0001214659-21-003065.txt : 20210312 0001214659-21-003065.hdr.sgml : 20210312 20210312152453 ACCESSION NUMBER: 0001214659-21-003065 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210312 DATE AS OF CHANGE: 20210312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wright Investors Service Holdings, Inc. CENTRAL INDEX KEY: 0001279715 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 134005439 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50587 FILM NUMBER: 21737109 BUSINESS ADDRESS: STREET 1: 118 NORTH BEDFORD ROAD STREET 2: SUITE 100 CITY: MT KISCO STATE: NY ZIP: 10549 BUSINESS PHONE: (914) 242-5700 MAIL ADDRESS: STREET 1: 118 NORTH BEDFORD ROAD STREET 2: SUITE 100 CITY: MT KISCO STATE: NY ZIP: 10549 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL PATENT DEVELOPMENT CORP DATE OF NAME CHANGE: 20040211 10-K 1 g3121210k.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

(Mark One)

xANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2020

 

oTRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to _______

 

Commission file Number: 000-50587

 

WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   13-4005439

(State or Other Jurisdiction of

Incorporation or Organization)

  (IRS Employer Identification Number)

 

  118 North Bedford Road, Ste. 100, Mount Kisco, NY 10549  
  (Address of Principal Executive Offices, including Zip Code)  

 

  (914) 242-5700  
  (Registrant’s telephone number, including area code)  

 

Securities registered pursuant to Section 12(b) of the Act:   None
     
Securities registered pursuant to Section 12(g) of the Act:   Common Stock, $0.01 Par Value
    (Title of Class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes o    No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes o   No x

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x    No o

 

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x   No  o

 

  
 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company”, in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer o   Accelerated filer o
Non-accelerated filer x   Smaller reporting company x
    Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  Yes o     No x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes x     No o

 

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant, computed by reference to the price at which the common stock was last sold, or the average bid and asked price of such common stock, as of the last business day of the registrant’s most recently completed second quarter, is $4,000,000.

 

As of March 12, 2021, 19,839,777 shares of the registrant’s common stock were outstanding.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

Part III of this report incorporates certain information by reference from the registrant’s proxy statement for the 2020 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, 2020.

 

 

  
 

 

TABLE OF CONTENTS

 

  Page
 
PART I
Item 1. Business 2
Item 1A. Risk Factors 3
Item 1B. Unresolved Staff Comments 5
Item 2. Properties 6
Item 3. Legal Proceedings 6
Item 4. Mine Safety Disclosures 7
 
PART II
 
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 7
Item 6. Selected Financial Data 7
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 7
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 9
Item 8. Financial Statements and Supplementary Data 10
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 23
Item 9A. Controls and Procedures 23
Item 9B. Other Information 23
 
PART III
Item 10. Directors, Executive Officers and Corporate Governance 24
Item 11. Executive Compensation 24
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 24
Item 13. Certain Relationships and Related Transactions, and Director Independence 24
Item 14. Principal Accounting Fees and Services 24
Item 15. Exhibits and Financial Statement Schedules 24
Item 16. Form 10-K Summary 25
 
PART IV
     
SIGNATURES 26

 

  

 

Cautionary Statement Regarding Forward-Looking Statements

 

This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. The words “may,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “could,” “project,” “predict,” “expect,” “estimate,” “continue,” and “intend,” as well as other similar words and expressions of the future, are intended to identify forward-looking statements.

 

These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts.  These statements are based upon our opinions and estimates as of the date they are made.  Although we believe that the expectations reflected in these forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties that may be beyond our control, which could cause actual results, performance and achievements to differ materially from results, performance and achievements projected, expected, expressed or implied by the forward-looking statements.  While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the differences could be significant. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this report.

 

Factors that may cause actual results to differ from historical results or those results expressed or implied, include, but are not limited to, those listed below under Item 1A. “Risk Factors”.

 

If significant risks and uncertainties occur, or if our estimates or underlying assumptions prove inaccurate, actual results could differ materially.  You are urged to consider all such risks and uncertainties. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved.

 

Additional information concerning the factors that could cause actual results to differ materially from those in the forward-looking statements is contained in Item 1. “Business”, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and elsewhere in this Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (the “SEC”) which are available on the SEC website at www.sec.gov.  We undertake no obligation to publicly revise any forward-looking statements or cautionary factors, except as required by law.

 

 1 

 

PART I

 

Item 1.  Business.

 

General Development of Business

 

Wright Investors’ Service Holdings, Inc. (the “Company”, “Wright Holdings”, “we” or “us”) was incorporated on March 10, 1998 as a wholly-owned subsidiary of GP Strategies Corporation (“GP Strategies”) and in November 2004, the Company’s common stock was spun-off to holders of record of GP Strategies common stock and GP Strategies Class B capital stock.  The Company’s common stock is quoted on the OTC Pink Sheets and is traded under the symbol “iWSH”.

 

The Company currently has a substantial portion of its assets consisting of cash and cash equivalents.

 

 

Description of the Business of the Company

 

The Company has no or nominal operations and, as a result, we are a “shell company”, as defined in Rule 405 of the Securities Act of 1933, as amended, or the Securities Act, and Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. As a shell company, our stockholders will be unable to utilize Rule 144 of the Securities Act, or Rule 144 to sell “restricted stock” as defined in Rule 144 or otherwise use Rule 144 to sell stock of the Company, and we would be ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as we remain a shell company and for 12 months thereafter. Among other things, as a consequence, the offering, issuance and sale of our securities is likely to be more expensive and time consuming and may make our securities less attractive to investors.

 

The Company is not engaged in the business of investing, reinvesting, or trading in securities, and we do not hold ourselves out as being engaged in those activities. However, under the Investment Company Act, a company may fall within the scope of being an “inadvertent investment company” under section 3(a)(1)(C) of such Act if the value of its investment securities (as defined in the Investment Company Act) is more than 40% of its total assets (exclusive of government securities and cash and certain cash equivalents).

 

The Company will continue to evaluate and potentially explore all available strategic options. We will continue to work to maximize stockholder value. Such strategic options may include developing or acquiring a majority interest or at least a controlling interest (as defined for purposes of the Investment Company Act of 1940, as amended (the “Investment Company Act”) in a company (or companies) with principal business operations in an industry that we believe will provide attractive opportunities for growth. We are not limited to any particular industry or type of business. The directors will also consider alternatives for distributing some or all of the proceeds to stockholders. The Company intends to continue to invest the proceeds and our other liquid assets in high-grade, short-term investments (such as cash and cash equivalents) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation.

 

 

See “Risk Factors” The Company may be classified as an inadvertent investment company” and “The Company is a shell company under the federal securities laws.”

 

Employees

 

The Company has 2 full-time employees as of December 31, 2020.

 

Connecticut Property

 

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.

 

 2 

 

Item 1A.  Risk Factors.

 

RISK FACTORS

 

You should carefully consider the following risk factors relating to our business and the additional information in our other reports that we file with the SEC.

 

The Company may be classified as an inadvertent investment company if we acquire investment securities in excess of 40% of our total assets.

 

The Company is not engaged in the business of investing, reinvesting, or trading in securities, and we do not hold ourselves out as being engaged in those activities. However, under the Investment Company Act, a company may fall within the scope of being an “inadvertent investment company” under section 3(a)(1)(C) of such Act if the value of its investment securities (as defined in the Investment Company Act) is more than 40% of its total assets (exclusive of government securities and cash and certain cash equivalents).

 

If the Company was required to register as an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for the Company to continue its business as contemplated and could have a material adverse effect on us.

 

The Investment Company Act and the rules thereunder contain detailed requirements for the organization and operation of investment companies. If we were required to register under the Investment Company Act, applicable restrictions and other requirements could have a material adverse effect on us. In the event that we were to be required to register as an investment company under the Investment Company Act, we would be forced to comply with substantive requirements under the Act, including:

 

·limitations on our ability to borrow;

 

·limitations on our capital structure;

 

·limitations on the issuance of debt and equity securities,

 

·restrictions on acquisitions of interests in partner companies;

 

·prohibitions on transactions with affiliates;

 

·prohibitions on the issuance of options and other limitations on our ability to compensate key employees;

 

·certain governance requirements,

 

·restrictions on specific investments; and

 

·reporting, record-keeping, voting and proxy disclosure requirements.

