receivable for the revenue related to the recognition of financial research data and sub advisor fees. The revenue for the three and nine months ended September 30, 2018 if recorded under the previous accounting guidance, was not materially different from the revenue recognized upon the adoption of ASC 606 on January 1, 2018. Winthrop provided three distinct services for which it recognized revenue: Investment management services Winthrop earns revenue primarily by charging fees based upon Assets Under Management (“AUM”). Its offerings include investment management solutions utilizing individual securities or mutual funds. Winthrop charges a fee for its services based on the Agreement, this is computed on the basis of the cash and market value of property deposited in the account at the time the client's account is established. Revenue is recognized based on the market value of the assets under management at end of the preceding quarter at a pre-established rate, per contract. Other investment advisory revenue as defined, is generated by fees from services provided to Bank Trust Departments is recognized in the same manner as the Investment management services. Under ASC 606, Winthrop’s revenue recognition for all of its investment management contracts remained materially consistent with historical practice. As of September 30, 2018, as result of the Sale there were no Accounts receivables attributed to investment advisory contracts with customers. Financial research services: Revenue from the sale of financial research information and related data is derived from the distribution of investment research directly and through several third parties who act as distributors of such research content. The distribution through third parties is Winthrop’s main source of revenue for financial research services. The fees paid by the end client are divided between Winthrop and the distributor, primarily Thomson Reuters. Upon adoption of ASC 606, Winthrop has changed its revenue recognition policy from estimating fees to be collected from third party distributors to recognizing revenue upon collection of fees from third party distributors when data is known. This change in revenue recognition for financial research and related data resulted in adjustment of $135,000 recorded as an increase to opening Accumulated deficit and a decrease to opening Accounts receivable on January 1, 2018 for the revenue related to the last fiscal quarterly data that was not available as of the reporting date. Sub-advisor Fee: Winthrop provides investment services as a sub-advisor from the principal managers (primarily from three entities) and it is paid a quarterly fee by the corresponding principal manager’s. Upon adoption of ASC 606, the revenue recognition policy has been changed from Winthrop accruing revenue for this type of service on a monthly basis as reported by the sub advisor. This change in revenue recognition for sub-advisory fees resulted in Winthrop recording an adjustment to increase opening Accumulated deficit and a decrease to Accounts receivable in the amount of $22,000 on January 1, 2018. Winthrop, through its subsidiaries, enters into formal, written agreements with its customers that have commercial substance and that meet the criteria to identify the contract based on the new revenue recognition guidance, inclusive of the identification of each party’s rights regarding the services to be transferred and payment terms for such services. Performance Obligations are identified by determining whether they are: · Capable of being distinct: · Distinct within the context of the contract: 1) Investment management service: The performance obligation relates to the investment management of the client’s account (service) which is an obligation capable of being and distinct within the context of the contract. This represents a single performance obligation that is continuously provided over the contract period. The Company considers that recognizing revenue over time best represents the transfer of control to the customer for management investment activities. Winthrop considers that time elapsed (quarterly increments) to be the method that best represents the transfer of control to the customer for management investment activities. 2) Financial research and related data: For revenue related to internet and reselling subscriptions, the distinct performance obligation refers to the distribution of investment research directly and through several third parties who act as distributors of such research content. Winthrop acts as an agent in this arrangement because it does not control (ASC 606-10-25-25 – ability to direct the use of, and obtain substantially of the remaining benefits from, the service) the specified service before it is transferred to a customer and such customer is a party to the executed service provider agreement and holds the rights to engage and direct the services of the third-party service provider. Per ASC 606-10-55-38, Winthrop would recognize revenue based on the net amount of consideration it expects to be entitled to for providing the service. As mentioned, since Winthrop cannot estimate the amount or the timing of when control is transferred to the customer’s and thus, it is not probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the number of customers that are using the research in a given period and revenue split for the given period is subsequently reported. As such, revenue will be recognized based on the revenue split for the sales activity received from the various entities. 3) Sub-advisor fee: The performance obligation relates to the investment management of the Investment Manager’s client’s account (service) which is an obligation capable of being and distinct within the context of the contract between Winthrop and the Investment Manager. This represents a single performance obligation that is continuously provided over the contract period. Winthrop acts as an agent in this arrangement because it does not control (ASC 606-10-25-25 – ability to direct the use of, and obtain substantially of the remaining benefits from, the service) the specified service before it is transferred to a customer and such customer is a party to the executed service provider agreement and holds the rights to engage and direct the services of the client. Per ASC 606-10-55-38, Winthrop would recognize revenue based on the net amount of consideration it expects to be entitled to for providing the service. As mentioned, since Winthrop cannot estimate the revenue amount, it is not probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the Investment Manager’s client pays the fee (“IM Fee”) for the given period and such fee is subsequently reported to Winthrop. As such, revenue will be recognized based on the revenue split for the IM Fee reported by the Investment Manager. Additionally, it should be noted that contracts between Winthrop and its customers do not include performance-based fees, and there were no costs capitalized attributable to obtaining new customer contracts. The services provided by Winthrop are satisfied over time because the customer simultaneously receives and consumes the benefits provided by Winthrop as the services are being performed.

