Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 10, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Entity Registrant Name | Wright Investors Service Holdings, Inc. | |
Entity Central Index Key | 0001279715 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 19,744,321 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Expenses | ||
Compensation and benefits | $ 152 | $ 177 |
Other operating | 475 | 427 |
Total expenses | 627 | 604 |
Operating loss from continuing operations | (627) | (604) |
Interest and other income, net | 146 | 2 |
Loss from continuing operations before income taxes | (481) | (602) |
Income tax expense | (11) | (13) |
Net loss from continuing operations | (492) | (615) |
Income from discontinued operations, net of tax | 198 | |
Net loss | $ (492) | $ (417) |
Basic and diluted income (loss) per share | ||
Continuing operations loss per share | $ (0.03) | $ (0.03) |
Discontinuing operations income per share | 0.01 | |
Net loss per share | $ (0.03) | $ (0.02) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 745 | $ 6,163 |
Investments in U.S. Treasury Bills, held for trading | 7,990 | 2,980 |
Income tax receivable | 114 | 51 |
Prepaid expenses and other current assets | 105 | 146 |
Total current assets | 8,954 | 9,340 |
Deferred tax asset | 74 | |
Right of use lease asset | 111 | |
Other assets | 58 | 58 |
Total assets | 9,123 | 9,472 |
Current liabilities | ||
Accounts payable and accrued expenses | 195 | 204 |
Operating lease liability | 130 | |
Total current liabilities | 325 | 204 |
Total liabilities | 325 | 204 |
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 20,462,462 and 20,462,462 as of March 31, 2019 and December 31, 2018, respectively; outstanding 19,647,243 and 19,647,243 at March 31, 2019 and December 31, 2018, respectively | 204 | 204 |
Additional paid-in capital | 34,068 | 34,046 |
Accumulated deficit | (23,775) | (23,283) |
Treasury stock, at cost (815,219 shares at March 31, 2019 and December 31, 2018) | (1,699) | (1,699) |
Total stockholders' equity | 8,798 | 9,268 |
Total liabilities and stockholders' equity | $ 9,123 | $ 9,472 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 20,462,462 | 20,462,462 |
Common Stock, shares outstanding | 19,647,243 | 19,647,243 |
Treasury stock, shares | 815,219 | 815,219 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (492) | $ (417) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Equity based compensation, including vesting of stock to directors | 22 | 43 |
Change in unrealized appreciation on investments in U.S. Treasury Bills | (25) | |
Changes in other operating items: | ||
Assets net of liabilities held for sale | (221) | |
Deferred tax asset | 74 | |
Income taxes receivable/payable | (63) | 13 |
Prepaid expenses and other current expenses | 41 | 48 |
Right of use lease asset | (111) | |
Accounts payable and accrued expenses | (9) | (24) |
Operating lease liability | 130 | |
Net cash used in operating activities | (433) | (558) |
Cash flows from investing activities | ||
Investments in Treasury Bills | (4,985) | |
Net cash used in investing activities | (4,985) | |
Net decrease in cash and cash equivalents | (5,418) | (558) |
Cash and cash equivalents at the beginning of the period | 6,163 | 5,601 |
Cash and cash equivalents at the end of the period | $ 745 | $ 5,043 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - 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 accounting 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 | (417) | (417) | |||
Equity based compensation expense | 16 | 16 | |||
Vesting of restricted stock units | |||||
Vesting of restricted stock units, shares | 200,000 | ||||
Vesting of common stock to directors | 27 | 27 | |||
Vesting of common stock to directors, shares | 129,975 | ||||
Balance at Mar. 31, 2018 | $ 199 | 33,976 | (21,983) | (1,699) | 10,493 |
Balance, shares at Mar. 31, 2018 | 20,291,989 | ||||
Balance at Dec. 31, 2018 | $ 204 | 34,046 | (23,283) | (1,699) | 9,268 |
Balance, shares at Dec. 31, 2018 | 20,462,462 | ||||
Net loss | (492) | (492) | |||
Vesting of restricted stock units | 2 | 2 | |||
Vesting of restricted stock units, shares | |||||
Vesting of common stock to directors | 20 | 20 | |||
Vesting of common stock to directors, shares | |||||
Balance at Mar. 31, 2019 | $ 204 | $ 34,068 | $ (23,775) | $ (1,699) | $ 8,798 |
Balance, shares at Mar. 31, 2019 | 20,462,462 |
Basis of presentation and descr