 

In the event that we were to be deemed to be an investment company subject to registration as such under the Investment Company Act, compliance costs and burdens upon us may increase and the additional requirements may constrain our ability to conduct business, which may adversely affect our business, results of operations or financial condition.

 

The Company is a shell company under the federal securities laws.

 

The Company has no or nominal operations. Pursuant to Rule 405 of the Securities Act and Exchange Act Rule 12b-2, a shell company is defined as a registrant that has no or nominal operations, and either:

 

·no or nominal assets;

 

·assets consisting solely of cash and cash equivalents; or

 

·assets consisting of any amount of cash and cash equivalents and nominal other assets.

 

Our consolidated balance sheet reflects that after closing, our assets consist primarily of cash and cash equivalents. Accordingly, we are a shell company. Applicable securities rules prohibit shell companies from using a Form S-8 registration statement to register securities pursuant to employee compensation plans and from utilizing Form S-3 for the registration of securities for so long as the Company is a shell company and for 12 months thereafter.

 

 3 

 

Additionally, Form 8-K requires shell companies to provide more detailed disclosure upon completion of a transaction that causes it to cease being a shell company. To the extent that we acquire a business in the future, we must file a current report on Form 8-K containing the financial and other information required in a registration statement on Form 10 within four business days following completion of such a transaction.

 

To assist the SEC in the identification of shell companies, we are required to check a box on our quarterly reports on Form 10-Q and our annual reports on Form 10-K indicating that we are a shell company.

 

Since we are required to comply with additional disclosure because we are a shell company, we may be delayed in executing any mergers or acquiring other assets that would cause us to cease being a shell company. In addition, under Rule 144 of the Securities Act, a holder of restricted securities of a “shell company” is not allowed to resell their securities in reliance upon Rule 144. Preclusion from any prospective purchase using the exemptions from registration afforded by Rule 144 may make it more difficult for us to sell equity securities in the future and the inability to utilize registration statements on Forms S-8 and S-3 would likely increase our cost to register securities in the future. Additionally, the loss of the use of Rule 144 and Forms S-3 and S-8 may make investments in our securities less attractive to investors and may make the offering and sale of our securities to employees, directors and others under compensatory arrangements more expensive and less attractive to recipients.

 

Unless we select a particular industry or target business with which to complete a business combination, you will be unable to ascertain the risks of the industry or business in which we may ultimately operate.

 

The Company may develop or acquire a majority interest or at least a controlling interest (as defined for purposes of the Investment Company Act) in a company (or companies) with principal business operations in an industry that we believe will provide attractive opportunities for growth. We are not limited to any particular industry or type of business. Accordingly, there is no current basis for you to evaluate the possible risks of the particular industry in which we may ultimately operate. Although we will evaluate the risks inherent in a particular target business, we cannot assure you that all of the significant risks present in that target business will be properly assessed. Even if we properly assess those risks, some of them may be outside of our control or ability to affect.

 

Resources will be expended in researching potential acquisitions that might not be consummated.

 

The investigation of target businesses and the negotiation, drafting and execution of relevant agreements, disclosure documents, and other instruments will require substantial management time and attention in addition to costs for accountants, attorneys and others. If a decision is made not to complete a specific business combination, the costs incurred up to that point for the proposed transaction likely would not be recoverable. Furthermore, even if an agreement is reached relating to a specific target business, we may fail to consummate the business combination for any number of reasons including those beyond our control.

 

There can be no guarantee that we will quickly identify a potential target business or complete a business combination.

 

The process to identify potential acquisition targets, to investigate and evaluate the future business prospects thereof and to negotiate an acceptable purchase agreement with one or more target companies can be time consuming and costly. The Company may incur operating losses, resulting from payroll, rent and other overhead and professional fees, while we are searching for a business to develop or acquire.

 

The Company has no revenue from operations; therefore, our existing assets may be diminished and ultimately depleted by our corporate overhead and other expenses.

 

The Company has no revenue from operations and have been experiencing significant negative cash flow. Expenditures related to corporate overhead generated and other related items are expensed. Until such time as we develop or acquire an operating business or businesses that generate revenue, we will continue to deplete our existing assets.

 

Risks Related to Our Stock

 

The Company has agreed to restrictions and adopted policies that could have possible anti-takeover effects and reduce the value of our stock.

 

Several provisions of our Certificate of Incorporation and Bylaws could deter or delay unsolicited changes in control of the Company. These include limiting the stockholders’ powers to amend the Bylaws or remove directors and prohibiting the stockholders from increasing the size of the Board of Directors or acting by written consent instead of at a stockholders’ meeting. Our Board of Directors has the authority, without further action by the stockholders to fix the rights and preferences of and issue preferred stock. These provisions and others that could be adopted in the future could deter unsolicited takeovers or delay or prevent changes in control or management of the Company including transactions in which stockholders might otherwise receive a premium for their shares over then current market prices. These provisions may limit the ability of stockholders to approve transactions that they may deem to be in their best interests.

 

 4 

 

Risks Related to Owning Our Common Stock

 

A large portion of our common stock is held by a small group of large shareholders. Future sales of our common stock in the public market by the Company or its large stockholders could adversely affect the trading price of our common stock.

 

As of December 31, 2020, Bedford Oak Advisors, LLC and William H. Miller beneficially owned 27.78% and 17.41% of the Company’s common stock, respectively. Bedford Oak Advisors, LLC is controlled by Mr. Harvey P. Eisen, the Company’s Chairman and Chief Executive Officer. Mr. Eisen beneficially owned at such date an aggregate of 30.71% of the Company’s common stock, which percentage includes the 27.78% beneficially owned by Bedford Oak Advisors, LLC. Sales by us or our large stockholders of a substantial number of shares of our common stock in the public market or the perception that these sales might occur, could cause the market price of our common stock to decline.

 

Our common stock is thinly traded, which can cause volatility in its price.

 

Our stock is thinly traded due to our small market capitalization and the high level of ownership of our common stock by a small group of shareholders.  Thinly traded stock can be more susceptible to market volatility.  This market volatility could significantly affect the market price of our common stock without regard to our operating performance.

 

Possible additional issuances of our stock will cause dilution.

 

At December 31, 2020, we had outstanding 19,839,777 shares of our common stock. There were 33,333 shares of stock awards vested as of December 31, 2020. In addition, there are options to purchase a total of 100,000 shares of common stock, all of which are exercisable as of December 31, 2020. The Company is authorized to issue up to 30,000,000 shares of common stock and are therefore able to issue additional shares without being required under corporate law to obtain shareholder approval.  If we issue additional shares, or if our existing shareholders exercise their outstanding options, our other shareholders may find their holdings drastically diluted, which if it occurs, means they would own a smaller percentage of our Company.

 

 

The Company’s operations may be negatively impacted by the coronavirus outbreak.

 

In December 2019, a novel strain of coronavirus was identified in Wuhan, China. Through the first quarter of 2020, the disease became widespread around the world, and on March 11, 2020, the World Health Organization declared a pandemic. The Company does not expect that the outbreak will have a material adverse effect on financial results at this time.

 

 

Item 1B.  Unresolved Staff Comments.

 

None.

 

 5 

 

Item 2.  Properties.

 

In July 2019, the Company entered into a six-month lease for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019, expired on February 29, 2020, and is renewed on a monthly basis for $3,800 per month.

 

Item 3.  Legal Proceedings.

 

On September 26, 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Orders requiring the investigation and repair of two dams in which the Company and its subsidiaries have certain ownership interests.  The first Order required that the Company investigate and make specified repairs to the ACME Pond Dam located in Killingly, Connecticut.  The second Order, as subsequently revised by DEEP on October 10, 2014, required that the Company investigate and make specified repairs to the Killingly Pond Dam located in Killingly, Connecticut.  The Company administratively appealed and contested the allegations in both Orders.  On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Killingly Pond Dam. The Killingly Pond Consent Order required the Company to continue to perform routine maintenance and administrative procedures consistent with DEEP’s Dam Safety regulations, the cost of which was not material to the Company’s financial position or results of operations.

