Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 15, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 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 | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 19,839,777 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 4,000,000 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 000-50587 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses | ||
Compensation and benefits | $ 449 | $ 801 |
Other operating | 1,791 | 1,398 |
Impairment of undeveloped land | 355 | |
Total expenses | 2,240 | 2,554 |
Operating loss from continuing operations | (2,240) | (2,554) |
Interest income and other, net | 262 | 67 |
Loss from continuing operations before income taxes | (1,978) | (2,487) |
Income tax expense | (25) | (40) |
Net loss from continuing operations | (2,003) | (2,527) |
Income from discontinued operations, net of tax | 810 | |
Net loss | $ (2,003) | $ (1,717) |
Basic and diluted (loss) income per share | ||
Continuing operations per share | $ (0.1) | $ (0.13) |
Discontinuing operations per share | 0.04 | |
Net loss per share | $ (0.1) | $ (0.09) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 7,336 | $ 6,163 |
Income tax receivable | 15 | 51 |
Prepaid expenses and other current assets | 131 | 146 |
Investments in U.S. Treasury Bills | 2,980 | |
Total current assets | 7,482 | 9,340 |
Deferred tax asset | 37 | 74 |
Other assets | 26 | 58 |
Total assets | 7,545 | 9,472 |
Current liabilities | ||
Accounts payable and accrued expenses | 190 | 204 |
Total current liabilities | 190 | 204 |
Total liabilities | 190 | 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 20,654,996 in 2019 and 20,462,462 in 2018; outstanding 19,839,777 in 2019 and 19,647,243 in 2018 | 206 | 204 |
Additional paid-in capital | 34,134 | 34,046 |
Accumulated deficit | (25,286) | (23,283) |
Treasury stock, at cost (815,219 in 2019 and 2018) | (1,699) | (1,699) |
Total stockholders' equity | 7,355 | 9,268 |
Total liabilities and stockholders' equity | $ 7,545 | $ 9,472 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, issued | 20,654,996 | 20,462,462 |
Common stock, outstanding | 19,839,777 | 19,647,243 |
Treasury stock, shares | 815,219 | 815,219 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (2,003) | $ (1,717) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Equity based compensation, including issuance of stock to directors | 90 | 117 |
Amortization expense - right-of-use assets | 192 | |
Unrealized appreciation on investments in U.S. Treasury Bills | (15) | |
Gain on sale of Winthrop, net of transaction costs | (664) | |
Impairment loss on undeveloped land | 355 | |
Changes in other operating items: | ||
Deferred tax asset | 37 | 74 |
Income tax receivable | 36 | (69) |
Prepaid expenses, other current assets and other assets | 47 | (19) |
Accounts payable and accrued expenses | (14) | 17 |
Operating lease liability | (192) | |
Net cash used in operating activities | (1,807) | (1,921) |
Cash flows from investing activities | ||
Investments in U.S. Treasury Bills | (15,860) | (2,965) |
Proceeds from redemption of U.S. Treasury Bills | 18,840 | |
Proceeds from sale of Winthrop, net of transaction costs | 5,448 | |
Net cash provided by investing activities | 2,980 | 2,483 |
Net increase in cash and cash equivalents | 1,173 | 562 |
Cash and cash equivalents at the beginning of the year | 6,163 | 5,601 |
Cash and cash equivalents at the end of the year | 7,336 | 6,163 |
Supplemental disclosures of cash flow information | ||
Net cash (refunded) paid during the year for Income taxes | (49) | 35 |
Non-cash investing and financing activities: | ||
Right-of-use-assets obtained from operating lease liabilities upon adoption of new lease standard | $ 192 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock (Issued) [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 beginning balance | 199 | 33,933 | (21,566) | (1,699) | 10,867 |
Net loss | (1,717) | (1,717) | |||
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 | $ 3 | 97 | 100 | ||
Issuance of common stock to directors, shares | 300,448 | ||||
Balance at Dec. 31, 2018 | $ 204 | 34,046 | (23,283) | (1,699) | 9,268 |
Balance, shares at Dec. 31, 2018 | 20,462,462 | ||||
Balance, shares at Dec. 31, 2018 | 20,462,462 | ||||
Net loss | (2,003) | (2,003) | |||
Equity based compensation expense | 10 | 10 | |||
Issuance of common stock to directors | $ 2 | 78 | 80 | ||
Issuance of common stock to directors, shares | 192,534 | ||||
Balance at Dec. 31, 2019 | $ 206 | $ 34,134 | $ (25,286) | $ (1,699) | $ 7,355 |
Balance, shares at Dec. 31, 2019 | 20,654,996 |
Description of activities