Basis of presentation and description of activities | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 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, 2018 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 2019 interim period are not necessarily indicative of results to be expected for the entire year. Description of activities On July 17, 2018, the Company completed the sale of its primary operating subsidiary The Winthrop Corporation (“Winthrop”), to Khandwala Capital Management, Inc., a company principally owned and controlled by Amit S. Khandwala, the Co-Chief Executive Officer and Chief Investment Officer of Winthrop, prior to the sale, for $6,000,000 in cash as well as $173,000 from Winthrop for repayment of the intercompany balance between the Company and Winthrop (“Sale”). Winthrop’s results of operations for the quarter ended March 31, 2018 have been reclassified as discontinued operations to be consistent with the current period’s presentation. As a public company after the Sale, we intend to evaluate and 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 its cash and cash equivalents. 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. Currently, the Company has no or nominal operations. As a result, 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. The Company is not engaged in the business of investing, reinvesting, or trading in securities, and we do not hold ourselves out as being engaged in those activities. However, under the Investment Company Act of 1940, as amended (the “Investment Company Act”), a company may fall within the scope of being an “inadvertent investment company” under section 3(a)(1)(C) of such Act if the value of its investment securities (as defined in the Investment Company Act) is more than 40% of its total assets (exclusive of government securities and cash and certain cash equivalents). As of March 31, 2019, the Company is not considered an inadvertent investment company. |
Adoption of new accounting guid
Adoption of new accounting guidance | 3 Months Ended |
Mar. 31, 2019 | |
Adoption Of New Accounting Guidance | |
Adoption of new accounting guidance | 2. Adoption of new accounting guidance In February 2016, the FASB established ASC Topic 842, Leases (Topic 842), by issuing ASU No. 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements. The new standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. Lease expense is recognized based on an effective interest method for finance leases, and on a straight-line basis over the term of the lease for operating leases. The new guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted this standard on January 1, 2019, which did not have a material impact on the condensed consolidated financial statements. |
Certain new accounting guidance
Certain new accounting guidance not yet adopted | 3 Months Ended |
Mar. 31, 2019 | |
Certain New Accounting Guidance Not Yet Adopted | |
Certain new accounting guidance not yet adopted | 3. Certain new accounting guidance not yet adopted 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 does not expect the adoption of ASU 2017-04 to have an impact on its consolidated financial statements. |
Per share data
Per share data | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Per share data | 4. Per share data Loss per share for the three months ended March 31, 2019 and 2018 respectively, is calculated based on 19,647,243 and 19,378,000 weighted average outstanding shares of common stock. Included in the share number are vested Restricted Stock Units (“RSUs”) of 211,970 for the quarter ended March 31, 2018. There were no vested Restricted Stock Units for the quarter ended March 31, 2019. Options for 550,000 shares of common stock, for the three months ended March 31, 2019 and 2018 were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net losses for both periods. |
Investment valuation
Investment valuation | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Investment valuation | 5. Investment valuation The Company carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3 Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability. An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities. As of March 31, 2019, and December 31, 2018 the Company had $7,990,000 and $2,980,000, respectively, of investments of in U.S. government debt securities, which it holds as trading securities. U.S. government debt securities are valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government debt securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 6. Leases In August 2014, the Company entered into a five-year sublease in Greenwich, Connecticut (“Lease”) for 10,000 square feet of office space which expires on September 30, 2019. The Company