 

On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Acme Pond Dam. The Acme Pond Dam Consent Order required the Company to investigate and recommend repairs to Acme Pond Dam. Based up on the work performed by the Company’s retained consulting engineering firm, the Company submitted its recommended Action Plan (the “Action Plan”) for Acme Pond Dam pursuant to the Consent Order on November 30, 2017 and such recommended Action Plan was approved by DEEP as submitted on May 23, 2019. Total expenses for the repair work conducted in accordance with the Action Plan during the year ending December 31, 2019 was approximately $150,000. All repair work required for both the ACME Pond Dam and the Killingly Pond Dam was completed as of December 31, 2019. DEEP issued a Certificate of Compliance for Consent Order for the ACME Pond Dam on February 7, 2020, and a Certificate of Compliance for Consent Order for the Killingly Pond Dam was issued on May 22, 2020.

 

The Company and its representatives continue to discuss a proposed ownership transfer with interested parties.

 

Indemnification of Directors and Officers

 

Section 145 of the Delaware General Corporation Law (the “DGCL”) provides, generally, that a corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding (except actions by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. A corporation may similarly indemnify such person for expenses actually and reasonably incurred by such person in connection with the defense or settlement of any action or suit by or in the right of the corporation, provided that such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in the case of claims, issues and matters as to which such person shall have been adjudged liable to the corporation, provided that a court shall have determined, upon application, that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.

 

The Company’s certificate of incorporation and bylaws provide that, subject to limited exceptions and requirements, the Company is required to indemnify its directors and officers, and each person serving at the request of the Company as a director, officer, incorporator, partner, manager or trustee of another entity, to the fullest extent permitted by the DGCL.  The Company’s bylaws also provide that, subject to limited exceptions and requirements, the Company is required to advance to such person’s expenses (including attorney’s fees) incurred by them in defending and preparing for the defense of any proceeding or investigation in respect of which indemnification may be available.

 

Section 102(b)(7) of the DGCL provides, generally, that the certificate of incorporation of a corporation may contain a provision eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that such provision may not eliminate or limit the liability of a director (i) for any breach of the director's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under section 174 of Title 8 of the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit. No such provision may eliminate or limit the liability of a director for any act or omission occurring prior to the date when such provision became effective.  The Company’s certificate of incorporation contains such a provision limiting the personal liability of the Company’s directors to the extent permitted by the DGCL. 

 

 6 

 

Item 4.  Mine Safety Disclosures

 

None.

 

PART II

 

Item 5.  Market for the Registrant’s Common Equity and Related Stockholder Matters.

 

The Company’s common stock, $0.01 par value, is quoted on the OTC Pink Sheets under the symbol “iWSH”.  Such quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

 

The Company did not declare or pay any cash dividends on its common stock in 2020 or 2019. The Company currently intends to retain future earnings to finance the growth and development of its business however, the directors will also consider alternative for distributing some or all of its cash and cash equivalents to stockholders.

 

Issuer Purchases of Equity Securities

 

The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At December 31, 2020 and 2019, the Company had repurchased an aggregate of 2,041,971 shares of its common stock and a total of 2,958,029 shares remained available for repurchase at December 31, 2020 and 2019, pursuant to the 5,000,000 shares repurchase plans. The Company did not repurchase any common stock during the year ended December 31, 2020.

 

Item 6.  Selected Financial Data.

 

Not required.

 

Item 7.   Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

General Overview

 

 

The Company is a “shell company”, as defined in Rule 12b-2 of the Exchange Act.  Because we are a shell company, our stockholders are unable to utilize Rule 144 to sell “restricted stock” as defined in Rule 144 or to otherwise use Rule 144 to sell our securities, and we are ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as we remain a shell company and for 12 months thereafter.  As a consequence, among other things, the offering, issuance and sale of our securities is likely to be more expensive and time consuming and may make our securities less attractive to investors.  See “Item 1A. Risk Factors”.

 

Our Board of Directors is considering strategic uses for the cash and cash equivalents including, without limitation, using such funds, together with other funds of the Company, to develop or acquire interests in one or more operating businesses.  While we have focused our development or acquisition efforts on sectors in which our management has expertise, we do not wish to limit ourselves to, or to foreclose any opportunities in, any particular industry or sector.  Prior to this use, cash on hand have been, and we anticipate will continue to be, invested 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, until such time as we need to utilize such funds, or any portion thereof, for the purposes described above.   The directors will also consider alternatives for distributing some or all of its cash and cash equivalents to stockholders (see Note 1 to the Consolidated Financial Statements). 

 

Investments

 

Investment in undeveloped properties.

 

The Company owns certain non-strategic assets, which includes an investment in land and certain flowage rights in undeveloped property (the “properties”) primarily located in Killingly, Connecticut, which were fully impaired as of December 31, 2018, due to the Company's belief that the value of the land is nominal as a result of ongoing remediation efforts and no active market for sale of such land.

 

Environmental matters

 

On September 26, 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Orders requiring the investigation and repair of two dams in which the Company and its subsidiaries have certain ownership interests.  The first Order required that the Company investigate and make specified repairs to the ACME Pond Dam located in Killingly, Connecticut.  The second Order, as subsequently revised by DEEP on October 10, 2014, required that the Company investigate and make specified repairs to the Killingly Pond Dam located in Killingly, Connecticut.  The Company administratively appealed and contested the allegations in both Orders.  On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Killingly Pond Dam. The Killingly Pond Consent Order required the Company to continue to perform routine maintenance and administrative procedures consistent with DEEP’s Dam Safety regulations, the cost of which was not material to the Company’s financial position or results of operations.

 

 7 

 

On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Acme Pond Dam. The Acme Pond Dam Consent Order required the Company to investigate and recommend repairs to Acme Pond Dam. Based up on the work performed by the Company’s retained consulting engineering firm, the Company submitted its recommended Action Plan (the “Action Plan”) for Acme Pond Dam pursuant to the Consent Order on November 30, 2017 and such recommended Action Plan was approved by DEEP as submitted on May 23, 2019. Total expenses for the repair work conducted in accordance with the Action Plan during the year ending December 31, 2019 was approximately $150,000. All repair work required for both the ACME Pond Dam and the Killingly Pond Dam was completed as of December 31, 2019. DEEP issued a Certificate of Compliance for Consent Order for the ACME Pond Dam on February 7, 2020, and a Certificate of Compliance for Consent Order for the Killingly Pond Dam was issued on May 22, 2020.

 

The Company and its representatives continue to discuss a proposed ownership transfer with interested parties.

 

Management discussion of critical accounting policies

 

The following discussion and analysis of the financial condition and results of operations are based on the consolidated financial statements and notes to consolidated financial statements contained in this report that have been prepared in accordance with the rules and regulations of the SEC and include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosures of contingent assets and liabilities. We base these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates.

 

Certain of our accounting policies require higher degrees of judgment than others in their application.  These include stock-based compensation and accounting for income taxes which are summarized below.

 

Stock-based compensation

 

Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. See Note 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. 

 

 

Results of Operations

 

Year ended December 31, 2020 compared to the year ended December 31, 2019

 

For the year ended December 31, 2020, the Company had a loss from operations before income taxes of $1,014,000 compared to a loss from operations before income taxes of $1,978,000 for the year ended December 31, 2019.   

 

 8 

 

The decreased loss of $964,000 was primarily the result of a decrease in Other operating expenses of $962,000, offset by an increase in Compensation and benefits of $47,000 and an increase in Interest and other income of $49,000.

 

Compensation and benefits

 

For the year ended December 31, 2020, Compensation and benefits were $496,000 as compared to $449,000 for the year ended December 31, 2019. 

 

The increased Compensation and benefits of $47,000 in 2020 was primarily as the result of a temporary decrease in compensation for our CEO during the third quarter of 2019. Effective October 1, 2019, the Company’s Compensation Committee reversed the temporary decrease of the CEO’s compensation to reflect his duties in exploring strategic alternatives for the Company, offset by a decrease in the health plan expense for the year ended December 31, 2020 in comparison to the year ended December 31, 2019.

