Wright Investors' Service (IWSH) 10-K 27 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 14, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Documents Incorporated by Reference [Text Block]	Part III of this report incorporates certain information by reference from the registrant’s proxy statement for the 2023 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, 2023.
Entity Information [Line Items]
Entity Registrant Name	WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.
Entity Central Index Key	0001279715
Entity File Number	000-50587
Entity Tax Identification Number	13-4005439
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Public Float			$ 4,000,000
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(914)
Local Phone Number	242-5700
Entity Listings [Line Items]
No Trading Symbol Flag	true
Title of 12(g) Security	Common Stock, $0.01 Par Value
Entity Common Stock, Shares Outstanding		20,620,711

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor [Table]
Auditor Name	EISNERAMPER LLP
Auditor Firm ID	274
Auditor Location	Fort Lauderdale, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 125	$ 90
Investments	3,144	4,130
Prepaid expenses and other current assets	97	100
Income tax receivable		73
Total current assets	3,366	4,393
Other assets	8	8
Total assets	3,374	4,401
Current liabilities
Accounts payable and accrued expenses	83	112
Total current liabilities	83	112
Total liabilities	83	112
Commitments and Contingencies – Note 8
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 21,628,680 and 21,343,680 as of December 31, 2023 and 2022, respectively; Outstanding 20,620,711 and 20,335,711 as of December 31, 2023 and 2022, respectively; 0 and 285,000 shares issuable as of December 31, 2023 and 2022, respectively.	216	213
Additional paid-in capital	34,392	34,395
Accumulated deficit	(29,610)	(28,604)
Accumulated other comprehensive income	40	32
Treasury stock, at cost (1,007,969 shares at December 31, 2023 and 2022)	(1,747)	(1,747)
Total stockholders' equity	3,291	4,289
Total liabilities and stockholders’ equity	$ 3,374	$ 4,401

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares Issued	21,628,680	21,343,680
Common stock, shares outstanding	20,620,711	20,335,711
Common stock, shares issuable	0	285,000
Treasury stock, shares	1,007,969	1,007,969

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Expenses
Compensation and benefits	$ 458	$ 460
Other operating	714	768
Total operating expenses	1,172	1,228
Loss from operations	(1,172)	(1,228)
Interest and other income, net	166	21
Loss from operations	(1,006)	(1,207)
Net loss	$ (1,006)	$ (1,207)
Basic weighted average common shares outstanding (in Shares)	20,620,711	20,504,457
Basic loss per share (in Dollars per share)	$ (0.05)	$ (0.06)

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Diluted weighted average common shares outstanding	20,620,711	20,504,457
Diluted loss per share	$ (0.05)	$ (0.06)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,006)	$ (1,207)
Unrealized gain on available for sale securities	40	32
Comprehensive loss	$ (966)	$ (1,175)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common stock (Issued)	Additional paid -in capital	Accumulated deficit	Accumulated other comprehensive income	Treasury stock, at cost	Total
Balance at Dec. 31, 2021	$ 210	$ 34,316	$ (27,397)		$ (1,699)	$ 5,430
Balance (in Shares) at Dec. 31, 2021	21,025,748
Net loss			(1,207)			(1,207)
Equity based compensation expense	$ 1	1				2
Equity based compensation expense (in Shares)	100,000
Purchase of treasury stock					(48)	(48)
Other comprehensive income				32		32
Stock based compensation expense to directors	$ 2	78				80
Stock based compensation expense to directors (in Shares)	217,932
Balance at Dec. 31, 2022	$ 213	34,395	(28,604)	32	(1,747)	4,289
Balance (in Shares) at Dec. 31, 2022	21,343,680
Net loss			(1,006)			(1,006)
Issuance of shares payable to directors	$ 3	(3)
Issuance of shares payable to directors (in Shares)	285,000
Other comprehensive income				8		8
Balance at Dec. 31, 2023	$ 216	$ 34,392	$ (29,610)	$ 40	$ (1,747)	$ 3,291
Balance (in Shares) at Dec. 31, 2023	21,628,680