Description of activities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of activities | 1. Description of activities On July 17, 2018, Wright Investors' Service Holdings, Inc. (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”). As a public company after the Sale, the Company intends to evaluate and explore all available strategic options. The Company 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 Company’s 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, the Company intends to invest the proceeds of the Sale and its 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, the Company is 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, its 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 the Company would be ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as the Company remains a shell company and for 12 months thereafter. Among other things, as a consequence, the offering, issuance and sale of its securities is likely to be more expensive and time consuming and may make the Company’s securities less attractive to investors. The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself 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 the Company’s investment securities (as defined in the Investment Company Act) is more than 40% of the Company’s total assets (exclusive of government securities and cash and certain cash equivalents). See “Risk Factors “The Company may be classified as an inadvertent investment company if the Company acquires investment securities in excess of 40% of its total assets” and “The Company is a shell company under the federal securities laws.” As of December 31, 2019, the Company is not considered an inadvertent investment company. |
Discontinued operation
Discontinued operation | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operation | 2. Discontinued operation Revenue recognition from contracts with customers related to discontinued operation Revenue from investment advisory services and investment management services were recognized over the period in which the service was performed. Accordingly, the amount of such revenue billed as of the balance sheet date relating to periods after the balance sheet date were accounted for as deferred revenue. Revenue from research reports was recognized monthly upon the receipt of payment from the third-party industry distributors. 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 year ended December 31, 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. For the year ended December 31, 2018, the results of operations that are included as a part of income from discontinued operation were as follows (in thousands): Years Ended December 31, 2018 Revenues Investment management services $ 1,237 Other investment advisory services 1,165 Financial research and related data 485 2,887 Expenses Compensation and benefits 1,371 Other operating 1,332 2,703 Interest expense and other loss, net (38 ) Income from discontinued operation $ 146 Income from discontinued operation for the year ended December 31, 2018 was as follows: Year Ended December 31, 2018 Net assets held for sale at July 16, 2018 $ (4,957 ) Selling price, as adjusted 6,173 Transaction costs (552 ) Income from discontinued operation 146 Income from discontinued operation $ 810 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 3. Summary of significant accounting policies Principles of consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Cash and cash equivalents Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents, which are carried at fair value or amortized cost, as applicable, consist of holdings in a money market fund and in treasury bills. Cash and cash equivalents amounted to approximately $7,336,000 and $6,163,000 at December 31, 2019 and 2018, respectively. 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 December 31, 2019, and 2018, the Company held $7,144,000 and $7,973,000 in U.S. government securities. U.S. government 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. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. U.S. government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. The U.S. government securities, which , are reported as Cash and cash equivalents on the balance sheet as of December 31, 2019 and 2018. The following table presents the Company’s financial instruments at fair value (in thousands): Fair Value Measurements as of December 31, 2019 12/31/2019 Quoted Prices Significant Significant Cash and cash equivalents $ 7,336 $ 192 $ 7,144 - Fair Value Measurements as of December 31, 2018 12/31/2018 Quoted Prices Significant Significant Cash and cash equivalents $ 6,163 $ 1,170 $ 4,993 - Investments in U.S. Treasury Bills 2,980 - 2,980 - Investment