 

Other operating expenses

 

For the year ended December 31, 2020, Other operating expenses were $829,000 as compared to $1,791,000 for the year ended December 31, 2019. 

 

The decreased operating expenses of $962,000 were primarily the result of decreased professional fees of $585,000, decreased rent expense of $157,000, decreased expenses associated with remediation of the reservoirs of $54,000, decreased insurance expense of $62,000, and decreased other expenses of $104,000.

 

 

Income taxes

 

For the years ended December 31, 2020 and 2019, the income tax (benefit) expense of $(21,000) and $25,000, respectively, substantially represents adjustments and accruals related to state minimum income taxes.

 

Apart from the deferred tax asset related to the AMT credit carryforward as of December 31, 2019, the Company recorded a full valuation allowance against its net deferred tax assets as of December 31, 2020 and 2019. Due to a full valuation allowance to offset deferred tax assets related to net operating loss carryforwards attributable to the loss, no tax benefit has been recorded in relation to the pre-tax loss for the years ended December 31, 2020 and December 31, 2019.

 

 

Financial condition, liquidity, and capital resources

 

Liquidity and Capital Resources

 

At December 31, 2020, the Company had cash and cash equivalents totaling $6,469,000, which it intends to use to acquire interests in one or more operating businesses, to fund the Company’s general and administrative expenses, and the directors will also consider alternatives for distributing some or all of its cash and cash equivalents to stockholders.  The Company believes that its working capital is sufficient to support its operating requirements through March 31, 2022.

 

The decrease in cash and cash equivalents of $867,000 for the year ended December 31, 2020 was the result of $920,000 used in operating activities, offset by proceeds from a PPP loan of $53,000.

 

 

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk.

 

Not required.

 

 9 

 

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

 

 

Index to the Consolidated Financial Statements

 

Financial Statements of Wright Investors’ Service Holdings, Inc.

 

  Page
   
Report of Independent Registered Public Accounting Firm 11
   
Consolidated Statements of Operations - Years ended December 31,
2020 and 2019
12
   
Consolidated Balance Sheets - December 31, 2020 and 2019 13
   
Consolidated Statements of Cash Flows - Years ended December
31, 2020 and 2019
14
   
Consolidated Statements of Changes in Stockholders’ Equity –
Years ended December 31, 2020 and 2019
15
   
Notes to Consolidated Financial Statements 16

 

 10 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

To the Board of Directors and Stockholders of

Wright Investors' Service Holdings, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of Wright Investors' Service Holdings, Inc. and Subsidiaries (the “Company”) as of December 31, 2020 and 2019, and the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2020 and 2019, and the consolidated results of their operations and their cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Critical Audit Matters

 

Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

 

/s/ EisnerAmper LLP

 

We have served as the Company’s auditor since 2004

 

 

EISNERAMPER LLP

New York, New York

March 12, 2021

 

 11 

 

WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

   Years Ended December 31, 
   2020   2019 
Expenses        
Compensation and benefits  $496   $449 
Other operating   829    1,791 
    1,325    2,240 
           
Loss from operations   (1,325)   (2,240)
Interest and other income, net   311    262 
Loss from operations before income taxes   (1,014)   (1,978)
Income tax benefit (expense)   21    (25)
Net loss  $(993)  $(2,003)
           
Basic and diluted loss per share  $(0.05)  $(0.10)

 

See accompanying notes to consolidated financial statements.

 

 12 

 

WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

 CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

   December 31, 
   2020   2019 
Assets        
Current assets          
Cash and cash equivalents  $6,469   $7,336 
Income tax receivable   73    15 
Prepaid expenses and other current assets   40    131 
Total current assets   6,582    7,482 
           
Other assets   8    26 
Deferred tax assets   -    37 
Total assets  $6,590   $7,545 
           
Liabilities and stockholders’ equity          
Current liabilities          
Accounts payable and accrued expenses   83    190 
Loan payable   53    - 
Total current liabilities   136    190 
           
Total liabilities   136    190 
           
Stockholders’ equity          
Preferred stock, par value $0.01 per share, authorized
10,000,000 shares; none issued
          

Common stock, par value $0.01 per share, authorized
30,000,000 shares; issued 20,654,996 in 2020 and
2019; outstanding 19,839,777 in 2020 and 2019;

and 227,160 shares issuable as of December 31, 2020

   206    206 
           
Additional paid-in capital   34,226    34,134 
           
Accumulated deficit   (26,279)   (25,286)
           
Treasury stock, at cost (815,219 shares at December 31, in 2020 and
December 31, 2019)
   (1,699)   (1,699)
Total stockholders' equity   6,454    7,355 
Total liabilities and stockholders’ equity  $6,590   $7,545 

 

See accompanying notes to consolidated financial statements.

 

 13 

 

WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

 CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

   Years Ended December 31, 
   2020   2019 
Cash flows from operating activities          
           
Net loss  $(993)  $(2,003)
Adjustments to reconcile net loss to net cash used in operating activities:          
Equity based compensation, including issuance of stock to directors   92    90 
Amortization expense – right-of-use assets   -    192 
Changes in other operating items:          
Deferred tax asset   37    37 
Income tax receivable   (58)   36 
Prepaid expenses, other current assets, and other assets   109    47 
Accounts payable and accrued expenses   (107)   (14)
Operating lease liability   -    (192)
Net cash used in operating activities   (920)   (1,807)
           
Cash flows from investing activities          
Investments in U.S. Treasury Bills   (250)   (15,860)
Proceeds from redemption of U.S. Treasury Bills   250    18,840 
Net cash provided by investing activities   -    2,980 
           

Cash flows from financing activities

          
Proceeds from loan   53    - 
Net cash provided by financing activities   53    - 
           
Net (decrease) increase in cash and cash equivalents   (867)   1,173 
Cash and cash equivalents at the beginning of the year   7,336    6,163 
Cash and cash equivalents at the end of the year  $6,469   $7,336 
           
Supplemental disclosures of cash flow information          
Net cash paid (refunded) during the year for Income taxes  $4   $(49)
           
Non-cash investing and financing activities:          
Right-of-use-assets obtained from operating lease liabilities upon
adoption of new lease standard
  $-   $192 

 

See accompanying notes to consolidated financial statements.

 

 14 

 

WRIGHT INVESTORS' SERVICE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

YEARS ENDED DECEMBER 31, 2020 AND 2019

 

(in thousands, except share data)

 

 

                       Total 
       Additional       Treasury   stock- 
   Common stock (Issued)   paid -in   Accumulated   stock, at   holders 
   shares   amount   Capital   deficit   cost   equity 
                         
Balance at December 31, 2018   20,462,462    204    34,046    (23,283)   (1,699)   9,268 
Net loss   -    -    -    (2,003)   -    (2,003)
Equity based compensation expense   -    -    10    -    -    10 
Stock based compensation expense to directors   192,534    2    78    -    -    80 
Balance at December 31, 2019   20,654,996   $206   $34,134   $(25,286)  $(1,699)  $7,355 
Net loss   -    -    -    (993)   -    (993)
Equity based compensation expense   -    -    12    -    -    12 
Stock based compensation expense to directors   -    -    80    -    -    80 
Balance at December 31, 2020   20,654,996   $206   $34,226   $(26,279)  $(1,699)  $6,454 

 

See accompanying notes to consolidated financial statements.

 

 15 

 

WRIGHT INVESTORS’ SERVICE HOLDINGS, INC.

Notes to Consolidated Financial Statements

 

1.Description of activities

 

The Company is a “shell company”, as defined in Rule 405 of the Securities Act of 1933, as amended, or the Securities Act, and Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. As a shell company, its stockholders will be unable to utilize Rule 144 of the Securities Act, or Rule 144 to sell “restricted stock” as defined in Rule 144 or otherwise use Rule 144 to sell stock of the Company, and the Company would be ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as the Company remains a shell company and for 12 months thereafter. Among other things, as a consequence, the offering, issuance and sale of its securities is likely to be more expensive and time consuming and may make the Company’s securities less attractive to investors.