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (1,006)	$ (1,207)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity based compensation, including vesting of stock to directors		82
Realized gain on investments	(6)
Changes in other operating items:
Income tax receivable	73
Prepaid expenses and other current assets	3	(54)
Accounts payable and accrued expenses	(29)	19
Net cash used in operating activities	(965)	(1,160)
Cash flows from investing activities
Proceeds from redemptions of investments	1,735
Purchase of investments	(735)	(4,098)
Net cash provided by (used in) investing activities	1,000	(4,098)
Cash flows from financing activities
Purchases of treasury stock		(48)
Net cash used in financing activities		(48)
Net increase (decrease) in cash and cash equivalents	35	(5,306)
Cash and cash equivalents at the beginning of the year	90	5,396
Cash and cash equivalents at the end of the year	125	90
Supplemental disclosures of cash flow information
Cash refunded during the year for income taxes	(73)
Unrealized gain on available for sale securities	$ 8	$ 32

Description of Activities

Description of Activities	12 Months Ended
	Dec. 31, 2023
Description of Activities [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 investments in U.S. Treasury Bills, and mutual funds, 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, and investments. 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 and investments in U.S. Treasury Bills and mutual funds) 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 (exclusive of government securities, and cash and certain cash equivalents). As of December 31, 2023, the Company is not considered an inadvertent investment company.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2023
Summary of significant 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 U.S. Treasury Bills. Cash and cash equivalents amounted to approximately $125,000 and $90,000 at December 31, 2023 and 2022, respectively. Investment Valuation The Company’s investments in marketable securities consist of investments in debt securities which are U.S. Treasury bills, and equity securities which are mutual funds. 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, 2023 and 2022, the Company held $2,409,000 and $4,130,000, respectively, in U.S. government debt securities, and $735,000 and $0 in equity securities which are mutual funds, respectively. 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 and mutual 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. Mutual funds are categorized in Level 1 of the fair value hierarchy, depending on the unadjusted quoted prices in active markets for identical assets. The U.S. government debt securities, which , are reported as Cash and cash equivalents, and those with longer maturities are reported as investments, on the consolidated balance sheets as of December 31, 2023 and 2022. Short-term investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date. These securities are considered as available for sale and are reported at fair value. For debt securities, unrealized gains and losses are recorded net of tax as a component of Accumulated other comprehensive income within stockholders' equity. Declines in market value from the original cost deemed to be "other-than-temporary" are charged to Interest and other income, net, in the period in which the loss occurs. The Company considers both the duration for which a decline in value has occurred and the extent of the decline in its determination of whether a decline in value has been “other than temporary.” Realized gains and losses are calculated based on the specific identification method and are included in Interest and other income, net, in the Consolidated Statement of Operations. The Company follows the guidance in ASC 321, “Investments – Equity Securities” (“ASC 321”) for its investments in equity securities with unrealized and realized gains and losses recorded as Interest and other income, net, on the Consolidated Statement of Operations. The following table presents the Company’s financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of December 31, 2023 Total Quoted Prices Significant Significant Investments in U.S. Treasury bills $ 2,409 $ - $ 2,409 - Investments in Mutual Funds 735 735 - - Total $ 3,144 735 $ 2,409 - Fair Value Measurements as of December 31, 2022 Total Quoted Prices Significant Significant U.S. Treasury bills $ 4,130 $ - $ 4,130 - Investments in debt and equity securities as of December 31, 2023 are summarized by type below (in thousands). Amortized Cost Gross Gross Fair Value U.S. Treasury bills $ 2,369 $ 40 $ - $ 2,409 Mutual Funds 735 - - 735 Total $ 3,104 $ 40 $ - $ 3,144 Investments in debt securities as of December 31, 2022 are summarized by type below (in thousands). Amortized Gross Gross Fair U.S. Treasury bills $ 4,098 $ 32 $ - $ 4,130 Total $ 4,098 $ 32 $ - $ 4,130 All investments in debt securities are due in one year or less as of December 31, 2023. There were no amounts reclassified from accumulated other comprehensive income to interest income and other income for the year ended December 31, 2022. Changes in the accumulated other comprehensive income balance, net of income taxes, relates solely to net unrealized gain on available-for-sale debt securities for the year ended December 31, 2023 is as follows: Balance at December 31, 2022 $ 32 Amounts reclassified from accumulated other (6 ) 26 Net current-period other comprehensive income 14 Balance at December 31, 2023 $ 40 There were no unrealized or realized gain (loss) for equity securities for the year ended December 31, 2023. The Company may be exposed to credit losses through its available-for-sale investments. An available-for-sale security is impaired when its fair value declines below its amortized cost basis. Unrealized losses resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit losses. When evaluating the investments for impairment at each reporting period, the Company reviews factors such as the extent of the unrealized loss, historical losses, current and future economic market conditions, and financial condition of the issuer. As of December 31, 2023, the Company has not recognized an allowance for expected credit losses related to its available-for-sale securities as the Company has not identified any unrealized losses for these investments attributable to credit factors. 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, 2023 and 2022, respectively, is calculated based on 20,620,711 and 20,504,457 weighted average outstanding shares of common stock, including weighted average issuable shares of 182,905 at December, 31 2022. 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 7 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, 2023 and 2022. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in U.S. Treasury Bills are insured up to $500,000. For the years ended December 31, 2023 and 2022, a substantial portion of the Company’s investments in cash, U.S. Treasury Bills, and mutual funds are in excess of these limits.

