Wright Investors' Service (IWSH) 10-Q 13 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	Wright Investors Service Holdings, Inc.
Entity Central Index Key	0001279715
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
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		19,839,777
Entity Incorporation, State or Country Code	DE
Entity File Number	000-50587
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Expenses
Compensation and benefits	$ 46	$ 184	$ 326	$ 556
Other operating	452	317	1,344	944
Total expenses	498	501	1,670	1,500
Operating loss from continuing operations	(498)	(501)	(1,670)	(1,500)
Interest and other income, net	40	17	232	24
Loss from continuing operations before income taxes	(458)	(484)	(1,438)	(1,476)
Income tax expense	(1)	(3)	(26)	(39)
Net loss from continuing operations	(459)	(487)	(1,464)	(1,515)
Income from discontinued operations, net of tax		1,008		810
Net income (loss)	$ (459)	$ 521	$ (1,464)	$ (705)
Basic and diluted income (loss) per share
Continuing operations loss per share	$ (0.02)	$ (0.02)	$ (0.07)	$ (0.08)
Discontinued operations loss per share		0.05		0.04
Net income (loss) per share	$ (0.02)	$ 0.03	$ (0.07)	$ (0.04)
Weighted-average shares used in computation of earnings per share:
Continuing operations	19,744,321	19,570,465	19,705,490	19,474,639
Discontinued operations		19,570,465		19,474,639

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 1,999	$ 6,163
Investments in U.S. Treasury Bills, held for trading	5,819	2,980
Income tax receivable	55	51
Prepaid expenses and other current assets	38	146
Total current assets	7,911	9,340
Other assets	65	58
Deferred tax assets		74
Total assets	7,976	9,472
Current liabilities
Accounts payable and accrued expenses	105	204
Total current liabilities	105	204
Total liabilities	105	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 20,559,540 and 20,462,462 as of September 30, 2019 and December 31, 2018, respectively; outstanding 19,744,321 and 19,647,243 at September 30, 2019 and December 31, 2018, respectively	205	204
Additional paid-in capital	34,112	34,046
Accumulated deficit	(24,747)	(23,283)
Treasury stock, at cost (815,219 shares at September 30, 2019 and December 31, 2018)	(1,699)	(1,699)
Total stockholders' equity	7,871	9,268
Total liabilities and stockholders' equity	$ 7,976	$ 9,472

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	20,559,540	20,462,462
Common Stock, shares outstanding	19,744,321	19,647,243
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, 2019	Sep. 30, 2018
Cash flows from operating activities
Net loss	$ (1,464)	$ (705)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity based compensation, including vesting of stock to directors	67	99
Gain on sale of Winthrop, net of transaction costs		(664)
Amortization expense - right-of-use assets	192
Change in unrealized appreciation on investments in U.S. Treasury Bills	(10)
Changes in other operating items:
Deferred tax asset	74
Income taxes receivable/ payable	(4)	14
Prepaid expenses and other current expenses	101	64
Accounts payable and accrued expenses	(99)	(17)
Operating lease liability	(192)
Net cash used in operating activities	(1,335)	(1,209)
Cash flows from investing activities
Investments in U.S. Treasury Bills	(15,814)
Proceeds from redemptions of U.S. Treasury Bills	12,985
Proceeds from sale of Winthrop, net of transaction costs		5,448
Net cash (used in) provided by investing activities	(2,829)	5,448
Net (decrease) increase in cash and cash equivalents	(4,164)	4,239
Cash and cash equivalents at the beginning of the period	6,163	5,601
Cash and cash equivalents at the end of the period	1,999	9,840
Supplemental disclosures of cash flow information
Net cash paid during the period for Income taxes	$ 4	$ 30