 

The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities. However, under the Investment Company Act of 1940, as amended (the “Investment Company Act”), a company may fall within the scope of being an “inadvertent investment company” under section 3(a)(1)(C) of such Act if the value of the Company’s investment securities (as defined in the Investment Company Act) is more than 40% of the Company’s total assets (exclusive of government securities and cash and certain cash equivalents).

 

The Company intends to evaluate and explore all available strategic options. The Company will continue to work to maximize stockholder value. Such strategic options may include acquisition of an investment advisory business, acquisition of a financial services business, creating partnerships or joint ventures for those or other businesses and investing in other businesses that provide attractive opportunities for growth. The directors will also consider alternatives for distributing some or all of the Company’s cash and cash equivalents. Until such time as a decision is made as to how the liquid assets of the Company are so deployed, the Company intends to invest its liquid assets in high-grade, short- term investments (such as cash and cash equivalents) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation.

 

See “Risk Factors “The Company may be classified as an inadvertent investment company if the Company acquires investment securities in excess of 40% of its total assets” and “The Company is a shell company under the federal securities laws.” As of December 31, 2020, the Company is not considered an inadvertent investment company.

 

 

2.Summary of significant accounting policies

 

Principles of consolidation.

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are inactive. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

Use of estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from these estimates.

 

Cash and cash equivalents

 

Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase.  Cash equivalents, which are carried at fair value or amortized cost, as applicable, consist of holdings in a money market fund and in treasury bills. Cash and cash equivalents amounted to approximately $6,469,000 and $7,336,000 at December 31, 2020 and 2019, respectively.

 

 16 

 

Investment Valuation

 

The Company carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

 

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.
   
Level 2 Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company.
   
Level 3 Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability.

 

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities.

 

As of December 31, 2020, and 2019, the Company held $5,950,000 and $7,144,000 in U.S. government securities. U.S. government securities are valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. U.S. government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. The U.S. government securities, which have maturities of three months or less at time of purchase, are reported as Cash and cash equivalents on the balance sheet as of December 31, 2020 and 2019.

 

The following table presents the Company’s financial instruments at fair value (in thousands):

 

  

Fair Value Measurements

as of December 31, 2020

 
   12/31/2020   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $6,469   $519   $5,950    - 

 

 

 

  

Fair Value Measurements

as of December 31, 2019

 
   12/31/2019   Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $7,336   $192   $7,144    - 

 

 17 

 

Investment in undeveloped land

 

The Company owns certain non-strategic assets, including an investment in land and certain flowage rights in undeveloped property (the “properties”) primarily located Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.

 

Per share data

 

Basic and diluted loss per share for the years ended December 31, 2020 and 2019, respectively, is calculated based on 19,977,927 and 19,736,479 weighted average outstanding shares of common stock, including a weighted average 138,150 shares which are issuable at December 31, 2020.

 

Options for 100,000 and 550,000 shares of common stock in 2020 and 2019, respectively, and stock awards for 66,667 and 100,000 shares of common stock in 2020 and 2019, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net operating losses for both years.

 

Stock-based compensation

 

Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. 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, 2020 and 2019.

 

Concentrations of credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in treasury bills are insured up to $500,000. For the years ended December 31, 2020 and 2019, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits.

 

 

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.

 

 18 

 

4.Accounts payable and accrued expenses

 

Accounts payable and accrued expenses consist of the following (in thousands):

 

   Year Ended December 31, 
   2020   2019 
         
Accrued professional fees  $42   $127 
Other   41    63 
Total  $83   $190 

 

 

5.Income taxes

 

The components of income tax (benefit) expense are as follows (in thousands):

 

   Year Ended December 31, 
   2020   2019 
Current        
Federal  $(37)  $(37)
State and local   (21)   25 
Total current   (58)   (12)
           
Deferred          
Federal  $37   $37 
State and local   -    - 
Total deferred  $37   $37 
           
Total income tax (benefit) expense  $(21)  $25 

 

 

 

For the years ended December 31, 2020 and 2019, the current income tax benefit related to operations represents a refundable alternative minimum tax credit net of adjustments to and accruals of minimum state income taxes. For the years ended December 31, 2020 and 2019, deferred income tax expense represents the utilization of the alternative minimum tax credit carryforward.

 

The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax expense (benefit) from operations is as follows:

 

   Year ended December 31,
   2020  2019
Federal income tax rate   (21.0)%   (21.0)%
State income tax (net of federal effect)   55.5    29.2 
Change in valuation allowance   (38.5)   (24.2)
Deferred tax asset write-down   -    16.9 
Non-deductible expenses   1.9    0.4 
Effective tax rate   (2.1)%   1.3%

 

 19 

 

The deferred tax assets and liabilities are summarized as follows (in thousands):

 

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

 

A valuation allowance is provided when it is more likely than not that some portion of deferred tax assets will not be realized. The valuation allowance decreased by approximately $391,000 and $476,000 respectively, during the years ended December 31, 2020 and 2019. The decreases in the valuation allowance during the years ended December 31, 2020 and 2019 was mainly due to adjustments to the net operating loss carryforward.

 

The Company files a consolidated federal tax return with its subsidiaries. As of December 31, 2020, the Company has a federal net operating loss carryforward of approximately $20,312,000, of which $15,280,000 expires from 2031 through 2037, and $5,032,000 does not expire. The Company also has various state and local net operating loss carryforwards totaling approximately $4,180,000, which expire between 2021 and 2040, and a capital loss carryforward of approximately $2,690,000, which expires between 2021 and 2024. State net operating loss carryforwards were reduced during the year ended December 31, 2020 by approximately $16,244,000 due to a change in State tax filings.

 

 

6.Loan Payable

 

On May 1, 2020, the Company received $53,000 from Fieldpoint Private Bank pursuant to the Paycheck Protection Program (the “PPP Loan”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan matures on May 4, 2022 (the “Maturity Date”), accrues interest at 1% per annum and may be prepaid in whole or in part without penalty. No principal or interest payments are due within the initial six months of the PPP Loan. Thereafter, monthly payments of principal and interest are due. The interest accrued during the initial six-month period is due and payable, together with the remaining principal, on the Maturity Date. The Company used all proceeds from the PPP Loan to retain employees, maintain payroll and make operating expense payments to support business continuity throughout the COVID-19 pandemic. The amounts were forgiven as of January 7, 2021 (see Note 10 to the Consolidated Financial Statements).

 

 

7.Capital Stock

 

The Company’s Board of Directors, without any vote or action by the holders of common stock, is authorized to issue preferred stock from time to time in one or more series and to determine the number of shares and to fix the powers, designations, preferences and relative, participating, optional or other special rights of any series of preferred stock.

 

The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At December 31, 2020 and 2019, the Company had repurchased 2,041,971 shares of its common stock and a total of 2,958,029 of the authorization shares, remained available for repurchase at December 31, 2020.

 

During the year ended December 31, 2020, there were 193,827 shares of Company common stock to be issued to the independent directors of the Company, in payment of quarterly directors’ fees due to them during 2020. During the year ended 2019, the Company issued 192,534 shares of Company common stock to the independent directors of the Company, in payment of quarterly directors’ fees due to them during 2019.  The value of the shares of Company common stock to be issued and issued as of December 31, 2020 and 2019, respectively was $80,000 each year. The equity compensation awards were issued pursuant to the exemption from the registration requirements of Section 5 of the Securities Act of 1933 (“1933 Act”) provided by Section 4(a)(2) of the 1933 Act. 

 

 20 

 

8.Incentive stock plans and stock-based compensation

 

Stock awards

 

On February 13, 2019, 100,000 stock awards were issued to a newly appointed director of the Company. The stock awards vest equally, annually, over 3 years. The stock awards are valued based on the closing price of $0.42 of the Company’s common stock on February 13, 2019. At December 31, 2020, 66,667 stock awards remained unvested and 33,333 shares are to be issued.

 

The Company recorded compensation expense of $12,500 and $10,000 for the years ended December 31, 2020 and 2019, respectively, related to those stock awards. The total unrecognized compensation expense related to these unvested stock awards at December 31, 2020 is $15,600, which will be recognized over the remaining vesting period of approximately 1.12 years. 