New Accounting Standards

New Accounting Standards	12 Months Ended
	Dec. 31, 2023
New Accounting Standards [Abstract]
New Accounting Standards	3. New accounting standards 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. The Company adopted the standard on January 1, 2023 with no impact on its consolidated financial statements.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Accounts Payable and Accrued Expenses [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, 2023 2022 Accrued professional fees $ 44 $ 55 Other 39 57 Total $ 83 $ 112

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Income taxes	5. Income taxes For the years ended December 31, 2023 and 2022, the Company recorded no income tax expense. The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax benefit from operations is as follows: Year ended December 31, 2023 2022 Federal income tax rate (21.0 )% (21.0 )% State income tax (net of federal effect) 7.1 (0.6 ) Change in valuation allowance (36.2 ) 3.1 Deferred tax adjustment 50.0 17.0 Non-deductible expenses / (non-taxable income) 0.1 1.5 Effective tax rate - % - % The deferred tax assets and liabilities are summarized as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 5,301 $ 5,030 Capital loss carryforwards - 620 Equity-based compensation - 16 Unrealized loss on investments 87 89 Other 3 2 Gross deferred tax assets 5,391 5,757 Less: valuation allowance (5,391 ) (5,757 ) 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 decreased by approximately $366,000 and had increased by approximately $29,000 during the years ended December 31, 2023 and 2022, respectively. The decrease in the valuation allowance during the year ended December 31, 2023 was mainly attributable to decreases in the gross deferred tax asset related to the expiration of a capital loss carryforward, net of increases in the net operating loss carryforward. The increase in the valuation allowance during the year ended December 31, 2022 was mainly due to increases in the net operating loss carryforward and other deferred tax assets. The Company files a consolidated federal tax return with its subsidiaries. As of December 31, 2023, the Company has a federal net operating loss carryforward of approximately $23,453,000, of which $15,177,000 expires from 2031 through 2037, and $8,276,000 does not expire. The Company also has various state and local net operating loss carryforwards totaling approximately $7,298,000, which expire between 2025 and 2044. The Company’s capital loss carryforward of approximately $2,371,000 expired during 2023.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2023
Capital Stock [Abstract]
Capital Stock	6. 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. On April 5, 2022, in accordance with the Board of Directors’ prior authorization, the Company purchased 192,750 shares of its common stock in a privately negotiated transaction at a price of $0.25 per share for an amount of approximately $48,000. The Company did not repurchase any common stock during the year ended December 31, 2023. At December 31, 2023 and 2022, the Company had repurchased an aggregate of 2,234,721 shares of its common stock and a total of 2,765,279 remained available for repurchase at December 31, 2023 and 2022. On March 9, 2023, there were 285,000 shares of Company common stock issued to the independent directors of the Company, for payment of quarterly directors’ fees due to them for services in 2022, which were classified as issuable at December 31, 2022. During the year ended December 31, 2022, the Company issued 217,932 shares of Company common stock to directors, 100,000 stock awards vested and were issued. 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. In March 2023, the Company amended its Directors’ Compensation Program for Directors who are not employees of the Company to provide that effective January 1, 2023 and as long as the Company remains a shell company (i) the issuance of any annual stock compensation for Directors serving as a member of the Board or a committee of the Board shall be terminated, and (ii) the payment of any cash compensation for attendance in person or by telephone of meetings of the Board or committees of the Board shall be terminated.