Adoption of new accounting guid

Adoption of new accounting guidance	9 Months Ended
	Sep. 30, 2018
Adoption Of New Accounting Guidance
Adoption of new accounting guidance	5. Adoption of new accounting guidance In March 2016, the FASB issued ASU 2016-09, “Compensation- Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classifications in the statement of cash flows. ASU 2016-09 is effective for the fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. During 2017, the Company has adopted ASU 2016-09 which did not have any impact in the Company’s financial statements. In accordance with ASU 2016-09, the Company has made the accounting policy election to continue to estimate forfeitures based upon historical occurrences. The Company has adopted this standard on January 1, 2018, which did not have a material impact on the consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU generally requires companies to measure investments in equity securities, except those accounted for under the equity method, at fair value and recognize any changes in fair value in net income. The new guidance must be applied using a modified-retrospective approach and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. The Company has adopted this standard on January 1, 2018, which did not have a material impact on the consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “ Compensation – Stock Compensation (Topic 708) Scope of Modification Accounting

Certain new accounting guidance

Certain new accounting guidance not yet adopted	9 Months Ended
	Sep. 30, 2018
Certain New Accounting Guidance Not Yet Adopted
Certain new accounting guidance	6. Certain new accounting guidance not yet adopted In February 2016, the FASB issued ASU 2016-02, leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after the date of initial application, with an option to elect to use certain transaction relief. The Company is currently assessing the impact that the adaption of ASU 2016-02 will have on its financial statements. In January 2017, FASB issued ASU 2017-04, “Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the second step of the previous FASB guidance for testing goodwill for impairment and is intended to reduce cost and complexity of goodwill impairment testing. The standard is effective for periods beginning after December 15, 2019 for both interim and annual periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact that the adoption of ASU 2017-04 will have on its financial statements.

Per share data

Per share data	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Per share data	7. Per share data Loss per share for the three months ended September 30, 2018 and 2017 respectively, is calculated based on 19,570,000 and 19,258,000 weighted average outstanding shares of common stock. Included in the share number are vested Restricted Stock Units (“RSUs”) of 11,701 and 145,303 for the three months ended September 30, 2018 and 2017, respectively. Loss per share for the nine months ended September 30, 2018 and 2017 respectively, is calculated based on 19,475,000 and 19,197,000 weighted average outstanding shares of common stock. Included in the share number are vested RSUs of 98,367 and 131,970 for the nine months ended September 30, 2018 and 2017, respectively. Options for 550,000 shares of common stock, for the three and nine months ended September 30, 2018 and 2017, and nonvested RSUs for 66,666 shares of common stock for the three and nine months ended September 30, 2017 were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net losses for the three months ended September 30, 2017 and the nine months ended September 30, 2018 and 2017. For the three months ended September 30, 2018, the exercise price of the options would be anti- dilutive since the exercise price was in excess of the average price of the Company’s common stock for the period.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Capital Stock	8. 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 September 30, 2018, the Company had repurchased 2,041,971 shares of its common stock, and a total of 2,958,029 shares, remain available for repurchase at September 30, 2018. During the nine months ended September 30, 2018, the Company issued 255,135 shares of Company common stock to the independent directors of the Company, in payment of their fourth quarter 2017, and first, second and third quarter 2018 quarterly directors fees. The aggregate value of the shares of Company common stock issued was $110,000, or $27,500 for each period. The equity compensation awards were issued pursuant to the exemption from the registration requirements of Section 5 of the Securities Act of 1933 ("1933 Act") provided by Section 4(a)(2) of the 1933 Act.

