Wright Investors' Service (IWSH) 10-K 12 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 12, 2021	Jun. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
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	2020
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, 2020	Dec. 31, 2019
Expenses
Compensation and benefits	$ 496	$ 449
Other operating	829	1,791
Total expenses	1,325	2,240
Loss from operations	(1,325)	(2,240)
Interest and other income, net	311	262
Loss from operations before income taxes	(1,014)	(1,978)
Income tax benefit (expense)	21	(25)
Net loss	$ (993)	$ (2,003)
Basic and diluted loss per share	$ (0.05)	$ (0.10)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 6,469	$ 7,336
Income tax receivable	73	15
Prepaid expenses and other current assets	40	131
Total current assets	6,582	7,482
Other assets	8	26
Deferred tax assets		37
Total assets	6,590	7,545
Current liabilities
Accounts payable and accrued expenses	83	190
Loan payable	53
Total current liabilities	136	190
Total liabilities	136	190
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 2020 and 2019; outstanding 19,839,777 in 2020 and 2019; and 227,160 shares issuable as of December 31,2020	206	206
Additional paid-in capital	34,226	34,134
Accumulated deficit	(26,279)	(25,286)
Treasury stock, at cost (815,219 shares at December 31, in 2020 and December 31, 2019)	(1,699)	(1,699)
Total stockholders' equity	6,454	7,355
Total liabilities and stockholders' equity	$ 6,590	$ 7,545

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, issued	20,654,996	20,654,996
Common stock, outstanding	19,839,777	19,839,777
Common stock, issuable	227,160
Treasury stock, shares	815,219	815,219

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (993)	$ (2,003)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity based compensation, including issuance of stock to directors	92	90
Amortization expense - right-of-use assets		192
Changes in other operating items:
Deferred tax asset	37	37
Income tax receivable	(58)	36
Prepaid expenses, other current assets, and other assets	109	47
Accounts payable and accrued expenses	(107)	(14)
Operating lease liability		(192)
Net cash used in operating activities	(920)	(1,807)
Cash flows from investing activities
Investments in U.S. Treasury Bills	(250)	(15,860)
Proceeds from redemption of U.S. Treasury Bills	250	18,840
Net cash provided by investing activities		2,980
Cash flows from financing activities
Proceeds from loan	53
Net cash provided by financing activities	53
Net (decrease) increase in cash and cash equivalents	(867)	1,173
Cash and cash equivalents at the beginning of the year	7,336	6,163
Cash and cash equivalents at the end of the year	6,469	7,336
Supplemental disclosures of cash flow information
Net cash paid (refunded) during the year for Income taxes	4	(49)
Non-cash investing and financing activities:
Right-of-use-assets obtained from operating lease liabilities upon adoption of new lease standard		$ 192

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, 2018	$ 204	$ 34,046	$ (23,283)	$ (1,699)	$ 9,268
Balance, shares at Dec. 31, 2018	20,462,462
Net loss			(2,003)		(2,003)
Equity based compensation expense		10			10
Stock based compensation expense to directors	$ 2	78			80
Stock based compensation expense 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
Balance, shares at Dec. 31, 2019	20,654,996
Net loss			(993)		(993)
Equity based compensation expense		12			12
Stock based compensation expense to directors		80			80
Stock based compensation expense to directors, shares
Balance at Dec. 31, 2020	$ 206	$ 34,226	$ (26,279)	$ (1,699)	$ 6,454
Balance, shares at Dec. 31, 2020	20,654,996

Description of activities

Description of activities	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of activities	1. Description of activities 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). 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 liquid assets of the Company are so deployed, the Company intends to invest its 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. 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, 2020, the Company is not considered an inadvertent investment company.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of significant accounting policies	2. 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 $6,469,000 and $7,336,000 at December 31, 2020 and 2019, 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, 2020, and 2019, the Company held $5,950,000 and $7,144,000 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, 2020 and 2019. The following table presents the Company’s financial instruments at fair value (in thousands): Fair Value Measurements as of December 31, 2020 12/31/2020 Quoted Prices Significant Significant Cash and cash equivalents $ 6,469 $ 519 $ 5,950 - Fair Value Measurements as of December 31, 2019 12/31/2019 Quoted Prices Significant Significant Cash and cash equivalents $ 7,336 $ 192 $ 7,144 - 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 properties were fully impaired as of December 31, 2018. Per share data Basic and diluted loss per share for the years ended December 31, 2020 and 2019, respectively, is calculated based on 19,977,927 and 19,736,479 weighted average outstanding shares of common stock, including a weighted average 138,150 shares which are issuable at December 31, 2020. Options for 100,000 and 550,000 shares of common stock in 2020 and 2019, respectively, and stock awards for 66,667 and 100,000 shares of common stock 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. In accordance with ASU 2016-09, the Company has made the accounting policy election to continue to estimate forfeitures based upon historical occurrences. 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 income taxes, including those related to uncertain tax positions as interest and other expenses, respectively. The Company had no income tax uncertainties at December 31, 2020 and 2019. 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 years ended December 31, 2020 and 2019, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits.