Incentive Stock Plans and Stock

Incentive Stock Plans and Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Incentive Stock Plans and Stock-Based Compensation [Abstract]
Incentive stock plans and stock-based compensation	7. Incentive stock plans and stock-based compensation Common stock options The Company adopted a stock-based compensation plan for employees and non-employee members of its Board of Directors in November 2003 (the “2003 Plan”), and the National Patent Development Corporation 2007 Incentive Stock Plan in December 2007 (the “2007 NPDC Plan”). The periods during which additional awards may be granted under the plans have expired and no further awards may be granted under any of these plans after December 20, 2017. As a consequence, any equity compensation awards issued after that time will be on terms determined by the Board of Directors or the Compensation Committee of the Board of Directors and pursuant to exemptions from the registration requirements of the securities laws. As of December 31, 2023 and December 31, 2022, 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 2023. Capital Stock The Company’s Director Compensation Program (the “Compensation Program”) provided for payment to Directors who are not employees of the Company of (i) annual stock compensation for serving as a member of the Board or committee of the Board, and (ii) cash compensation for attendance in person or by telephone of meetings of the Board or committee of the Board. During the year ended December 31, 2022, the Company incurred $80,000 of director fees payable in 353,966 shares of its common stock, of which 68,966 were issued and 285,000 were issuable as of December 31, 2022. On March 9, 2023, there were 285,000 shares of Company common stock issued to the independent directors of the Company, in payment of quarterly directors’ fees due to them for services in 2022.