Incentive stock plans and stock

Incentive stock plans and stock-based compensation	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive stock plans and stock-based compensation	9. 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 provided for up to 3,500,000 and 7,500,000 awards for shares under the 2003 Plan Amendment and 2007 NPDC Plan, respectively, in the 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 periods during which additional awards may be granted under the plans have expired and no further awards may be granted under any of these plans after December 20, 2017. As a consequence any equity compensation awards issued after that time will be on terms determined by the Board of Directors or the Compensation Committee of the Board of Directors and pursuant to exemptions from the registration requirements of the securities laws. The Company recorded compensation expense of $100 and $300, respectively, for the three and nine months ended September 30, 2018 and 2017. The Company issued 100,000 options to a consultant on March 28, 2016 under the 2007 NPDC Plan. The options issued on March 28, 2016 vest equally over 3 years and are subject to post vesting restrictions for sale for three years. The options were issued at an exercise price of $1.29 per share for the options issued on March 28, 2016, which price was equal to the market value at the date of the grant. The grant-date fair value of the options was $0.50, which was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: 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% discount for post vesting restrictions. As of September 30, 2018, the unrecognized compensation expense related to non-vested options was $200. The value of the options granted to the consultant are re-measured at each balance sheet date until performance is complete with the final measurement of fair value of the options made on the vesting dates. The revised fair value is amortized over the remaining term of the option. As of September 30, 2018, there were outstanding options to acquire 550,000 common shares, 516,666 of which were vested and exercisable, having a weighted average exercise price of $1.35 per share, a weighted average contractual term of 2.25 years and zero aggregate intrinsic value. Restricted stock units (a) 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. At June 30, 2018, 11,071 of the RSU’s were fully vested and 6,037 have been forfeited. 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. There was no unrecognized compensation expense related to these RSUs at September 30, 2018. b) On January 19, 2015 and March 31, 2015, 100,000 RSUs were issued on each date to two newly appointed directors of the Company. The RSUs will vest equally over 3 years. 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 $16,000 for the nine months ended September 30, 2018 and $27,000 and $81,000 for the three and nine months ended September 30, 2017 respectively, related to these RSUs. At September 30, 2018, the RSU’s were fully vested and the related 200,000 shares of the Company’s common stock was issued during the three months ended June 30, 2018.

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related party transactions	11. Related party transactions 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 Income from discontinued operation in the Condensed Consolidated Statements of Operations (see Note 3), amounted to $0 and $81,000 for the three and nine months ended September 30, 2018, respectively, and $88,000 and $329,000 for the three and nine months ended September 30, 2017, respectively. On April 2, 2018, the Boards of Trustees of The Wright Managed Equity Trust and The Wright Managed Income Trust (the “Trusts”) issued a press release announcing that they had voted to liquidate and terminate each of the Wright Selected Blue Chip Equities Fund (WSBEX), the Wright Major Blue Chip Equities Fund (WQCEX), the Wright International Blue Chip Equities Fund (WIBCX) and the Wright Current Income Fund (WCIFX) (the “Funds”) effective on or about April 30, 2018 (the “Liquidation Date”). Based upon a recommendation of the Funds’ investment adviser, Wright, the Boards approved the liquidation of the Funds. The Company does not believe the liquidation of the Funds will have a material adverse impact on its business operations, financial condition, or results of operations.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income taxes	12. Income taxes For the three and nine months ended September 30, 2018, the Company recorded income tax expense from continuing operations of $3,000 and $39,000, respectively. For the three and nine months ended September 30, 2017, the Company recorded income tax expense of $3,000 and $33,000, respectively. Income tax expense represents minimum state taxes. No tax benefit has been recorded in relation to the pre-tax loss for the three and nine months ended September 30, 2018 and 2017, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the loss. The sale of Winthrop on July 17, 2018, which resulted in a gain of approximately $1.2 million, had no impact on income tax expense. Due to differences in basis for tax purposes and financial reporting purposes, the sale is expected to result in a tax loss of approximately $2 million.