Certain New Accounting guidance

Certain New Accounting guidance not yet adopted	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Certain New Accounting guidance not yet adopted	3. Certain New Accounting guidance not yet adopted 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, as amended, 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.

Accounts payable and accrued ex

Accounts payable and accrued expenses	12 Months Ended
	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Accounts payable and accrued expenses	4. Accounts payable and accrued expenses Accounts payable and accrued expenses consist of the following (in thousands): Year Ended December 31, 2020 2019 Accrued professional fees $ 42 $ 127 Other 41 63 Total $ 83 $ 190

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	5. Income taxes The components of income tax (benefit) expense are as follows (in thousands): Year Ended December 31, 2020 2019 Current Federal $ (37 ) $ (37 ) State and local (21 ) 25 Total current (58 ) (12 ) Deferred Federal $ 37 $ 37 State and local - - Total deferred $ 37 $ 37 Total income tax (benefit) expense $ (21 ) $ 25 For the years ended December 31, 2020 and 2019, the current income tax benefit related to operations represents a refundable alternative minimum tax credit net of adjustments to and accruals of minimum state income taxes. For the years ended December 31, 2020 and 2019, 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, 2020 2019 Federal income tax rate (21.0 )% (21.0 )% State income tax (net of federal effect) 55.5 29.2 Change in valuation allowance (38.5 ) (24.2 ) Deferred tax asset write-down - 16.9 Non-deductible expenses 1.9 0.4 Effective tax rate (2.1 )% 1.3 % The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 4,501 $ 4,884 Capital loss carryforwards 703 724 Equity-based compensation 132 111 Tax credit carryforwards - 37 Unrealized loss on investments 98 100 Accrued liabilities & other - 6 Gross deferred tax assets 5,434 5,862 Less: valuation allowance (5,434 ) (5,825 ) Deferred tax assets after valuation allowance - 37 Net Deferred tax assets $ - 37 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 $391,000 and $476,000 respectively, during the years ended December 31, 2020 and 2019. The decreases in the valuation allowance during the years ended December 31, 2020 and 2019 was mainly due to adjustments to the net operating loss carryforward. The Company files a consolidated federal tax return with its subsidiaries. As of December 31, 2020, the Company has a federal net operating loss carryforward of approximately $20,312,000, of which $15,280,000 expires from 2031 through 2037, and $5,032,000 does not expire. The Company also has various state and local net operating loss carryforwards totaling approximately $4,180,000, which expire between 2021 and 2040, and a capital loss carryforward of approximately $2,690,000, which expires between 2021 and 2024. State net operating loss carryforwards were reduced during the year ended December 31, 2020 by approximately $16,244,000 due to a change in State tax filings.

Loan Payable

Loan Payable	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedges, Liabilities [Abstract]
Loan Payable	6. Loan Payable On May 1, 2020, the Company received $53,000 from Fieldpoint Private Bank pursuant to the Paycheck Protection Program (the “PPP Loan”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan matures on May 4, 2022 (the “Maturity Date”), accrues interest at 1% per annum and may be prepaid in whole or in part without penalty. No principal or interest payments are due within the initial six months of the PPP Loan. Thereafter, monthly payments of principal and interest are due. The interest accrued during the initial six-month period is due and payable, together with the remaining principal, on the Maturity Date. The Company used all proceeds from the PPP Loan to retain employees, maintain payroll and make operating expense payments to support business continuity throughout the COVID-19 pandemic. The amounts were forgiven as of January 7