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
Shares issuable for vested restricted stock units
Shares issuable for vested restricted stock units, shares	200,000
Issuance and vesting of common stock to directors		27			27
Issuance and vesting of common stock to directors, shares	129,275
Balance at Mar. 31, 2018	$ 199	33,976	(21,983)	(1,699)	10,493
Balance, shares at Mar. 31, 2018	20,291,289
Balance at Dec. 31, 2017	$ 199	33,933	(21,409)	(1,699)	11,024
Balance, shares at Dec. 31, 2017	19,962,014
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)
Balance at Sep. 30, 2018	$ 203	34,028	(22,271)	(1,699)	10,261
Balance, shares at Sep. 30, 2018	20,417,149
Balance at Mar. 31, 2018	$ 199	33,976	(21,983)	(1,699)	10,493
Balance, shares at Mar. 31, 2018	20,291,289
Net loss			(809)		(809)
Issuance of restricted stock units	2				2
Issuance and vesting of common stock to directors		26			26
Issuance and vesting of common stock to directors, shares
Balance at Jun. 30, 2018	$ 201	34,002	(22,792)	(1,699)	9,712
Balance, shares at Jun. 30, 2018	20,291,289
Net loss			521		521
Issuance of restricted stock units
Issuance and vesting of common stock to directors	$ 2	26			28
Issuance and vesting of common stock to directors, shares	125,860
Balance at Sep. 30, 2018	$ 203	34,028	(22,271)	(1,699)	10,261
Balance, shares at Sep. 30, 2018	20,417,149
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)
Shares issuable for vested restricted stock units		2			2
Shares issuable for vested restricted stock units, shares
Issuance and vesting of common stock to directors		20			20
Issuance and 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
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					(1,464)
Balance at Sep. 30, 2019	$ 205	34,112	(24,747)	(1,699)	7,871
Balance, shares at Sep. 30, 2019	20,559,540
Balance at Mar. 31, 2019	$ 204	34,068	(23,775)	(1,699)	8,798
Balance, shares at Mar. 31, 2019	20,462,462
Net loss			(513)		(513)
Equity based compensation expense		2			2
Issuance and vesting of common stock to directors	$ 1	19			20
Issuance and vesting of common stock to directors, shares	97,078
Balance at Jun. 30, 2019	$ 205	34,089	(24,288)	(1,699)	8,307
Balance, shares at Jun. 30, 2019	20,559,540
Net loss			(459)		(459)
Equity based compensation expense		3			3
Issuance and vesting of common stock to directors		20			20
Issuance and vesting of common stock to directors, shares
Balance at Sep. 30, 2019	$ 205	$ 34,112	$ (24,747)	$ (1,699)	$ 7,871
Balance, shares at Sep. 30, 2019	20,559,540

Basis of presentation and descr

Basis of presentation and description of activities	9 Months Ended
	Sep. 30, 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 three and nine months ended September 30, 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 September 30, 2019, the Company is not considered an inadvertent investment company.

Adoption of new accounting guid

Adoption of new accounting guidance	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Per share data	4. Per share data Loss per share for the three months ended September 30, 2019 and 2018 respectively, is calculated based on 19,744,321 and 19,570,000 weighted average outstanding shares of common stock. Included in the share number are vested Restricted Stock Units (“RSUs”) of 11,701 for the three months ended September 30, 2018. There were no vested Restricted Stock Units for the quarter ended September 30, 2019. Loss per share for the nine months ended September 30, 2019 and 2018 respectively, is calculated based on 19,705,490 and 19,475,000 weighted average outstanding shares of common stock. Included in the share number are vested RSUs of 98,367 for the nine months ended September 30, 2018. There were no vested Restricted Stock Units for the nine months ended September 30, 2019. Options for 550,000 shares of common stock, for the nine months ended September 30, 2019 and 2018, respectively, and unvested RSUs for 100,000 shares of common stock for the three and nine months ended September 30, 2019 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	9 Months Ended
	Sep. 30, 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 September 30, 2019, and December 31, 2018, the Company had $5,819,000 and $2,980,000, respectively, of investments of 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	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	6. Leases In August 2014, the Company entered into a five-year sublease in Greenwich, Connecticut for 10,000 square feet of office space which expired 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 In July 2019, the Company entered into a six-month lease at $3,800 per month for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019 and will expire on February 29, 2020, after which it can be renewed on a monthly basis. According to ASC 842, this lease is considered a short-term lease. The Company elected to apply the short-term measurement and recognition exemption, and the lease payments will be recognized in net income on a straight-line basis over the lease term. Lease expense charged to operations related to the facilities aggregated $61,000 and $31,000 in the three months ended September 30, 2019 and September 30, 2018, respectively. Rent expense allocated to Winthrop in the amount of $27,000 is included in Loss from discontinued operations for the three months ended September 30, 2018. Lease expense charged to operations related to the facilities aggregated $181,000 and $61,000 in the nine months ended September 30, 2019 and September 30, 2018, respectively. Rent expense allocated to Winthrop in the amount of $112,000 is included in Loss from discontinued operations for the nine months ended September 30, 2018. Cash payment for the operating lease for the nine months ended September 30, 2019 aggregated to $199,000.

