Wright Investors' Service (IWSH) 10-K 11 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Central Index Key	0001279715
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-50587
Entity Registrant Name	Wright Investors Service Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4005439
Entity Address, Address Line One	118 North Bedford Road
Entity Address, Address Line Two	Ste. 100
Entity Address, City or Town	Mount Kisco
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10549
City Area Code	914
Local Phone Number	242-5700
Title of 12(b) Security	Common Stock, $0.01 Par Value
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Auditor Attestation Flag	false
Entity Shell Company	true
Entity Public Float			$ 4,000,000
Entity Common Stock, Shares Outstanding		20,210,529
Documents Incorporated By Reference Text Block	Part III of this report incorporates certain information by reference from the registrant’s proxy statement for the 2021 annual meeting of stockholders, or an amendment to this Annual Report on Form 10-K, to be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2021.
Auditor Name	EISNERAMPER LLP
Auditor Location	Fort Lauderdale, Florida
Auditor Firm Id	274

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expenses
Compensation and benefits	$ 450	$ 496
Other operating	719	829
Total operating expenses	1,169	1,325
Loss from operations	(1,169)	(1,325)
Interest and other income, net	53	311
Loss from operations before income taxes	(1,116)	(1,014)
Income tax (expense) benefit	(2)	21
Net loss	$ (1,118)	$ (993)
Basic and diluted loss per share	$ (0.06)	$ (0.05)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 5,396	$ 6,469
Income tax receivable	73	73
Prepaid expenses and other current assets	46	40
Total current assets	5,515	6,582
Other assets	8	8
Total assets	5,523	6,590
Current liabilities
Accounts payable and accrued expenses	93	83
Loan payable		53
Total current liabilities	93	136
Total liabilities	93	136
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 21,025,748 and 20,654,996 as of December 31, 2021, 2020, respectively; Outstanding 20,210,529 and 19,839,777 as of December 31, 2021 and 2020, respectively; 215,632 and 227,160 shares issuable as of December 31, 2021 and 2020, respectively.	210	206
Additional paid-in capital	34,316	34,226
Accumulated deficit	(27,397)	(26,279)
Treasury stock, at cost (815,219 shares at December 31, 2021 and 2020, respectively)	(1,699)	(1,699)
Total stockholders' equity	5,430	6,454
Total liabilities and stockholders' equity	$ 5,523	$ 6,590

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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	21,025,748	20,654,996
Common stock, outstanding	20,210,529	19,839,777
Common stock, issuable	215,632	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, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (1,118)	$ (993)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity based compensation, including issuance of stock to directors	94	92
Gain on extinguishment of debt	(53)
Changes in other operating items:
Deferred tax asset		37
Income tax receivable		(58)
Prepaid expenses, other current assets, and other assets	(6)	109
Accounts payable and accrued expenses	10	(107)
Net cash used in operating activities	(1,073)	(920)
Cash flows from investing activities
Investments in U.S. Treasury Bills		(250)
Proceeds from redemption of U.S. Treasury Bills		250
Net cash provided by investing activities
Cash flows from financing activities
Proceeds from loan		53
Net cash provided by financing activities		53
Net decrease in cash and cash equivalents	(1,073)	(867)
Cash and cash equivalents at the beginning of the year	6,469	7,336
Cash and cash equivalents at the end of the year	5,396	6,469
Supplemental disclosures of cash flow information
Net cash paid during the year for Income taxes	$ 2	$ 4

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, 2019	$ 206	$ 34,134	$ (25,286)	$ (1,699)	$ 7,355
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
Balance at Dec. 31, 2020	$ 206	34,226	(26,279)	(1,699)	6,454
Balance, shares at Dec. 31, 2020	20,654,996
Net loss			(1,118)		(1,118)
Equity based compensation expense		14			14
Stock based compensation expense to directors	$ 4	76			80
Stock based compensation expense to directors, shares	370,752
Balance at Dec. 31, 2021	$ 210	$ 34,316	$ (27,397)	$ (1,699)	$ 5,430
Balance, shares at Dec. 31, 2021	21,025,748