adopted ASC 842 – Leases on January 1, 2019 and elected the “package of practical expedients” noted in the transition guidance, which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and Lease expense charged to operations related to the facilities aggregated $65,000 and $14,000 in the three months ended March 31, 2019 and March 31, 2018, respectively. Rent expense allocated to Winthrop in the amount of $54,000 is included in Income from discontinued operations for the quarter ended March 31, 2018. Cash payment for the operating lease for the three months ended March 31, 2019 aggregated to $65,000. Future minimum rent payment for the lease aggregated approximately $131,000, payable through September 30, 2019. Right of use lease asset and liability are included in the Condensed Consolidated Balance Sheet. At March 31, 2019, the Company reported approximately $111,000 right of use lease asset, net of deferred rent, and $130,000 lease liability. |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 7. Income taxes Income tax expense represents minimum state taxes. No tax benefit has been recorded in relation to the pre-tax loss for the three months ended March 31, 2019 and 2018, due to a full valuation allowance to offset any deferred tax asset related to net operating loss carry forwards attributable to the losses. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2019 | |
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. As of March 31, 2019, the Company had repurchased 2,041,971 shares of its common stock and a total of 2,958,029 of the authorization shares, remained available for repurchase as of March 31, 2019. |
Incentive stock plans and stock
Incentive stock plans and stock-based compensation | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Incentive stock plans and stock-based compensation | 9. Incentive stock plans and stock-based compensation Common stock options The Company adopted a stock-based compensation plan for employees and non-employee members of its Board of Directors in November 2003 (the “2003 Plan”), and the National Patent Development Corporation 2007 Incentive Stock Plan in December 2007 (the “2007 NPDC Plan”). 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 for each of the three months ended March 31, 2019 and 2018, respectively, under these plans. The Company issued 100,000 options to a consultant on March 28, 2016 which vest equally over 3 years and are subject to post vesting restrictions for sale for three years with an exercise price of $1.29, which price was equal to the market value at the date of the grant. The fair value of the options granted on March 28, 2016 were reduced by an 8% discount for post vesting restrictions. As of March 31, 2019, all options were vested and there were outstanding options to acquire 550,000 common shares under the 2007 NPDC Plan, all 550,000 options were vested and exercisable, having a weighted average exercise price of $1.35 per share, a weighted average contractual term of 1.75 years and zero aggregate intrinsic value. There were no grants, forfeitures or options exercised during the first quarter of 2019. Restricted stock units On January 19, 2015 and March 31, 2015, 100,000 restricted stock units (“RSUs”) were issued on each date to two newly appointed directors of the Company. The RSUs vested 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. As of March 31, 2019, the RSU’s were already fully vested and the related 200,000 shares of the Company’s common stock was issued during the year ended December 31, 2018. On February 13, 2019, 100,000 restricted stock units (“RSUs”) were issued to a newly appointed director of the Company. The RSUs vest equally over 3 years. The RSUs are valued based on the closing price of $0.42 of the Company’s common stock on February 13, 2019, 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 $0.39. The Company recorded compensation expense of $2,000 and $16,000 for the quarters ended March 31, 2019 and 2018, respectively, related to these RSUs. The total unrecognized compensation expense related to these unvested RSUs at March 31, 2019 is $40,000, which will be recognized over the remaining vesting period of approximately 2.8 years. |
Commitments, Contingencies, and