 

Common stock options

 

The Company adopted a stock-based compensation plan for employees and non-employee members of its Board of Directors in November 2003 (the “2003 Plan”), and the National Patent Development Corporation 2007 Incentive Stock Plan in December 2007 (the “2007 NPDC Plan”).  The periods during which additional awards may be granted under the plans have expired and no further awards may be granted under any of these plans after December 20, 2017. As a consequence, any equity compensation awards issued after that time will be on terms determined by the Board of Directors or the Compensation Committee of the Board of Directors and pursuant to exemptions from the registration requirements of the securities laws.

 

As of December 31, 2020, all options were vested and there were outstanding options to acquire 100,000 common shares under the 2007 NPDC Plan. All 100,000 options were vested and exercisable, having an exercise price of $1.29 per share, a remaining contractual term of 1 year and zero aggregate intrinsic value. There were no grants, forfeitures or exercises of options during the year of 2020. During 2020, 450,000 options with a weighted average exercise price of $1.36, a weighted average contractual term of 2 years, and zero aggregate intrinsic value per share had expired.

 

As of December 31, 2019, all options were vested and there were outstanding options to acquire 550,000 common shares under the 2007 NPDC Plan. All 550,000 options were vested and exercisable, having a weighted average exercise price of $1.35 per share, a weighted average contractual term of 1.75 years and zero aggregate intrinsic value. There were no grants, forfeitures or exercises of options during the year of 2019.

 

 

9.Commitments, Contingencies, and Other

 

a)The extent of the impact and effects of the outbreak of the coronavirus (COVID-19) on the operation and financial performance of our Company are unknown. However, the Company does not expect that the outbreak will have a material adverse effect or financial results at this time.

 

b)In July 2019, the Company entered into a six-month lease for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019, expired on February 29, 2020, and is being renewed on a monthly basis for $3,800 per month.

 

c)The Company has interests in land and certain flowage rights in undeveloped property (the “properties”) primarily located in Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.

 

On September 26, 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Orders requiring the investigation and repair of two dams in which the Company and its subsidiaries have certain ownership interests. The first Order required that the Company investigate and make specified repairs to the ACME Pond Dam located in Killingly, Connecticut. The second Order, as subsequently revised by DEEP on October 10, 2014, required that the Company investigate and make specified repairs to the Killingly Pond Dam located in Killingly, Connecticut. The Company administratively appealed and contested the allegations in both Orders. On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Killingly Pond Dam. The Killingly Pond Consent Order required the Company to continue to perform routine maintenance and administrative procedures consistent with DEEP’s Dam Safety regulations, the cost of which was not material to the Company’s financial position or results of operations.

 

On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Acme Pond Dam. The Acme Pond Dam Consent Order required the Company to investigate and recommend repairs to Acme Pond Dam. Based up on the work performed by the Company’s retained consulting engineering firm, the Company submitted its recommended Action Plan (the “Action Plan”) for Acme Pond Dam pursuant to the Consent Order on November 30, 2017 and such recommended Action Plan was approved by DEEP as submitted on May 23, 2019. Total expenses for the repair work conducted in accordance with the Action Plan during the year ending December 31, 2019 was approximately $150,000. All repair work required for both the ACME Pond Dam and the Killingly Pond Dam was completed as of December 31, 2019. DEEP issued a Certificate of Compliance for Consent Order for the ACME Pond Dam on February 7, 2020, and a Certificate of Compliance for Consent Order for the Killingly Pond Dam was issued on May 22, 2020.

 

 21 

 

The Company and its representatives continue to discuss a proposed ownership transfer with interested parties.

 

 

10.Subsequent Events

 

On January 7, 2021, the Small Business Administration forgave the PPP loan in the amount of $53,000. As such the PPP loan was paid in full as of January 7, 2021.

 

 22 

 

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 

None.

 

Item 9A.  Controls and Procedures.

 

(a) Evaluation of Disclosure Controls and Procedures

 

We carried out an evaluation, under the supervision and with the participation of our management including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended.  Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of December 31, 2020 were effective. 

 

(b) Management’s Annual Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Exchange Act Rule 13a-15(f).  Our internal control processes and procedures are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our consolidated financial statements in accordance with United States generally accepted accounting principles.  Our internal control over financial reporting includes those policies and procedures that reasonably allow us to record, process, summarize, and report information and financial data within prescribed time periods and in accordance with Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

(c) Attestation Report of the Registered Public Accounting Firm

 

Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of internal control over financial reporting as of December 31, 2020 based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013) (“COSO Framework”).  Based upon our evaluation, the Company concluded that our internal control over financial reporting was effective as of December 31, 2020.

 

This annual report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting.  Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to rules of the SEC that permit the Company to provide only management's report in this annual report.

 

(d) Changes in Internal Control over Financial Reporting

 

The Company’s Chief Executive Officer and Chief Financial Officer have also concluded that there have not been any changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2020 that have materially affected or are reasonably likely to materially effect, the Company’s internal control over financial reporting.

 

Item 9B.    Other Information

 

None

 

 23 

 

PART III

 

Item 10.  Directors, Executive Officers and Corporate Governance.

 

The information required by this item is incorporated by reference to the Company’s definitive proxy statement to be filed pursuant to Regulation 14A within 120 days after the Company’s fiscal year end of December 31, 2020 for its annual stockholders’ meeting for 2020 (the “Proxy Statement”) under the captions “Directors and Executive Officers”, “Corporate Governance”, “Compliance with Section 16(a) of the Exchange Act”, “Code of Ethics” and “Audit Committee.”

 

Item 11.  Executive Compensation.

 

The information required by this item is incorporated by reference to the Company’s Proxy Statement for its 2020 Annual Meeting of Stockholders under the caption “Executive Compensation.”

 

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 

Additional information required by this item is incorporated by reference to the Company’s Proxy Statement for its 2020 Annual Meeting of Stockholders under the caption “Stock Ownership of Management and Principal Stockholders”.

 

Item 13.  Certain Relationships and Related Transactions, and Director Independence.

 

This information required by this item is incorporated by reference to the Company’s Proxy Statement for its 2020 Annual Meeting of Stockholders under the captions “Certain Transactions with Management” and “Director Independence”.

 

Item 14.  Principal Accounting Fees and Services.

 

The information regarding principal accountant fees and services and the Company’s pre-approval policies and procedures for audit and non-audit services provided by the Company’s independent accountants is incorporated by reference to the Company’s Proxy Statement for its 2020 Annual Meeting of Stockholders under the caption “Principal Accountant Fees and Services.”

 

Item 15. Exhibits and Financial Statement Schedules

 

(a)(1)The following financial statements are included in Part II, Item 8. Financial Statements and Supplementary Data:

 

  Page
   
Financial Statements of Wright Investors’ Service Holdings, Inc.:  
   
Report of Independent Registered Public Accounting Firm 11
   
Consolidated Statements of Operations - Years ended December 31,
2020 and 2019

 

12

   
Consolidated Balance Sheets - December 31, 2020 and 2019 13
   
Consolidated Statements of Cash Flows - Years ended December 31,
2020 and 2019

 

14

   
Consolidated Statements of Changes in Stockholders’ Equity – Years
ended December 31, 2020 and 2019
15
   
Notes to Consolidated Financial Statements 16

 

(a)(2)Schedules have been omitted because they are not required or are not applicable, or the required information has been included in the financial statements or the notes thereto.
(a)(3)See accompanying Index to Exhibits.

 

 24 

 

EXHIBITS    
     
3(i)   Articles of Incorporation.  Incorporated herein by reference to Exhibit 3.1 of the Registrant’s Form S-1, Registration No. 333-118568.
     
3(ii)   Bylaws.  Incorporated herein by reference to Exhibit 3.2 of the Registrant’s Form S-1, Registration No. 333-118568.
     
4.1   Form of certificate representing shares of common stock, par value $0.01 per share.   Incorporated herein by reference to Exhibit 4.1 of the Registrant’s Form S-1, Registration No. 333-118568.
     
10.1   Form of Restricted Stock Unit Agreement. Incorporated herein by reference to Exhibit 10.9 of the Registrant’s Form 8-K filed on December 22, 2012.
     