Description of activities

Description of activities	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of activities	1. Description of activities Wright Investors’ Service Holdings, Inc. (the “Company”) has nominal operations and nominal assets aside from its cash and cash equivalents, and is therefore considered a shell company, as defined in U.S. securities laws and regulations. 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. 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. The Company may be classified as an inadvertent investment company if the Company acquires investment securities in excess of 40% of its total assets. As of December 31, 2021, the Company is not considered an inadvertent investment company.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2021
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 $5,396,000 and $6,469,000 at December 31, 2021 and 2020, respectively. 16 Table of Contents WRIGHT INVESTORS’ SERVICE HOLDINGS, INC. Notes to Consolidated Financial Statements December 31, 2021 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. Level 3 Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available 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, 2021, and 2020, the Company held $5,250,000 and $5,950,000 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 have maturities of three months or less at time of purchase, are reported as Cash and cash equivalents on the consolidated balance sheets as of December 31, 2021 and 2020. The following table presents the Company’s financial instruments at fair value (in thousands): Fair Value Measurements as of December 31, 2021 12/31/2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Treasury bills included in cash and cash equivalents $ 5,250 $ - $ 5,250 - Fair Value Measurements as of December 31, 2020 12/31/2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Treasury bills included in cash and cash equivalents $ 5,950 $ - $ 5,950 - 17 Table of Contents WRIGHT INVESTORS’ SERVICE HOLDINGS, INC. Notes to Consolidated Financial Statements December 31, 2021 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 Loss per share for the year ended December 31, 2021 and 2020, respectively, is calculated based on 20,286,936 and 19,977,927 weighted average outstanding shares of common stock, including weighted average issuable shares of 276,043 and 138,150 at December 31, 2021 and 2020, respectively. Stock awards Unvested Stock awards for 33,334 and 66,666 shares of common stock for the year ended December 30, 2021 and 2020, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net 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. In accordance with ASU 2016-09, the Company has made the accounting policy election to continue to estimate forfeitures based upon historical occurrences. See Note 8 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 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, 2021 and 2020. 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, 2021 and 2020, 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, 2021
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, 2021
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, 2021 2020 Accrued professional fees $ 40 $ 42 Other 53 41 Total $ 93 $ 83

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes	5. Income taxes The components of income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2021 2020 Current Federal $ - $ (37 ) State and local 2 (21 ) Total current 2 (58 ) Deferred Federal $ - $ 37 State and local - - Total deferred $ - $ 37 Total income tax (benefit) expense $ 2 $ (21 ) For the year ended December 31, 2021, current income tax expense related to operations represents accruals of minimum state income taxes. For the year ended December 31, 2020, 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 year ended December 31, 2020, 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, 2021 2020 Federal income tax rate ( 21.0 )% (21.0 )% State income tax (net of federal effect) ( 5.0 ) 55.5 Change in valuation allowance 26.4 (38.5 ) Deferred tax asset write-down ( 1.2 ) - Non-deductible expenses 1.0 1.9 Effective tax rate 0.2 % (2.1 )% 19 Table of Contents WRIGHT INVESTORS’ SERVICE HOLDINGS, INC. Notes to Consolidated Financial Statements December 31, 2021 The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 4,770 $ 4,501 Capital loss carryforwards 703 703 Equity-based compensation 157 132 Unrealized loss on investments 98 98 Gross deferred tax assets 5,728 5,434 Less: valuation allowance ( 5,728 ) (5,434 ) Deferred tax assets after valuation allowance - - Net Deferred tax assets $ - - 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 increased / (decreased) by approximately $294,000 and $(391,000) respectively, during the years ended December 31, 2021 and 2020. The increase in the valuation allowance during the year ended December 31, 2021 was mainly due to increases in the net operating loss carryforward and other deferred tax assets. The decrease in the valuation allowance during the year ended December 31, 2020 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, 2021, the Company has a federal net operating loss carryforward of approximately $21,339,000, of which $15,177,000 expires from 2031 2037 2022 2042 2022 2024

Loan Payable

Loan Payable	12 Months Ended
	Dec. 31, 2021
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 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 total amount of the PPP Loan was forgiven as of January 7, 2021