Commitments, Contingencies, and Other | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | 10. Commitments, Contingencies, and Other The Company has interests in land and certain flowage rights in undeveloped property (the “properties”) primarily located in Killingly, Connecticut. As of December 31, 2018, the properties were shown in the Consolidated Balance Sheet at $0 after recording an impairment loss of $355,000. The properties were deemed to be fully impaired as of March 31, 2019. 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 required 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, required 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 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. Based up on the work performed by the Company’s retained consulting engineering firm, the Company submitted its recommended action plan (the “action plan”) for Acme Pond Dam pursuant to the Consent Order on November 30, 2017 and such recommended action plan remains under review by the DEEP as of the current date. The estimated cost of work to be performed under the action plan developed by the Company’s retained consulting engineering firm was $90,000 and such amount has been recorded as a liability in the accompanying Consolidated Balance Sheet as of March 31,2019. It cannot be determined at this time whether such action plan may be ultimately accepted as is, revised or otherwise changed between the Company and the DEEP and, as such, the $90,000 provision currently provided may change based upon a final resolution of this matter. |
Basis of presentation and des_2
Basis of presentation and description of activities (Details) - Winthrop Corporation [Member] $ in Thousands | Jul. 17, 2018USD ($) |
Minority interest | $ 6,000 |
Repayment of intercompany balance | $ 173 |
Per share data (Details)
Per share data (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average number of common shares outstanding | 19,647,243 | 19,378,000 |
Weighted average number of common shares, vested RSUs | 211,970 | |
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 |
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 |
Investment valuation (Details)
Investment valuation (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Investments in U.S. Treasury Bills, held for trading | $ 7,990 | $ 2,980 |
Leases (Details)
Leases (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Aug. 31, 2014ft² | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jan. 02, 2019USD ($) | Dec. 31, 2018USD ($) | |
Right of Use Asset | $ 111 | $ 173 | |||
Deferred rent | 19 | ||||
Lease liability | 130 | $ 192 | |||
Greenwich [Member] | |||||
Area of Lease | ft² | 10,000 | ||||
Term of Lease | 5 years | ||||
Maturity date | Sep. 30, 2019 | ||||
Right of Use Asset | 111 | ||||
Lease liability | 130 | ||||
Lease expense | 65 | $ 14 | |||
Rent expense | $ 54 | ||||
Future minimum rent payment | 131 | ||||
Cash payment for operating lease | $ 65 |
Capital Stock (Details)
Capital Stock (Details) | 3 Months Ended |
Mar. 31, 2019shares | |
Stockholders' Equity Note [Abstract] | |
Number of shares authorized to be repurchased | 5,000,000 |
Remaining number of shares available for repurchase | 2,958,029 |
Shares repurchased during the period | 2,041,971 |
Incentive stock plans and sto_2
Incentive stock plans and stock-based compensation (Common Stock Options) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Mar. 28, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted - Stock Options | 100,000 | ||
Share-based compensation | $ 100 | $ 100 | |
Expected life | 3 years | ||
Exercise price | $ 1.29 | ||
Option, Discount | 8.00% | ||
2007 NPDC Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | 550,000 | ||
Options vested and exercisable | 550,000 | ||
Outstanding options, weighted average exercise price | $ 1.35 | ||
Outstanding options, weighted average contractual term | 1 year 9 months | ||
Outstanding options, aggregate intrinsic value | $ 0 |
Incentive stock plans and sto_3
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 | 12 Months Ended | |||
Feb. 13, 2019 | Mar. 31, 2015 | Jan. 19, 2015 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 40 | |||||
Unrecognized compensation recognition period | 2 years 9 months 18 days | |||||
Options vested | 200,000 | |||||
Two Newly Appointed Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs, Granted | 100,000 | 100,000 | 100,000 | |||
Vesting period for plan | 3 years | 3 years | 3 years | |||
RSUs value per share | $ 0.42 | $ 1.85 | $ 1.70 | |||
RSU, discount rate | 8.00% | 8.00% | 8.00% | |||
RSUs Value per share, less discount for post vesting restrictions on sale | $ 0.39 | $ 1.70 | $ 1.56 | |||
Compensation | $ 2 | $ 16 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Other (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cost of work | $ 90 | |
Undeveloped property | $ 355 | |
Undeveloped property net of a reserve | $ 0 |