in undeveloped land The Company owns certain non-strategic assets, including an investment in land and certain flowage rights in undeveloped property (the “properties”) primarily located Killingly, Connecticut. The Company recorded an impairment loss in the amount of $355,000 during 2018. The properties were fully impaired as of December 31, 2018. Basic and diluted loss per share Basic and diluted loss per share for the years ended December 31, 2019 and 2018, respectively, is calculated based on 19,736,479 and 19,510,985 weighted average outstanding shares of common stock including common shares underlying vested restricted stock units (“RSUs”). Options for 550,000 shares of common stock in 2019 and 2018, respectively, and unvested stock awards for 100,000 shares of common stock in 2019 were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net operating losses for both years. Stock-based compensation Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. See Note 10 to the Consolidated Financial Statements for further information regarding the Company’s stock-based compensation assumptions and expense. Income taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The accounting for uncertain tax positions guidance requires that the Company recognize the financial statement benefit of a tax position only after determining that the Company would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties on uncertain tax positions as interest and other expenses, respectively. The Company has no income tax uncertainties at December 31, 2019 and 2018. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in treasury bills are insured up to $500,000. For the year ended December 31, 2019, a substantial portion of the Company's investments in treasury bills are in excess of these limits. For the year end December 31, 2018, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits. |
Adoption of new accounting guid
Adoption of new accounting guidance | 12 Months Ended |
Dec. 31, 2019 | |
Bedford Oak [Member] | |
Adoption of new accounting guidance | 4. Adoption of new accounting guidance In February 2016, the FASB established ASC Topic 842, Leases (Topic 842), which 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 Company has adopted this standard on January 1, 2019, which did not have a material impact on the consolidated financial statements. The adoption resulted in the recording of an asset of $173,000, net of deferred rent of $19,000 and a liability of $192,000. 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. |
Certain New Accounting guidance
Certain New Accounting guidance not yet adopted | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Certain New Accounting guidance not yet adopted | 5. 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. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13) "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The standard is effective for periods beginning after December 15, 2022 for both interim and annual periods. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have an impact on its consolidated financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019 and expired on February 29, 2020, after which it will be renewed on a monthly basis for $3,800 per month. |
Accounts payable and accrued ex
Accounts payable and accrued expenses | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accounts payable and accrued expenses | 7. Accounts payable and accrued expenses Accounts payable and accrued expenses consist of the following (in thousands): Year Ended December 31, 2019 2018 Accrued professional fees $ 127 $ 76 Other 63 128 Total $ 190 $ 204 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 8. Income taxes The components of income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2019 2018 Current Federal $ (37 ) $ (74 ) State and local 25 40 Total current (12 ) (34 ) Deferred Federal $ 37 $ 74 State and local - - Total deferred $ 37 $ 74 Total income tax expense $ 25 $ 40 For the years ended December 31, 2019 and 2018, the current income tax benefit related to operations represents a refundable alternative minimum tax credit net of minimum state income taxes. For the years ended December 31, 2019 and 2018, deferred income tax expense represents the utilization of the alternative minimum tax credit carryforward. The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax expense (benefit) from operations is as follows: Year ended December 31, 2019 2018 Federal income tax rate (21.0 )% (21.0 )% State income tax (net of federal effect) 29.2 (15.7 ) Change in valuation allowance (24.2 ) 82.4 Deferred tax asset write-down 16.9 - Sale of Winthrop - (46.5 ) Non-deductible