Retirement plans

Retirement plans	9 Months Ended
	Sep. 30, 2018
Liability, Retirement and Postemployment Benefits [Abstract]
Retirement plans	13. Retirement plans 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 and does not match the participant’s contributions.

Contingencies and commitments

Contingencies and commitments	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies and commitments	14. Contingencies and commitments a) In August 2014, the Company entered into a five-year sublease in Greenwich, Connecticut for 10,000 square feet. Estimated annual rent for the Greenwich, Connecticut space, which expires on September 30, 2019 aggregated $258,000 payable as follows; $62,000 (remainder of 2018), and $196,000 (through September 30, 2019). 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 administratively appealed and contested the allegations in both Orders. On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Killingly Pond Dam. The Killingly Pond Dam Consent Order requires the Company to continue to perform routine maintenance and administrative procedures consistent with DEEP’s Dam Safety regulations, the cost of which is not material to the Company’s financial position or results of operations. On July 27, 2018, the Company entered into a Consent Order with the DEEP relative to Acme Pond Dam. The Acme Pond Dam Consent Order requires the Company to investigate and recommend repairs to Acme Pond Dam. As the Company is in the early stages of compliance with ACME Pond Dam Consent Order, a design concept for any necessary repairs has not yet been proposed by the Company nor approved by the DEEP. As a result, it is not possible at this time to estimate the cost of any repairs that may ultimately be required by the DEEP.

Discontinued operation (Tables)

Discontinued operation (Tables)	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operation	At December 31, 2017 Winthrop’s assets and liabilities held for sale were as follows (in thousands): December 31, 2017 Assets Current assets Cash and cash equivalents $ 417 Accounts receivable 308 Prepaid expenses and other current assets 304 Total current assets 1,029 Property and equipment, net 100 Intangible assets, net 1,618 Goodwill 3,364 Other assets 50 Total assets held for sale $ 6,161 Liabilities Current liabilities Accounts payable and accrued expenses $ 587 Deferred revenue 6 Current portion of officers retirement bonus liability 190 Total current liabilities 783 Officers retirement bonus liability, net of current portion 467 Total liabilities held for sale 1,250 Net assets held for sale $ 4,911 For the three and nine months ended September 30, 2018 and 2017 the components of income from discontinued operation were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues Investment management services $ 121 $ 583 $ 1,237 $ 1,608 Other investment advisory services 61 564 1,165 1,826 Financial research and related data 40 216 485 595 222 1,363 2,887 4,029 Expenses Compensation and benefits 99 654 1,371 2,204 Other operating 130 508 1,332 1,542 229 1,162 2,703 3,746 Investment and other income (loss), net 8 (22 ) (38 ) (65 ) Income from discontinued operation $ 1 $ 179 $ 146 $ 218 Income from discontinued operation for the three and nine months ended September 30, 2018 is as follows: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Net assets held for sale at July 16, 2018 $ (4,957 ) $ (4,957 ) Selling price, as adjusted 6,173 6,173 Transaction costs (209 ) (552 ) Income from discontinued operation 1 146 Income from discontinued operation $ 1,008 $ 810

Incentive stock plans and sto_2

Incentive stock plans and stock-based compensation (Table)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Fair Value Assumptions	Dividend yield 0 % Expected volatility 48.24 % Risk-free interest rate 1.21 % Expected life (in years) 4

Sale of Winthrop (Details)

Sale of Winthrop (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 17, 2018	Sep. 30, 2018	Sep. 30, 2018
Gain recognize before transaction expenses		$ 1,200	$ 1,200
Legal and consulting costs		$ 209	$ 552
Winthrop Corporation [Member]
Cash consideration from sale of assets	$ 6,000
Repayment of intercompany balance	$ 173

Discontinued operation (Schedul

Discontinued operation (Schedule of Assets and Liabilities held for Sale) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Current assets
Cash and cash equivalents	$ 417
Accounts receivable	308
Prepaid expenses and other current assets	304
Total current assets	1,029
Property and equipment, net	100
Intangible assets, net	1,618
Goodwill	3,364
Other assets	50
Total assets held for sale	6,161
Current liabilities
Accounts payable and accrued expenses	587
Deferred revenue	6
Current portion of officers retirement bonus liability	190
Total current liabilities	783
Officers retirement bonus liability, net of current portion	467
Total liabilities held for sale	1,250
Net assets held for sale	$ 4,911