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Capital Stock	7. 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, 2020 and 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, 2020. During the year ended December 31, 2020, there were 193,827 shares of Company common stock to be issued to the independent directors of the Company, in payment of quarterly directors’ fees due to them during 2020. During the year ended 2019, the Company issued 192,534 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 to be issued and issued as of December 31, 2020 and 2019, respectively was $80,000 each year. 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, 2020
Share-based Payment Arrangement [Abstract]
Incentive stock plans and stock-based compensation	8. 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. At December 31, 2020, 66,667 stock awards remained unvested and 33,333 shares are to be issued. The Company recorded compensation expense of $12,500 and $10,000 for the years ended December 31, 2020 and 2019, respectively, related to those stock awards. The total unrecognized compensation expense related to these unvested stock awards at December 31, 2020 is $15,600, which will be recognized over the remaining vesting period of approximately 1.12 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. As of December 31, 2020, all options were vested and there were outstanding options to acquire 100,000 common shares under the 2007 NPDC Plan. All 100,000 options were vested and exercisable, having an exercise price of $1.29 per share, a remaining contractual term of 1 year and zero aggregate intrinsic value. There were no grants, forfeitures or exercises of options during the year of 2020. During 2020, 450,000 options with a weighted average exercise price of $1.36, a weighted average contractual term of 2 years, and zero aggregate intrinsic value per share had expired. 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.

Commitments, Contingencies, and

Commitments, Contingencies, and Other	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies, and Other	9. Commitments, Contingencies, and Other a) The extent of the impact and effects of the 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, expired on February 29, 2020, and is being 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. 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, 2017, 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. 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, and a Certificate of Compliance for Consent Order for the Killingly Pond Dam was issued on May 22, 2020. The Company and its representatives continue to discuss a proposed ownership transfer with interested parties.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On January 7, 2021, the Small Business Administration forgave the PPP loan in the amount of $53,000. As such the PPP loan was paid in full as of January 7, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 $6,469,000 and $7,336,000 at December 31, 2020 and 2019, 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, 2020, and 2019, the Company held $5,950,000 and $7,144,000 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, 2020 and 2019. The following table presents the Company’s financial instruments at fair value (in thousands): Fair Value Measurements as of December 31, 2020 12/31/2020 Quoted Prices Significant Significant Cash and cash equivalents $ 6,469 $ 519 $ 5,950 - Fair Value Measurements as of December 31, 2019 12/31/2019 Quoted Prices Significant Significant Cash and cash equivalents $ 7,336 $ 192 $ 7,144 -
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 properties were fully impaired as of December 31, 2018.
Per share data	Per share data Basic and diluted loss per share for the years ended December 31, 2020 and 2019, respectively, is calculated based on 19,977,927 and 19,736,479 weighted average outstanding shares of common stock, including a weighted average 138,150 shares which are issuable at December 31, 2020. Options for 100,000 and 550,000 shares of common stock in 2020 and 2019, respectively, and stock awards for 66,667 and 100,000 shares of common stock
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. In accordance with ASU 2016-09, the Company has made the accounting policy election to continue to estimate forfeitures based upon historical occurrences.
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 income taxes, including those related to uncertain tax positions as interest and other expenses, respectively. The Company had no income tax uncertainties at December 31, 2020 and 2019.
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 years ended December 31, 2020 and 2019, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 12/31/2020 Quoted Prices Significant Significant Cash and cash equivalents $ 6,469 $ 519 $ 5,950 - Fair Value Measurements as of December 31, 2019 12/31/2019 Quoted Prices Significant Significant Cash and cash equivalents $ 7,336 $ 192 $ 7,144 -

Accounts payable and accrued _2

Accounts payable and accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 Accrued professional fees $ 42 $ 127 Other 41 63 Total $ 83 $ 190

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense (Benefit)	The components of income tax (benefit) expense are as follows (in thousands): Year Ended December 31, 2020 2019 Current Federal $ (37 ) $ (37 ) State and local (21 ) 25 Total current (58 ) (12 ) Deferred Federal $ 37 $ 37 State and local - - Total deferred $ 37 $ 37 Total income tax (benefit) expense $ (21 ) $ 25
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, 2020 2019 Federal income tax rate (21.0 )% (21.0 )% State income tax (net of federal effect) 55.5 29.2 Change in valuation allowance (38.5 ) (24.2 ) Deferred tax asset write-down - 16.9 Non-deductible expenses 1.9 0.4 Effective tax rate (2.1 )% 1.3 %
Schedule of Deferred Tax Assets and Liabilities	The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 4,501 $ 4,884 Capital loss carryforwards 703 724 Equity-based compensation 132 111 Tax credit carryforwards - 37 Unrealized loss on investments 98 100 Accrued liabilities & other - 6 Gross deferred tax assets 5,434 5,862 Less: valuation allowance (5,434 ) (5,825 ) Deferred tax assets after valuation allowance - 37 Net Deferred tax assets $ - 37