expenses 0.4 3.7 Effective tax rate 1.3 % 2.9 % The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 4,884 $ 5,608 Capital loss carryforwards 724 576 Equity-based compensation 111 111 Tax credit carryforwards 37 74 Unrealized loss on investments 100 - Accrued liabilities & other 6 6 Gross deferred tax assets 5,862 6,375 Less: valuation allowance (5,825 ) (6,301 ) Deferred tax assets after valuation allowance 37 74 Net Deferred tax assets $ 37 74 The sale of Winthrop on July 17, 2018, which resulted in a gain of approximately $1,200,000, had no impact on income tax expense. Due to differences in basis for tax purposes and financial reporting purposes, the sale resulted in a tax loss of approximately $2,000,000. Legislation commonly referred to as the Tax Cuts and Jobs Act (the "Act") was enacted in December 2017. Among other things, the Act reduced the U.S. federal corporate tax rate from 35 percent to 21 percent, eliminated the alternative minimum tax (“AMT”) for corporations, and provided that AMT credit carryforwards are refundable over a period of time beginning with the Company’s 2018 tax year. Losses incurred from January 1, 2018 are limited to 80% of taxable income. As a result of the Act, the AMT credit carryforward was determined to be more likely than not to be realized. A valuation allowance is provided when it is more likely than not that some portion of deferred tax assets will not be realized. The valuation allowance decreased by approximately $476,000 and $64,000 respectively, during the years ended December 31, 2019 and 2018. The decrease in the valuation allowance during the year ended December 31, 2019 was mainly due to adjustments to the net operating loss carryforward. The decrease in the valuation allowance during the year ended December 31, 2018 was mainly due to the sale of Winthrop net of increases to the net operating loss carryforward and other deferred tax assets. The Company files a consolidated federal tax return with its subsidiaries. As of December 31, 2019, the Company has a federal net operating loss carryforward of approximately $19,600,000, of which $15,425,000 expires from 2031 through 2037, and $4,175,000 does not expire. The Company also has various state and local net operating loss carryforwards totaling approximately $19,500,000, which expire between 2020 and 2039, and a capital loss carryforward of approximately $2,700,000, which expires between 2021 and 2024. Federal and state net operating loss carryforwards were reduced during the year ended December 31, 2018 by approximately $3,400,000 and $10,800,000, respectively, due to the sale of Winthrop. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | 9. Capital Stock The Company’s Board of Directors, without any vote or action by the holders of common stock, is authorized to issue preferred stock from time to time in one or more series and to determine the number of shares and to fix the powers, designations, preferences and relative, participating, optional or other special rights of any series of preferred stock. The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At December 31, 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 at December 31, 2019. During the years ended December 31, 2019 and 2018, the Company issued 192,534 and 300,448 shares of Company common stock to the independent directors of the Company, in payment of quarterly directors fees due to them during 2019. The value of the shares of Company common stock issued was $80,000 and $100,000, respectively. 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 | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Incentive stock plans and stock-based compensation | 10. Incentive stock plans and stock-based compensation Stock awards On February 13, 2019, 100,000 stock awards were issued to a newly appointed director of the Company. The stock awards vest equally, annually, over 3 years. The stock awards are valued based on the closing price of $0.42 of the Company’s common stock on February 13, 2019. The Company recorded compensation expense of $10,000 for the year ended December 31, 2019 related to those stock awards. The total unrecognized compensation expense related to these unvested stock awards at December 31, 2019 is $29,000, which will be recognized over the remaining vesting period of approximately 2.13 years. 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 for the years ended December 31, 2019 and 2018, respectively, under these plans. The Company granted 100,000 options to a consultant on March 28, 2016 which vested equally over 3 years with an exercise price of $1.29, which price was equal to the market value at the date of the grant. As of December 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 exercises of options during the year 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. During 2018, the RSU’s were already fully vested and the related 200,000 shares of the Company’s common stock were issued. The Company recorded compensation expense of $16,000 related to those RSUs for the year ended December 31, 2018. |