Discontinued operation (Sched_2

Discontinued operation (Schedule of Components of Income from Discontinued Operation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Investment management services	$ 121	$ 583	$ 1,237	$ 1,608
Other investment advisory services	61	564	1,165	1,826
Financial research and related data	40	216	485	595
Net revenues	222	1,363	2,887	4,029
Expenses
Compensation and benefits	99	654	1,371	2,204
Other operating	130	508	1,332	1,542
Operating Expenses	229	1,162	2,703	3,746
Investment and other income (loss), net	8	(22)	(38)	(65)
Income from discontinued operation	$ 1	$ 179	$ 146	$ 218

Discontinued operation (Sched_3

Discontinued operation (Schedule of Income from Discontinued Operation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Net assets held for sale at July 16, 2018	$ (4,957)			$ (4,957)
Selling price, as adjusted	6,173			6,173
Transaction costs	(209)		$ 343	(552)
Income from discontinued operation	1	$ 179		146	$ 218
Income from discontinued operation	$ 1,008	$ 179		$ 810	$ 218

Revenue recognition from cont_2

Revenue recognition from contracts with customers related to discontinued operation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Revenue Recognition [Abstract]
Cumulative effect adjustment amount - accumulated deficit	$ 157
Cumulative effect adjustment amount - accounts receivable	157
Increase (Decrease) of opening Accounts receivable	22
Increase (Decrease) of opening Accumulated deficit	$ 135

Per share data (Details)

Per share data (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding	19,570,000	19,258,000	19,475,000	19,197,000
Weighted average number of common shares, vested RSUs	11,701	145,303	98,367	131,970
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	550,000	550,000	550,000	550,000
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		66,666		66,666

Capital Stock (Details)

Capital Stock (Details) - USD ($)	3 Months Ended				9 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2018
Number of shares authorized to be repurchased	5,000,000				5,000,000	5,000,000
Remaining number of shares available for repurchase	2,958,029				2,958,029	2,958,029
Shares repurchased during the period					2,041,971
Director [Member]
Issued shares of common stock					255,135
Aggregate value of issued shares of common stock	$ 27,500	$ 27,500	$ 27,500	$ 27,500		$ 110,000

Incentive stock plans and sto_3

Incentive stock plans and stock-based compensation (Common Stock Options) (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 28, 2016	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted - Stock Options	100,000
Unrecognized compensation cost		$ 200		$ 200
Weighted average fair value of stock options granted	$ 0.50
Share-based compensation		$ 100	$ 100	$ 300	$ 300
Dividend yield	0.00%
Expected volatility	48.24%
Risk-free interest rate	1.21%
Expected life	4 years
Exercise price	$ 1.29
Option, Discount	8.00%
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
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
Options outstanding		550,000		550,000
Options vested and exerisable		516,666		516,666
Outstanding options, weighted average exercise price		$ 1.35		$ 1.35
Outstanding options, weighted average contractual term				2 years 2 months 30 days
Outstanding options, aggregate intrinsic value		$ 0		$ 0

Incentive stock plans and sto_4

Incentive stock plans and stock-based compensation (Restricted Stock) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended	9 Months Ended
	Mar. 31, 2015	Jan. 19, 2015	Feb. 28, 2013	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested				200,000		11,071
Option forfeited						6,037
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
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	$ 1.85	$ 1.70
RSU, discount rate	8.00%	8.00%
RSUs Value per share, less discount for post vesting restrictions on sale	$ 1.70	$ 1.56
Compensation					$ 27		$ 16	$ 81

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Member]
Related Party Transaction [Line Items]
Other investment advisory services	$ 0	$ 88	$ 81	$ 329

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 17, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income tax expense		$ 3	$ 3	$ 39	$ 33
Gain recognize before transaction expenses		$ 1,200		$ 1,200
Winthrop Corporation [Member]
Tax loss	$ 2,000

Contingencies and commitments (

Contingencies and commitments (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2014	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Lease term	5 years
Total future minimum payments		$ 258
Future minimum payments remainder of 2018		62
Future minimum payments 2019		$ 196