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020, the Company had repurchased 2,041,971 shares of its common stock and a total of 2,958,029 of the authorized shares, remained available for repurchase at December 31, 2021. During the year ended December 31, 2021, the Company issued 370,752 shares of Company common stock to directors, 66,666 stock awards vested which were not issued and there were 148,966 shares of Company common stock to be issued to the independent directors of the Company, in payment of quarterly directors’ fees due to them for services in 2021. 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, 2021
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, 2021, 33,334 stock awards remained unvested and 66,666 shares are to be issued. The Company recorded compensation expense of approximately $13,800 and $12,500 for the years ended December 31, 2021 and 2020, respectively, related to those stock awards. The total unrecognized compensation expense related to these unvested stock awards at December 31, 2021 is $1,750, which will be recognized over the remaining vesting period of approximately 0.1 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, 2021, all options were vested and there were no outstanding options under the 2007 NPDC Plan. There were no grants, forfeitures or exercises of options during the year of 2021. During 2021, 100,000 options with a weighted average exercise price of $1.29, a weighted average contractual term of 1 years, and zero aggregate intrinsic value per share had expired. 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. Capital Stock During the year ended December 31, 2021, the Company incurred $80,000 of director fees payable in 325,889 shares of its common stock, of which 176,923 were issued and 148,966 are issuable as of December 31, 2021. As of December 31, 2021, there were 148,966 shares of Company common stock to be issued to the independent directors of the Company, in payment of quarterly directors’ fees due to them for services in 2021 and 66,666 stock awards to be issued to a director of the Company. 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.

Commitments, Contingencies, and

Commitments, Contingencies, and Other	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies, and Other	9. Commitments, Contingencies, and Other a) The future direct and indirect impact of the coronavirus (COVID-19) on our businesses, results of operations and financial b) The Company has interests in land and certain flowage rights in undeveloped property (the “properties”) primarily located in   In September 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Consent

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	10. Subsequent Event The Company evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 $5,396,000 and $6,469,000 at December 31, 2021 and 2020, 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. Level 3 Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available 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, 2021, and 2020, the Company held $5,250,000 and $5,950,000 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 have maturities of three months or less at time of purchase, are reported as Cash and cash equivalents on the consolidated balance sheets as of December 31, 2021 and 2020. The following table presents the Company’s financial instruments at fair value (in thousands): Fair Value Measurements as of December 31, 2021 12/31/2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Treasury bills included in cash and cash equivalents $ 5,250 $ - $ 5,250 - Fair Value Measurements as of December 31, 2020 12/31/2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Treasury bills included in cash and cash equivalents $ 5,950 $ - $ 5,950 -
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 Loss per share for the year ended December 31, 2021 and 2020, respectively, is calculated based on 20,286,936 and 19,977,927 weighted average outstanding shares of common stock, including weighted average issuable shares of 276,043 and 138,150 at December 31, 2021 and 2020, respectively.
Stock awards	Stock awards Unvested Stock awards for 33,334 and 66,666 shares of common stock for the year ended December 30, 2021 and 2020, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net 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. In accordance with ASU 2016-09, the Company has made the accounting policy election to continue to estimate forfeitures based upon historical occurrences. See Note 8 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 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, 2021 and 2020.
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, 2021 and 2020, 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, 2021
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, 2021 12/31/2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Treasury bills included in cash and cash equivalents $ 5,250 $ - $ 5,250 - Fair Value Measurements as of December 31, 2020 12/31/2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Treasury bills included in cash and cash equivalents $ 5,950 $ - $ 5,950 -

Accounts payable and accrued _2

Accounts payable and accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Accrued professional fees $ 40 $ 42 Other 53 41 Total $ 93 $ 83

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 2020 Current Federal $ - $ (37 ) State and local 2 (21 ) Total current 2 (58 ) Deferred Federal $ - $ 37 State and local - - Total deferred $ - $ 37 Total income tax (benefit) expense $ 2 $ (21 )
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, 2021 2020 Federal income tax rate ( 21.0 )% (21.0 )% State income tax (net of federal effect) ( 5.0 ) 55.5 Change in valuation allowance 26.4 (38.5 ) Deferred tax asset write-down ( 1.2 ) - Non-deductible expenses 1.0 1.9 Effective tax rate 0.2 % (2.1 )%
Schedule of Deferred Tax Assets and Liabilities	The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 4,770 $ 4,501 Capital loss carryforwards 703 703 Equity-based compensation 157 132 Unrealized loss on investments 98 98 Gross deferred tax assets 5,728 5,434 Less: valuation allowance ( 5,728 ) (5,434 ) Deferred tax assets after valuation allowance - - Net Deferred tax assets $ - -