Retirement plans
Retirement plans | 12 Months Ended |
Dec. 31, 2019 | |
Liability, Retirement and Postemployment Benefits [Abstract] | |
Retirement plans | 11. Retirement plans The Company maintained 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 permitted pre-tax contributions by participants and did not match the participant’s contributions. The Plan was terminated in December 2018. |
Commitments, Contingencies and
Commitments, Contingencies and Other | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other | 12. Commitments, Contingencies, and Other a) The extent of the impact and effects of the recent outbreak of the coronavirus (COVID-19) on the operation and financial performance of our Company are unknown. However, the Company does not expect that the outbreak will have a material adverse effect or financial results at this time. b) In July 2019, the Company entered into a six-month lease for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019 and expired on February 29, 2020, after which it will be renewed on a monthly basis for $3,800 per month. c) The Company has interests in land and certain flowage rights in undeveloped property (the “properties”) primarily located in Killingly, Connecticut. The properties were fully impaired as of December 31, 2018. d) On September 26, 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Orders requiring the investigation and repair of two dams in which the Company and its subsidiaries have certain ownership interests. The first Order 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 required the Company to continue to perform routine maintenance and administrative procedures consistent with DEEP’s Dam Safety regulations, the cost of which was 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 required 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 estimated cost of work to be performed under the Action Plan was $90,000 and was accrued for at December 31, 2018. Total expenses for the repair work conducted in accordance with the Action Plan during the year ending December 31, 2019 was approximately $150,000. All repair work required for both the ACME Pond Dam and the Killingly Pond Dam was completed as of December 31, 2019. DEEP issued a Certificate of Compliance for Consent Order for the ACME Pond Dam on February 7, 2020. The Company is currently waiting for the final administrative sign off for Killingly Pond Dam. On February 11, 2020, the Company and its representatives met with the Town of Killingly Town Council to discuss a proposed ownership transfer of the properties to the Town of Killingly or a group of interested parties. The proposal is currently under the review of the Town of Killingly Town Council, in conjunction with the Town Manager. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation . The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents, which are carried at fair value or amortized cost, as applicable, consist of holdings in a money market fund and in treasury bills. Cash and cash equivalents amounted to approximately $7,336,000 and $6,163,000 at December 31, 2019 and 2018, respectively. |
Investment Valuation | 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 December 31, 2019, and 2018, the Company held $7,144,000 and $7,973,000 in U.S. government securities. U.S. government 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. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. U.S. government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. The U.S. government securities, which , are reported as Cash and cash equivalents on the balance sheet as of December 31, 2019 and 2018. The following table presents the Company’s financial instruments at fair value (in thousands): Fair Value Measurements as of December 31, 2019 12/31/2019 Quoted Prices Significant Significant Cash and cash equivalents $ 7,336 $ 192 $ 7,144 - Fair Value Measurements as of December 31, 2018 12/31/2018 Quoted Prices Significant Significant Cash and cash equivalents $ 6,163 $ 1,170 $ 4,993 - Investments in U.S. Treasury Bills 2,980 - 2,980 - |
Investment in undeveloped land | Investment in undeveloped land The Company owns certain non-strategic assets, including an investment in land and certain flowage rights in undeveloped property (the “properties”) primarily located Killingly, Connecticut. The Company recorded an impairment loss in the amount of $355,000 during 2018. The properties were fully impaired as of December 31, 2018. |