14   Code of Business Conduct and Ethics for Chief Executive Officer and Senior Financial Officers of the Registrant and its subsidiaries.     Incorporated herein by reference to Exhibit 14.1 to the Registrant’s Form 10-K for the year ended December 31, 2004 filed on April 15, 2005
     
21     Subsidiaries of the Registrant*
     
31.1 * Certification of the principal executive officer of the Registrant, pursuant to Securities Exchange Act Rule 13a-14(a)
     
31.2 * Certification of the principal financial officer of the Registrant, pursuant to Securities Exchange Act Rule 13a-14(a)
     
32 * Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by the principal executive officer and the principal financial officer of the Registrant
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   XBRL Extension Labels Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

_________________________________

 

 *Filed within

 

Item 16. Form 10-K Summary

 

None.

 

 25 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  WRIGHT INVESTORS’ SERVICE HOLDINGS, INC  
       
Date:  March 12, 2021 By: /s/ HARVEY P. EISEN  
    Name: Harvey P. Eisen  
    Title:

Chairman, President and Chief Executive Officer

(Principal Executive Officer)

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signature   Capacity Date
       
       
/s/ HARVEY P. EISEN   Chairman, President and Chief Executive Officer March 12, 2021
Harvey P. Eisen   (Principal Executive Officer)  
       
       
       
/s/ HAROLD KAHN   Acting Chief Financial Officer and Acting Principal
Accounting Officer
March 12, 2021
Harold Kahn   (Principal Financial Officer)  
       
       
       
/s/ LAWRENCE G. SCHAFRAN   Director March 12, 2021
Lawrence G. Schafran      
       
       
       
/s/ DORT CAMERON III   Director March 12, 2021
Dort Cameron III      

 

 

26

 

 

 

EX-21 2 ex21.htm EXHIBIT 21

 

Exhibit 21

 

SUBSIDIARIES OF THE REGISTRANT

 

 

Name of Subsidiary

 

Other Names Under Which

Subsidiary Conducts Business

 

State or Other Jurisdiction of

Incorporation or Organization

         
NPDV Resources, Inc.   N/A   Delaware
         
Chestnut Hill Reservoir Company   N/A   Connecticut

 

 

 

 

 

EX-31.1 3 ex31_1.htm EXHIBIT 31.1

 

Exhibit 31.1

CERTIFICATIONS

 

I, Harvey P. Eisen, certify that:

 

1.I have reviewed this annual report on Form 10-K of Wright Investors’ Service Holdings, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(e) and 15d-15(f)) for the registrant and have:

 

(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 12, 2021

 

/s/ HARVEY P. EISEN  
Name: Harvey P. Eisen  
Title: Chairman, President and  
  Chief Executive Officer  

 

 

 

 

 

 

 

EX-31.2 4 ex31_2.htm EXHIBIT 31.2

 

Exhibit 31.2

CERTIFICATIONS

 

I, Harold Kahn, certify that:

 

1.I have reviewed this annual report on Form 10-K of Wright Investors’ Service Holdings, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(e) and 15d-15(f)) for the registrant and have:

 

(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 12, 2021

 

/s/ HAROLD KAHN  
Name: Harold Kahn  
Title: Acting Chief Financial Officer and  
  Acting Principal Accounting Officer  

 

 

 

 

 

 

 

EX-32 5 ex32.htm EXHIBIT 32

 

Exhibit 32

 

 

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

 

AS ADOPTED PURSUANT TO

 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with this Annual Report on Form 10-K of Wright Investors’ Service Holdings, Inc. (the “Company”) for the fiscal year ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company hereby certifies, pursuant to 18 U.S.C. (section) 1350, as adopted pursuant to (section) 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

/s/ HARVEY P. EISEN  
Name: Harvey P. Eisen  
Title: Chairman, President and  
  Chief Executive Officer  
Date: March 12, 2021  

 

 

/s/ HAROLD KAHN  
Name: Harold Kahn  
Title: Acting Chief Financial Officer and  
  Acting Principal Accounting Officer  
Date: March 12, 2021  

 

 

 

 

 

 