Summary of significant accoun_4

Summary of significant accounting policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash and cash equivalents	$ 5,396,000	$ 6,469,000
Weighted average number of common shares outstanding	20,286,936	19,977,927
Weighted average shares issuable	276,043	138,150
U.S. government securities	$ 5,250,000	$ 5,950,000
Unvested Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive options outstanding	33,334	66,666
Cash and Money Market Funds [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash insured amount	$ 250,000
US Treasury Bills [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cash insured amount	$ 500,000

Summary of significant accoun_5

Summary of significant accounting policies (Schedule of Financial Instruments at Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills included in cash and cash equivalents	$ 5,250	$ 5,950
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills included in cash and cash equivalents
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills included in cash and cash equivalents	5,250	5,950
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Treasury bills included in cash and cash equivalents

Accounts payable and accrued _3

Accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Accrued professional fees	$ 40	$ 42
Other	53	41
Accounts payable and accrued expenses	$ 93	$ 83

Income taxes (Narrative) (Detai

Income taxes (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Capital loss carryforward	$ 703,000	$ 703,000
Increased / (decreased) of valuation allowance	$ 294,000	(391,000)
Minimum [Member]
Income Tax Examination [Line Items]
Capital loss carryforwards, expiration date	Dec. 31, 2022
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	$ 21,339,000
Operating loss carryforwards that does not expire	6,162,000
Federal [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Operating loss carryforward	$ 15,177,000
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	$ 5,182,000
Capital loss carryforward	$ 2,690,000
State and Local [Member] | Due to State tax filings [Member]
Income Tax Examination [Line Items]
Decrease in net operating loss carryforwards		$ 16,244,000
State and Local [Member] | Minimum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Jan. 1, 2022
State and Local [Member] | Maximum [Member]
Income Tax Examination [Line Items]
Operating loss carryforwards, expiration date	Dec. 31, 2042

Income taxes (Components of Inc

Income taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current
Federal		$ (37)
State and local	2	(21)
Total current	2	(58)
Deferred
Federal		37
State and local
Total deferred		37
Total income tax (benefit) expense	$ 2	$ (21)

Income taxes (Differences Betwe

Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income tax rate	(21.00%)	(21.00%)
State income tax (net of federal effect)	(5.00%)	55.50%
Change in valuation allowance	26.40%	(38.50%)
Deferred tax asset write-down	(1.20%)
Non-deductible expenses	1.00%	1.90%
Effective tax rate	0.20%	(2.10%)

Income taxes (Deferred Tax Asse

Income taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 4,770	$ 4,501
Capital loss carryforwards	703	703
Equity-based compensation	157	132
Unrealized loss on investments	98	98
Gross deferred tax assets	5,728	5,434
Less: valuation allowance	(5,728)	(5,434)
Deferred tax assets after valuation allowance
Net Deferred tax assets

Loan Payable (Details)

Loan Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	May 01, 2020
Gain on extinguishment of debt	$ 53,000
PPP Loans Member]
Loan received			$ 53,000
Gain on extinguishment of debt	$ 53,000
Loan forgiveness date	Jan. 7, 2021

Capital Stock (Details)

Capital Stock (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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, shares issuable	215,632	227,160
Stock Awards [Member]
Common Stock, shares issuable	66,666
Director [Member]
Common Stock, shares issued	370,752

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, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issuable		215,632	227,160
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares issuable		66,666
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		$ 13,800	$ 12,500
Unrecognized compensation expense (unvested)		$ 1,750
Unrecognized compensation recognition period		1 month 6 days
Stock awards unvested		33,334

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, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding		100,000
Options vested and exerisable		100,000
Outstanding options, weighted average exercise price		$ 1.29
Outstanding options, weighted average contractual term		1 year
Outstanding options, aggregate intrinsic value		$ 0
Options expired	100,000	450,000
Options expired, weighted average exercise price	$ 1.29	$ 1.36
Options expired, weighted average contractual term	1 year	2 years
Options expired, aggregate intrinsic value	$ 0	$ 0

Incentive stock plans and sto_4

Incentive stock plans and stock-based compensation (Capital Stock) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock not issued	215,632	227,160
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares subscribed	$ 325,889
Common stock issuable	66,666
Common Stock shares issued	370,752
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuable	148,966
Common Stock shares issued	176,923