Commitments, Contingencies, and

Commitments, Contingencies, and Other	12 Months Ended
	Dec. 31, 2023
Commitments, Contingencies, and Other [Abstract]
Commitments, Contingencies, and Other	8. Commitments, Contingencies, and Other 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. In September 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Consent Orders requiring the investigation and repair of two dams, Acme Pond Dam and Killingly Pond Dam, in which the Company and its subsidiaries have certain ownership interests. Both matters have been fully resolved. In February 2020 and May 2020, DEEP issued to the Company Certificates of Compliance for the Consent Orders relating to Acme Pond Dam and Killingly Pond Dam, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,006)	$ (1,207)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of significant 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 U.S. Treasury Bills. Cash and cash equivalents amounted to approximately $125,000 and $90,000 at December 31, 2023 and 2022, respectively.
Investment Valuation	Investment Valuation The Company’s investments in marketable securities consist of investments in debt securities which are U.S. Treasury bills, and equity securities which are mutual funds. 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, 2023 and 2022, the Company held $2,409,000 and $4,130,000, respectively, in U.S. government debt securities, and $735,000 and $0 in equity securities which are mutual funds, respectively. 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 and mutual 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. Mutual funds are categorized in Level 1 of the fair value hierarchy, depending on the unadjusted quoted prices in active markets for identical assets. The U.S. government debt securities, which , are reported as Cash and cash equivalents, and those with longer maturities are reported as investments, on the consolidated balance sheets as of December 31, 2023 and 2022. Short-term investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date. These securities are considered as available for sale and are reported at fair value. For debt securities, unrealized gains and losses are recorded net of tax as a component of Accumulated other comprehensive income within stockholders' equity. Declines in market value from the original cost deemed to be "other-than-temporary" are charged to Interest and other income, net, in the period in which the loss occurs. The Company considers both the duration for which a decline in value has occurred and the extent of the decline in its determination of whether a decline in value has been “other than temporary.” Realized gains and losses are calculated based on the specific identification method and are included in Interest and other income, net, in the Consolidated Statement of Operations. The Company follows the guidance in ASC 321, “Investments – Equity Securities” (“ASC 321”) for its investments in equity securities with unrealized and realized gains and losses recorded as Interest and other income, net, on the Consolidated Statement of Operations. The following table presents the Company’s financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of December 31, 2023 Total Quoted Prices Significant Significant Investments in U.S. Treasury bills $ 2,409 $ - $ 2,409 - Investments in Mutual Funds 735 735 - - Total $ 3,144 735 $ 2,409 - Fair Value Measurements as of December 31, 2022 Total Quoted Prices Significant Significant U.S. Treasury bills $ 4,130 $ - $ 4,130 - Investments in debt and equity securities as of December 31, 2023 are summarized by type below (in thousands). Amortized Cost Gross Gross Fair Value U.S. Treasury bills $ 2,369 $ 40 $ - $ 2,409 Mutual Funds 735 - - 735 Total $ 3,104 $ 40 $ - $ 3,144 Investments in debt securities as of December 31, 2022 are summarized by type below (in thousands). Amortized Gross Gross Fair U.S. Treasury bills $ 4,098 $ 32 $ - $ 4,130 Total $ 4,098 $ 32 $ - $ 4,130 All investments in debt securities are due in one year or less as of December 31, 2023. There were no amounts reclassified from accumulated other comprehensive income to interest income and other income for the year ended December 31, 2022. Changes in the accumulated other comprehensive income balance, net of income taxes, relates solely to net unrealized gain on available-for-sale debt securities for the year ended December 31, 2023 is as follows: Balance at December 31, 2022 $ 32 Amounts reclassified from accumulated other (6 ) 26 Net current-period other comprehensive income 14 Balance at December 31, 2023 $ 40 There were no unrealized or realized gain (loss) for equity securities for the year ended December 31, 2023. The Company may be exposed to credit losses through its available-for-sale investments. An available-for-sale security is impaired when its fair value declines below its amortized cost basis. Unrealized losses resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit losses. When evaluating the investments for impairment at each reporting period, the Company reviews factors such as the extent of the unrealized loss, historical losses, current and future economic market conditions, and financial condition of the issuer. As of December 31, 2023, the Company has not recognized an allowance for expected credit losses related to its available-for-sale securities as the Company has not identified any unrealized losses for these investments attributable to credit factors.
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, 2023 and 2022, respectively, is calculated based on 20,620,711 and 20,504,457 weighted average outstanding shares of common stock, including weighted average issuable shares of 182,905 at December, 31 2022.
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 7 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, 2023 and 2022.
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 and investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in U.S. Treasury Bills are insured up to $500,000. For the years ended December 31, 2023 and 2022, a substantial portion of the Company’s investments in cash, U.S. Treasury Bills, and mutual funds are in excess of these limits.