Basic and diluted loss per share | Basic and diluted loss per share Basic and diluted loss per share for the years ended December 31, 2019 and 2018, respectively, is calculated based on 19,736,479 and 19,510,985 weighted average outstanding shares of common stock including common shares underlying vested restricted stock units (“RSUs”). Options for 550,000 shares of common stock in 2019 and 2018, respectively, and unvested stock awards for 100,000 shares of common stock in 2019 were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net operating losses for both years. |
Stock-based compensation | Stock-based compensation Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. See Note 10 to the Consolidated Financial Statements for further information regarding the Company’s stock-based compensation assumptions and expense. |
Income taxes | Income taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to carryforwards and to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The accounting for uncertain tax positions guidance requires that the Company recognize the financial statement benefit of a tax position only after determining that the Company would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties on uncertain tax positions as interest and other expenses, respectively. The Company has no income tax uncertainties at December 31, 2019 and 2018. |
Concentrations of credit risk | Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in treasury bills are insured up to $500,000. For the year ended December 31, 2019, a substantial portion of the Company's investments in treasury bills are in excess of these limits. For the year end December 31, 2018, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits. |
Discontinued operation (Tables)
Discontinued operation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operation | For the year ended December 31, 2018, the results of operations that are included as a part of income from discontinued operation were as follows (in thousands): Years Ended December 31, 2018 Revenues Investment management services $ 1,237 Other investment advisory services 1,165 Financial research and related data 485 2,887 Expenses Compensation and benefits 1,371 Other operating 1,332 2,703 Interest expense and other loss, net (38 ) Income from discontinued operation $ 146 Income from discontinued operation for the year ended December 31, 2018 was as follows: Year Ended December 31, 2018 Net assets held for sale at July 16, 2018 $ (4,957 ) Selling price, as adjusted 6,173 Transaction costs (552 ) Income from discontinued operation 146 Income from discontinued operation $ 810 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Financial Instruments at Fair Value | The following table presents the Company’s financial instruments at fair value (in thousands): Fair Value Measurements as of December 31, 2019 12/31/2019 Quoted Prices Significant Significant Cash and cash equivalents $ 7,336 $ 192 $ 7,144 - Fair Value Measurements as of December 31, 2018 12/31/2018 Quoted Prices Significant Significant Cash and cash equivalents $ 6,163 $ 1,170 $ 4,993 - Investments in U.S. Treasury Bills 2,980 - 2,980 - |
Accounts payable and accrued _2
Accounts payable and accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses consist of the following (in thousands): Year Ended December 31, 2019 2018 Accrued professional fees $ 127 $ 76 Other 63 128 Total $ 190 $ 204 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2019 2018 Current Federal $ (37 ) $ (74 ) State and local 25 40 Total current (12 ) (34 ) Deferred Federal $ 37 $ 74 State and local - - Total deferred $ 37 $ 74 Total income tax expense $ 25 $ 40 |
Differences Between Statutory and Reported Amount Tax Rates | The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax expense (benefit) from operations is as follows: Year ended December 31, 2019 2018 Federal income tax rate (21.0 )% (21.0 )% State income tax (net of federal effect) 29.2 (15.7 ) Change in valuation allowance (24.2 ) 82.4 Deferred tax asset write-down 16.9 - Sale of Winthrop - (46.5 ) Non-deductible expenses 0.4 3.7 Effective tax rate 1.3 % 2.9 % |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 4,884 $ 5,608 Capital loss carryforwards 724 576 Equity-based compensation 111 111 Tax credit carryforwards 37 74 Unrealized loss on investments 100 - Accrued liabilities & other 6 6 Gross deferred tax assets 5,862 6,375 Less: valuation allowance (5,825 ) (6,301 ) Deferred tax assets after valuation allowance 37 74 Net Deferred tax assets $ 37 74 |