Summary of significant accoun_4

Summary of significant accounting policies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash and cash equivalents	$ 6,469	$ 7,336
Weighted average number of common shares outstanding	19,977,927	19,736,479
Weighted average shares issuable	138,150
U.S. government securities	$ 5,950	$ 7,144
Cash and Money Market Funds [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash insured amount	250
US Treasury Bills [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash insured amount	$ 500
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options outstanding	100,000	550,000
Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options outstanding	66,667	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 6,469	$ 7,336	$ 6,163
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	519	192
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	5,950	7,144
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents

Accounts payable and accrued _3

Accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Accrued professional fees	$ 42	$ 127
Other	41	63
Accounts payable and accrued expenses	$ 83	$ 190

Income taxes (Components of Inc

Income taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ (37)	$ (37)
State and local	(21)	25
Total current	(58)	(12)
Deferred
Federal	37	37
State and local
Total deferred	37	37
Total income tax (benefit) expense	$ (21)	$ 25

Income taxes (Differences Betwe

Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax rate	(21.00%)	(21.00%)
State income tax (net of federal effect)	55.50%	29.20%
Change in valuation allowance	(38.50%)	(24.20%)
Deferred tax asset write-down		16.90%
Non-deductible expenses	1.90%	0.40%
Effective tax rate	(2.10%)	1.30%

Income taxes (Deferred Tax Asse

Income taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 4,501	$ 4,884
Capital loss carryforwards	703	724
Equity-based compensation	132	111
Tax credit carryforwards		37
Unrealized loss on investments	98	100
Accrued liabilities & other		6
Gross deferred tax assets	5,434	5,862
Less: valuation allowance	(5,434)	(5,825)
Deferred tax assets after valuation allowance		37
Net Deferred tax assets		$ 37

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Capital loss carryforward	$ 703	$ 724
Decrease of valuation allowance	$ (391)	$ (476)
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	$ 20,312
Operating loss carryforwards that does not expire	5,032
Federal [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Operating loss carryforward	$ 15,280
Operating loss carryforwards, expiration date	Jan. 1, 2031
Federal [Member] | Maximum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Dec. 31, 2037
State and Local [Member]
Income Tax Examination [Line Items]
Operating loss carryforward	$ 4,180
Capital loss carryforward	2,690
State and Local [Member] | Due to State tax filings [Member]
Income Tax Examination [Line Items]
Decrease in net operating loss carryforwards	$ (16,244)
State and Local [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Jan. 1, 2021
State and Local [Member] | Maximum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Dec. 31, 2040

Loan Payable (Details)

Loan Payable (Details) - PPP Loans Member] $ in Thousands	May 01, 2020USD ($)
Loan received	$ 53
Interest rate	1.00%
Maturity date	May 4, 2022

Capital Stock (Details)

Capital Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Authorized number of shares to be repurchased	5,000,000
Number of shares repurchased	2,041,971	2,041,971
Remaining number of shares available for repurchase	2,958,029
Common stock, issuable	227,160
Director [Member]
Issued shares of common stock		192,534
Common stock, issuable	193,827
Aggregate value of shares issued and to be issued	$ 80,000	$ 80,000

Incentive stock plans and sto_2

Incentive stock plans and stock-based compensation (Stock Awards) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 13, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issuable		227,160
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issuable		33,333
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		$ 12,500	$ 10,000
Unrecognized compensation expense (unvested)		$ 15,600
Unrecognized compensation recognition period		1 year 1 month 13 days
Stock awards unvested		66,667

Incentive stock plans and sto_3

Incentive stock plans and stock-based compensation (Common Stock Options) (Details) - 2007 NPDC Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	100,000	550,000
Options vested and exerisable	100,000	550,000
Outstanding options, weighted average exercise price	$ 1.29	$ 1.35
Outstanding options, weighted average contractual term	1 year	1 year 9 months
Outstanding options, aggregate intrinsic value	$ 0	$ 0
Options expired	450,000
Options expired, weighted average exercise price	$ 1.36
Options expired, weighted average contractual term	2 years
Options expired, aggregate intrinsic value	$ 0

Commitments, Contingencies, a_2

Commitments, Contingencies, and Other (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019
Commitments And Contingencies [Line Items]
Total estimated cost of repair work		$ 150,000
Mt. Kisco [Member]
Commitments And Contingencies [Line Items]
Monthly rent	$ 3,800
Expiration date	Feb. 29, 2020

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	Jan. 07, 2021USD ($)
Subsequent Event [Member] | PPP Loans Member]
Subsequent Event [Line Items]
Debt forgiveness amount	$ 53,000