Summary of significant accoun_2

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2023
Summary of significant accounting policies [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table presents the Company’s financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements as of December 31, 2023 Total Quoted Prices Significant Significant Investments in U.S. Treasury bills $ 2,409 $ - $ 2,409 - Investments in Mutual Funds 735 735 - - Total $ 3,144 735 $ 2,409 - Fair Value Measurements as of December 31, 2022 Total Quoted Prices Significant Significant U.S. Treasury bills $ 4,130 $ - $ 4,130 -
Schedule of Investments in Debt and Equity Securities	Investments in debt and equity securities as of December 31, 2023 are summarized by type below (in thousands). Amortized Cost Gross Gross Fair Value U.S. Treasury bills $ 2,369 $ 40 $ - $ 2,409 Mutual Funds 735 - - 735 Total $ 3,104 $ 40 $ - $ 3,144 Amortized Gross Gross Fair U.S. Treasury bills $ 4,098 $ 32 $ - $ 4,130 Total $ 4,098 $ 32 $ - $ 4,130
Schedule of Changes in the Accumulated Other Comprehensive Income Balance	There were no amounts reclassified from accumulated other comprehensive income to interest income and other income for the year ended December 31, 2022. Changes in the accumulated other comprehensive income balance, net of income taxes, relates solely to net unrealized gain on available-for-sale debt securities for the year ended December 31, 2023 is as follows: Balance at December 31, 2022 $ 32 Amounts reclassified from accumulated other (6 ) 26 Net current-period other comprehensive income 14 Balance at December 31, 2023 $ 40

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Accounts Payable and Accrued Expenses [Abstract]
Schedule of Accounts Payable and Accrued Expense	Accounts payable and accrued expenses consist of the following (in thousands): Year Ended December 31, 2023 2022 Accrued professional fees $ 44 $ 55 Other 39 57 Total $ 83 $ 112

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Schedule of Benefit for Income Taxes	The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax benefit from operations is as follows: Year ended December 31, 2023 2022 Federal income tax rate (21.0 )% (21.0 )% State income tax (net of federal effect) 7.1 (0.6 ) Change in valuation allowance (36.2 ) 3.1 Deferred tax adjustment 50.0 17.0 Non-deductible expenses / (non-taxable income) 0.1 1.5 Effective tax rate - % - %
Schedule of Deferred Tax Assets and Liabilities	The deferred tax assets and liabilities are summarized as follows (in thousands) December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 5,301 $ 5,030 Capital loss carryforwards - 620 Equity-based compensation - 16 Unrealized loss on investments 87 89 Other 3 2 Gross deferred tax assets 5,391 5,757 Less: valuation allowance (5,391 ) (5,757 ) Deferred tax assets after valuation allowance - - Net Deferred tax assets $ - -

Summary of significant accoun_3

Summary of significant accounting policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of significant accounting policies [Line Items]
Cash and cash equivalents	$ 125,000	$ 90,000
Debt securities	$ 2,409,000	$ 4,130,000
Investments debt securities	1 year
Weighted average outstanding shares (in Shares)	20,620,711	20,504,457
Weighted average issuable shares		$ 182,905
Mutual Funds [Member]
Summary of significant accounting policies [Line Items]
Equity securities	$ 735,000	$ 0
Money Market Funds [Member]
Summary of significant accounting policies [Line Items]
Cash insured amount	250,000
US Treasury Bill Securities [Member]
Summary of significant accounting policies [Line Items]
Cash insured amount	$ 500,000

Summary of significant accoun_4

Summary of significant accounting policies (Details) - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total	$ 3,144	$ 4,130
Investments in U.S. Treasury bills [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total	2,409	4,130
Investments in Mutual Funds [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total	735
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total	735
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments in U.S. Treasury bills [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments in Mutual Funds [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total	735
Significant Other Observable Inputs (Level 2)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total	2,409
Significant Other Observable Inputs (Level 2) | Investments in U.S. Treasury bills [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total	2,409	4,130
Significant Other Observable Inputs (Level 2) | Investments in Mutual Funds [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total
Significant Unobservable Inputs (Level 3)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total
Significant Unobservable Inputs (Level 3) | Investments in U.S. Treasury bills [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total
Significant Unobservable Inputs (Level 3) | Investments in Mutual Funds [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Total