Description of activities (Deta
Description of activities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from sale of subsidiary | $ 5,448 | ||
Winthrop Corporation [Member] | |||
Repayment of intercompany balance | $ 173 |
Discontinued operation (Details
Discontinued operation (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | |
Cumulative effect adjustment | $ 157 |
Discontinued operation (Schedul
Discontinued operation (Schedule of Components of Income from Discontinued Operation) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenues | |
Investment management services | $ 1,237 |
Other investment advisory services | 1,165 |
Financial research and related data | 485 |
Net revenues | 2,887 |
Expenses | |
Compensation and benefits | 1,371 |
Other operating | 1,332 |
Operating Expenses | 2,703 |
Interest expense and other loss, net | (38) |
Income from discontinued operation | $ 146 |
Discontinued operation (Sched_2
Discontinued operation (Schedule of Income from Discontinued Operation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net assets held for sale at July 16, 2018 | $ (4,957) | |
Selling price, as adjusted | 6,173 | |
Transaction costs | (552) | |
Income from discontinued operation | 146 | |
Income from discontinued operation | $ 810 |
Summary of significant accoun_4
Summary of significant accounting policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Cash and cash equivalents | $ 7,336 | $ 6,163 |
Weighted average number of common shares outstanding | 19,736,479 | 19,510,985 |
Impairment of undeveloped land | $ 355 | |
U.S. government securities | 7,144 | $ 7,973 |
US Treasury Bills [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Cash insured amount | 500 | |
Cash and Money Market Funds [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Cash insured amount | $ 250 | |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive options outstanding | 550,000 | 550,000 |
Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive options outstanding | 100,000 |
Summary of significant accoun_5
Summary of significant accounting policies (Schedule of Financial Instruments at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 7,336 | $ 6,163 | $ 5,601 |
Investments in U.S. Treasury Bills | 2,980 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 192 | 1,170 | |
Investments in U.S. Treasury Bills | |||
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 7,144 | 4,993 | |
Investments in U.S. Treasury Bills | 2,980 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | |||
Investments in U.S. Treasury Bills |
Adoption of new accounting gu_2
Adoption of new accounting guidance (Details) $ in Thousands | Jan. 02, 2019USD ($) |
Bedford Oak [Member] | |
Right-of-use assets | $ 173 |
Deferred rent | 19 |
Operating lease liability | $ 192 |
Leases (Details)
Leases (Details) | 1 Months Ended | ||
Sep. 30, 2019USD ($) | Aug. 31, 2014ft² | Jan. 02, 2019USD ($) | |
Right-of-use assets | $ 173,000 | ||
Deferred rent | 19,000 | ||
Lease liability | $ 192,000 | ||
Mt. Kisco [Member] | |||
Expiration date | Feb. 29, 2020 | ||
Monthly rent | $ 3,800 | ||
Greenwich [Member] | |||
Area of Lease | ft² | 10,000 | ||
Term of Lease | 5 years | ||
Expiration date | Sep. 30, 2019 |
Accounts payable and accrued _3
Accounts payable and accrued expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued professional fees | $ 127 | $ 76 |
Other | 63 | 128 |
Accounts payable and accrued expenses | $ 190 | $ 204 |
Income taxes (Components of Inc
Income taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current | ||
Federal | $ (37) | $ (74) |
State and local | 25 | 40 |
Total current | (12) | (34) |
Deferred | ||
Federal | 37 | 74 |
State and local | ||
Total deferred | 37 | 74 |
Total income tax expense | $ 25 | $ 40 |
Income taxes (Differences Betwe
Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax rate | (21.00%) | (21.00%) |
State income tax (net of federal effect) | 29.20% | (15.70%) |
Change in valuation allowance | (24.20%) | 82.40% |
Deferred tax asset write-down | 16.90% | |
Sale of Winthrop | (46.50%) | |
Non-deductible expenses | 0.40% | 3.70% |
Effective tax rate | 1.30% | 2.90% |
Income taxes (Deferred Tax Asse
Income taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 4,884 | $ 5,608 |
Capital loss carryforwards | 724 | 576 |
Equity-based compensation | 111 | 111 |
Tax credit carryforwards | 37 | 74 |
Unrealized loss on investments | 100 | |
Accrued liabilities & other | 6 | 6 |
Gross deferred tax assets | 5,862 | 6,375 |
Less: valuation allowance | (5,825) | (6,301) |
Deferred tax assets after valuation allowance | 37 | 74 |