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2019. No such shares were repurchased during any of the three and nine months ended September 30, 2019 and 2018.

Incentive stock plans and stock

Incentive stock plans and stock-based compensation	9 Months Ended
	Sep. 30, 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 $0 and $100, respectively, for the three and nine months ended September 30, 2019 and 2018. 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 September 30, 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, second and third quarters of 2019 and 2018, respectively. 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 September 30, 2019, and 2018, the RSU’s were already fully vested and the related 200,000 shares of the Company’s common stock were 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, annually, 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 $7,000 and $16,000 for the nine months ended September 30, 2019 and 2018, respectively, related to these RSUs.

Commitments, Contingencies, and

Commitments, Contingencies, and Other	9 Months Ended
	Sep. 30, 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 December 31, 2018. 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 was approved by DEEP as submitted on May 23, 2019. The identified work under the Action Plan is ongoing. The estimated cost of work to be performed under the Action Plan was $90,000 and was accrued for at December 31, 2018. Repair work conducted in accordance with the Action Plan during the third quarter of 2019 resulted in expenses of approximately $50,000 and the remaining balance of the accrual decreased to $40,000 as of September 30, 2019.

Basis of presentation and des_2

Basis of presentation and description of activities (Details) $ in Thousands	1 Months Ended
	Jul. 17, 2018USD ($)
Winthrop Corporation [Member]
Cash consideration	$ 6,000
Winthrop Corporation [Member]
Repayment of intercompany balance	$ 173

Per share data (Details)

Per share data (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding	19,744,321	19,570,000	19,705,490	19,475,000
Weighted average number of common shares, vested RSUs	0	11,701	0	98,367
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	100,000		100,000

Investment valuation (Details)

Investment valuation (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Investments in U.S. Treasury Bills, held for trading	$ 5,819	$ 2,980

Leases (Details)

Leases (Details)	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2019USD ($)	Aug. 31, 2014ft²	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Jan. 02, 2019USD ($)
Right of Use Asset							$ 173,000
Deferred rent							19,000
Lease liability							$ 192,000
Mt. Kisco [Member]
Maturity date	Feb. 29, 2020
Lease expense	$ 3,800
Greenwich [Member]
Area of Lease | ft²		10,000
Term of Lease		5 years
Maturity date		Sep. 30, 2019
Lease expense				$ 31,000		$ 61,000
Greenwich [Member] | Mt. Kisco [Member]
Lease expense			$ 61,000		$ 181,000
Cash payment for operating lease					$ 199,000
Greenwich [Member] | Discontinued Operations [Member]
Rent expense				$ 27,000		$ 112,000

Capital Stock (Details)

Capital Stock (Details)	Sep. 30, 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	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		9 Months Ended
	Mar. 28, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted - Stock Options	100,000
Share-based compensation		$ 0	$ 100	$ 0	$ 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		550,000
Options vested and exercisable		550,000		550,000
Outstanding options, weighted average exercise price		$ 1.35		$ 1.35
Outstanding options, weighted average contractual term				1 year 9 months
Outstanding options, aggregate intrinsic value		$ 0		$ 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			9 Months Ended		12 Months Ended
	Feb. 13, 2019	Mar. 31, 2015	Jan. 19, 2015	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 31
Unrecognized compensation recognition period				2 years 6 months
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				$ 7	$ 16

Commitments, Contingencies, a_2

Commitments, Contingencies, and Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Estimated cost of work - accrual	$ 40	$ 90
Undeveloped property		355
Undeveloped property net of a reserve		$ 0
Repair and maintenance	$ 50