Summary of significant accoun_5

Summary of significant accounting policies (Details) - Schedule of Investments in Debt and Equity Securities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Amortized Cost	$ 3,104	$ 4,098
Gross Unrealized Gains	40	32
Gross Unrealized Losses	3,144	4,130
Fair Value
US Treasury Securities [Member]
Debt and Equity Securities, FV-NI [Line Items]
Amortized Cost	2,369	4,098
Gross Unrealized Gains	40	32
Gross Unrealized Losses	2,409	4,130
Fair Value
Mutual Funds [Member]
Debt and Equity Securities, FV-NI [Line Items]
Amortized Cost	735
Gross Unrealized Gains
Gross Unrealized Losses	735	$ 0
Fair Value

Summary of significant accoun_6

Summary of significant accounting policies (Details) - Schedule of Changes in the Accumulated Other Comprehensive Income Balance $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Schedule of Changes in the Accumulated Other Comprehensive Income Balance [Abstract]
Balance at December 31, 2022	$ 32
Amounts reclassified from accumulated other Comprehensive income to interest income and other income	(6)
Changes in the accumulated other comprehensive income	26
Net current-period other comprehensive income	14
Balance at December 31, 2023	$ 40

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - Schedule of Accounts Payable and Accrued Expense - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Accounts Payable and Accrued Expense [Abstract]
Accrued professional fees	$ 44	$ 55
Other	39	57
Total	$ 83	$ 112

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Valuation allowance decreased, amount	$ 366,000
Valuation allowance Increased, amount		$ 29,000
Operating loss carryforward	23,453,000
Amount of operating loss carryforward that expires	$ 15,177,000
Expiration date, description	expires from 2031 through 2037
Net operating loss carryforward not expire	$ 8,276,000
Capital loss carryforward		$ 620,000
State and Local [Member]
Income Taxes [Line Items]
Operating loss carryforward	$ 7,298,000
Expiration date, description	expire between 2025 and 2044
Capital loss carryforward	$ 2,371,000

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of Benefit for Income Taxes	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of benefit for income taxes [Abstract]
Federal income tax rate	(21.00%)	(21.00%)
State income tax (net of federal effect)	7.10%	(0.60%)
Change in valuation allowance	(36.20%)	3.10%
Deferred tax adjustment	50%	17%
Non-deductible expenses / (non-taxable income)	0.10%	1.50%
Effective tax rate

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of deferred tax assets and liabilities [Abstract]
Net operating loss carryforwards	$ 5,301	$ 5,030
Capital loss carryforwards		620
Equity-based compensation		16
Unrealized loss on investments	87	89
Other	3	2
Gross deferred tax assets	5,391	5,757
Less: valuation allowance	(5,391)	(5,757)
Deferred tax assets after valuation allowance
Net Deferred tax assets

Capital Stock (Details)

Capital Stock (Details) - USD ($)		12 Months Ended
	Apr. 05, 2022	Dec. 31, 2023	Mar. 09, 2023	Dec. 31, 2022
Capital Stock [Line Items]
Number of shares repurchased	192,750	2,234,721
Transaction price per share (in Dollars per share)	$ 0.25
Transaction amount (in Dollars)	$ 48,000
Remaining number of shares available for repurchase				2,765,279
Common stock issued		21,628,680	285,000	21,343,680
Common stock to be issued		0		285,000
Stock awards vested		100,000
Director [Member]
Capital Stock [Line Items]
Common stock to be issued				217,932
Maximum [Member]
Capital Stock [Line Items]
Authorized number of shares to be repurchased		5,000,000

Incentive Stock Plans and Sto_2

Incentive Stock Plans and Stock-Based Compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 09, 2023
Incentive Stock Plans and Stock-Based Compensation [Line Items]
Director fees payable (in Dollars)	$ 80,000
Common stock shares	353,966
Shares issuable	285,000
Common Stock [Member]
Incentive Stock Plans and Stock-Based Compensation [Line Items]
Shares issued	68,966	285,000