Net Deferred tax assets | $ 37 | $ 74 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||
Corporate tax rate | 21.00% | 21.00% | |
Capital loss carryforward | $ 724 | $ 576 | |
Decrease of valuation allowance | $ (476) | (64) | |
Winthrop Corporation [Member] | |||
Income Tax Examination [Line Items] | |||
Tax loss | $ 2,000 | ||
Gain recognized | $ 1,200 | ||
Minimum [Member] | |||
Income Tax Examination [Line Items] | |||
Capital loss carryforwards, expiration date | Dec. 31, 2021 | ||
Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Capital loss carryforwards, expiration date | Dec. 31, 2024 | ||
Federal [Member] | |||
Income Tax Examination [Line Items] | |||
Operating loss carryforward | $ 19,600 | ||
Operating loss carryforwards that does not expire | $ 4,175 | ||
Federal [Member] | Due to sale of Winthrop [Member] | |||
Income Tax Examination [Line Items] | |||
Decrease in net operating loss carryforwards | (3,400) | ||
Federal [Member] | Minimum [Member] | |||
Income Tax Examination [Line Items] | |||
Corporate tax rate | 21.00% | ||
Operating loss carryforward | $ 15,425 | ||
Operating loss carryforwards, expiration date | Jan. 1, 2031 | ||
Federal [Member] | Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Corporate tax rate | 35.00% | ||
Operating loss carryforwards, expiration date | Dec. 31, 2037 | ||
State and Local [Member] | |||
Income Tax Examination [Line Items] | |||
Operating loss carryforward | $ 19,500 | ||
Capital loss carryforward | $ 2,700 | ||
State and Local [Member] | Due to sale of Winthrop [Member] | |||
Income Tax Examination [Line Items] | |||
Decrease in net operating loss carryforwards | $ (10,800) | ||
State and Local [Member] | Minimum [Member] | |||
Income Tax Examination [Line Items] | |||
Operating loss carryforwards, expiration date | Jan. 1, 2020 | ||
State and Local [Member] | Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2039 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 12 Months Ended | 157 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Authorized number of shares to be repurchased | 5,000,000 | 5,000,000 | |
Number of shares repurchased | 2,041,971 | ||
Remaining number of shares available for repurchase | 2,958,029 | 2,958,029 | |
Director [Member] | |||
Issued shares of common stock | 192,534 | 300,448 | |
Aggregate value of issued shares of common stock | $ 80,000 | $ 100,000 |
Incentive stock plans and sto_2
Incentive stock plans and stock-based compensation (Stock Awards) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 13, 2019 | Mar. 28, 2016 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period for plan | 3 years | ||
Stock awards [Member] | Newly appointed director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards, Granted | 100,000 | ||
Vesting period for plan | 3 years | ||
Share price of stock awards granted | $ 0.42 | ||
Compensation expense | $ 10 | ||
Unrecognized compensation expense (unvested) | $ 29 | ||
Unrecognized compensation recognition period | 2 years 1 month 16 days |
Incentive stock plans and sto_3
Incentive stock plans and stock-based compensation (Common Stock Options) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 28, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted - Stock Options | 100,000 | ||
Exercise price | $ 1.29 | ||
Vesting period | 3 years | ||
2007 NPDC Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding options, weighted average contractual term | 1 year 9 months | ||
Options outstanding | 550,000 | ||
Options vested and exerisable | 550,000 | ||
Outstanding options, weighted average exercise price | $ 1.35 | ||
Outstanding options, aggregate intrinsic value | $ 0 | ||
2003 and 2007 NPDC Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 0 | $ 100 |
Incentive stock plans and sto_4
Incentive stock plans and stock-based compensation (Restricted Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 28, 2016 | Mar. 31, 2015 | Jan. 19, 2015 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period for plan | 3 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options vested | 200,000 | |||
Restricted Stock Units (RSUs) [Member] | Two Newly Appointed Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs, Granted | 100,000 | 100,000 | ||
Vesting period for plan | 3 years | 3 years | ||
RSUs value per share | $ 1.85 | $ 1.70 | ||
Compensation | $ 16 |
Commitments, Contingencies an_2
Commitments, Contingencies and Other (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | |||
Estimated cost of work - accrual | $ 90,000 | ||
Total cost of repair work | $ 150,000 | ||
Mt. Kisco [Member] | |||
Commitments And Contingencies [Line Items] | |||
Monthly rent | $ 3,800 | ||
Expiration date | Feb. 29, 2020 |