EX-101.INS 6 wish-20201231.xml XBRL INSTANCE FILE 0001279715 2018-12-31 0001279715 us-gaap:CommonStockMember 2018-12-31 0001279715 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001279715 us-gaap:RetainedEarningsMember 2018-12-31 0001279715 us-gaap:TreasuryStockMember 2018-12-31 0001279715 2019-01-01 2019-12-31 0001279715 2021-03-12 0001279715 2019-12-31 0001279715 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001279715 us-gaap:CommonStockMember 2019-12-31 0001279715 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001279715 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001279715 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001279715 us-gaap:RetainedEarningsMember 2019-12-31 0001279715 us-gaap:TreasuryStockMember 2019-01-01 2019-12-31 0001279715 us-gaap:TreasuryStockMember 2019-12-31 0001279715 us-gaap:USTreasuryBillSecuritiesMember 2020-12-31 0001279715 us-gaap:MoneyMarketFundsMember 2020-12-31 0001279715 us-gaap:DomesticCountryMember 2020-12-31 0001279715 us-gaap:DomesticCountryMember srt:MinimumMember 2020-12-31 0001279715 us-gaap:DomesticCountryMember srt:MinimumMember 2020-01-01 2020-12-31 0001279715 us-gaap:DomesticCountryMember srt:MaximumMember 2020-01-01 2020-12-31 0001279715 us-gaap:StateAndLocalJurisdictionMember 2020-12-31 0001279715 us-gaap:StateAndLocalJurisdictionMember srt:MinimumMember 2020-01-01 2020-12-31 0001279715 us-gaap:StateAndLocalJurisdictionMember srt:MaximumMember 2020-01-01 2020-12-31 0001279715 srt:DirectorMember 2020-01-01 2020-12-31 0001279715 wish:PlanNameTwoMember 2020-12-31 0001279715 wish:PlanNameTwoMember 2019-01-01 2019-12-31 0001279715 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001279715 us-gaap:FairValueInputsLevel2Member 2019-12-31 0001279715 us-gaap:FairValueInputsLevel3Member 2019-12-31 0001279715 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-12-31 0001279715 wish:MtKiscoMember 2019-09-01 2019-09-30 0001279715 srt:MinimumMember 2020-01-01 2020-12-31 0001279715 srt:MaximumMember 2020-01-01 2020-12-31 0001279715 wish:StockAwardsMember wish:NewlyAppointedDirectorDirectorMember 2019-02-01 2019-02-13 0001279715 wish:StockAwardsMember wish:NewlyAppointedDirectorDirectorMember 2019-01-01 2019-12-31 0001279715 wish:StockAwardsMember 2020-01-01 2020-12-31 0001279715 2020-06-30 0001279715 2020-01-01 2020-12-31 0001279715 2020-12-31 0001279715 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001279715 us-gaap:CommonStockMember 2020-12-31 0001279715 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001279715 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001279715 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001279715 us-gaap:RetainedEarningsMember 2020-12-31 0001279715 us-gaap:TreasuryStockMember 2020-01-01 2020-12-31 0001279715 us-gaap:TreasuryStockMember 2020-12-31 0001279715 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001279715 us-gaap:FairValueInputsLevel1Member 2020-12-31 0001279715 us-gaap:FairValueInputsLevel2Member 2020-12-31 0001279715 us-gaap:FairValueInputsLevel3Member 2020-12-31 0001279715 srt:DirectorMember 2019-01-01 2019-12-31 0001279715 wish:StockAwardsMember wish:NewlyAppointedDirectorDirectorMember 2020-01-01 2020-12-31 0001279715 wish:StockAwardsMember wish:NewlyAppointedDirectorDirectorMember 2020-12-31 0001279715 wish:StockAwardsMember 2019-01-01 2019-12-31 0001279715 us-gaap:StateAndLocalJurisdictionMember wish:DueToStateTaxFilingsMember 2020-01-01 2020-12-31 0001279715 wish:PPPLoansMember 2020-05-01 0001279715 wish:PPPLoansMember 2020-04-24 2020-05-01 0001279715 us-gaap:SubsequentEventMember wish:PPPLoansMember 2021-01-01 2021-01-07 0001279715 wish:PlanNameTwoMember 2020-01-01 2020-12-31 0001279715 wish:StockAwardsMember 2020-12-31 0001279715 srt:DirectorMember 2020-12-31 0001279715 wish:PlanNameTwoMember 2019-12-31 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure -2003000 -2003000 -993000 -993000 9268000 204000 34046000 -23283000 -1699000 7355000 206000 34134000 -25286000 -1699000 6454000 206000 34226000 -26279000 -1699000 10000 10000 12000 12000 192534 80000 2000 78000 80000 80000 P3Y 127000 42000 63000 41000 -37000 -37000 0.292 0.555 -0.242 -0.385 0.004 0.019 0.013 -0.021 4884000 4501000 111000 132000 37000 6000 5862000 5434000 5825000 5434000 37000 37000 815219 815219 0.01 0.01 10000000 10000000 0.01 0.01 30000000 30000000 20654996 20654996 19839777 19839777 20312000 15280000 4180000 2031-01-01 2037-12-31 2021-01-01 2040-12-31 -476000 -391000 4000000 0.210 0.210 20654996 20654996 25000 -21000 -12000 -58000 37000 37000 37000 37000 0.169 100000 66667 550000 100000 19736479 19977927 19839777 25000 -21000 6163000 7336000 192000 7144000 6469000 519000 5950000 192534 80000 80000 100000 724000 2690000 703000 5032000 2021-12-31 2024-12-31 7336000 6469000 2020-02-29 3800 100000 98000 -16244000 5000000 150000 20462462 20654996 7144000 5950000 10-K false 2020-12-31 Wright Investors Service Holdings, Inc. 0001279715 --12-31 FY 2020 Non-accelerated Filer true true false Yes No No Yes DE 000-50587 449000 496000 1791000 829000 2240000 1325000 -2240000 -1325000 262000 311000 -1978000 -1014000 -0.10 -0.05 7545000 6590000 37000 26000 8000 7482000 6582000 131000 40000 15000 73000 190000 136000 190000 136000 190000 83000 53000 206000 206000 34134000 34226000 -25286000 -26279000 1699000 1699000 7545000 6590000 192000 -49000 4000 1173000 -867000 53000 53000 2980000 18840000 250000 15860000 250000 -1807000 -920000 192000 -14000 -107000 -47000 -109000 36000 -58000 -37000 -37000 192000 90000 92000 <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"><td style="width: 27pt"><b>1.</b></td><td style="text-align: justify"><b>Description of activities</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; background-color: white">The Company is a &#8220;shell company&#8221;, as defined in Rule 405 of the Securities Act of 1933, as amended, or the Securities Act, and Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. As a shell company, its stockholders will be unable to utilize Rule 144 of the Securities Act, or Rule 144 to sell &#8220;restricted stock&#8221; as defined in Rule 144 or otherwise use Rule 144 to sell stock of the Company, and the Company would be ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as the Company remains a shell company and for 12 months thereafter. Among other things, as a consequence, the offering, issuance and sale of its securities is likely to be more expensive and time consuming and may make the Company&#8217;s securities less attractive to investors.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; background-color: white">The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities. However, under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), a company may fall within the scope of being an &#8220;inadvertent investment company&#8221; under section 3(a)(1)(C) of such Act if the value of the Company&#8217;s investment securities (as defined in the Investment Company Act) is more than 40% of the Company&#8217;s total assets (exclusive of government securities and cash and certain cash equivalents).</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; background-color: white">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&#8217;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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; background-color: white">See &#8220;Risk Factors &#8220;The Company may be classified as an inadvertent investment company if the Company acquires investment securities in excess of 40% of its total assets&#8221; and &#8220;The Company is a shell company under the federal securities laws.&#8221; As of December 31, 2020, the Company is not considered an inadvertent investment company.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"><td style="width: 27pt"><b>3.</b></td><td style="text-align: justify"><b>Certain New Accounting guidance not yet adopted</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13) &#34;Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&#34;, 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.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"><td style="width: 27pt"><b>4.</b></td><td style="text-align: justify"><b>Accounts payable and accrued expenses</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Accounts payable and accrued expenses consist of the following (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="6" style="white-space: nowrap; text-align: center">Year Ended December 31,</td><td style="white-space: nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td><td style="white-space: nowrap; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 64%; text-align: left">Accrued professional fees</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">42</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">127</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">41</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">190</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"><td style="width: 27pt"><b>5.</b></td><td style="text-align: justify"><b>Income taxes</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0">The components of income tax (benefit) expense are as follows (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="6" style="white-space: nowrap; text-align: center">Year Ended December 31,</td><td style="white-space: nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td><td style="white-space: nowrap; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"><u>Current</u></td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 64%">Federal</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">(37</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">(37</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">State and local</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(21</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(58</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(12</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; white-space: nowrap">Deferred</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">Federal</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">37</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">37</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">State and local</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">37</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">37</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Total income tax (benefit) expense</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(21</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">For the years ended December 31, 2020 and 2019, the current income tax benefit related to operations represents a refundable alternative minimum tax credit net of adjustments to and accruals of minimum state income taxes.&#160;For the years ended December 31, 2020 and 2019, deferred income tax expense represents the utilization of the alternative minimum tax credit carryforward.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="7" style="white-space: nowrap; text-align: center">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: left">Federal income tax rate</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">(21.0</td><td style="width: 4%; font-weight: bold; text-align: left">)%</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(21.0</td><td style="width: 4%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">State income tax (net of federal effect)</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">55.5</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">29.2</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Change in valuation allowance</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(38.5</td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(24.2</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Deferred tax asset write-down</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">16.9</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Non-deductible expenses</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1.9</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.4</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Effective tax rate</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2.1</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)%</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1.3</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">The deferred tax assets and liabilities are summarized as follows (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="6" style="white-space: nowrap; text-align: center">December 31,</td><td style="white-space: nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td><td style="white-space: nowrap; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; white-space: nowrap; font-style: italic; text-align: left">Deferred tax assets:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 64%; text-align: left">Net operating loss carryforwards</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">4,501</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">4,884</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Capital loss carryforwards</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">703</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">724</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Equity-based compensation</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">132</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">111</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Tax credit carryforwards</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">37</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Unrealized loss on investments</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">98</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Accrued liabilities &#38; other</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left">Gross deferred tax assets</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">5,434</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">5,862</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Less: valuation allowance</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,434</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(5,825</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Deferred tax assets after valuation allowance</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">37</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Deferred tax assets</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">37</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">A&#160;valuation allowance is provided when it is more likely than not that some portion of deferred tax assets will not be realized. The valuation allowance decreased by approximately $391,000 and $476,000 respectively, during the years ended December 31, 2020 and 2019. The decreases in the valuation allowance during the years ended December 31, 2020 and 2019 was mainly due to adjustments to the net operating loss carryforward.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company files a consolidated federal tax return with its subsidiaries.&#160;As of December 31, 2020, the Company has a federal net operating loss carryforward of approximately $20,312,000, of which $15,280,000 expires from 2031 through 2037, and $5,032,000 does not expire. The Company also has various state and local net operating loss carryforwards totaling approximately $4,180,000, which expire between 2021 and 2040, and a capital loss carryforward of approximately $2,690,000, which expires between 2021 and 2024.&#160;State net operating loss carryforwards were reduced during the year ended December 31, 2020 by approximately $16,244,000 due to a change in State tax filings.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"><td style="width: 27pt"><b>6.</b></td><td style="text-align: justify"><b>Loan Payable</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">On May 1, 2020, the Company received $53,000 from Fieldpoint Private Bank pursuant to the Paycheck Protection Program (the &#8220;PPP Loan&#8221;) of the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;). The PPP Loan matures on May 4, 2022 (the &#8220;Maturity Date&#8221;), accrues interest at 1% per annum and may be prepaid in whole or in part without penalty. No principal or interest payments are due within the initial six months of the PPP Loan. Thereafter, monthly payments of principal and interest are due. The interest accrued during the initial six-month period is due and payable, together with the remaining principal, on the Maturity Date. The Company used all proceeds from the PPP Loan to retain employees, maintain payroll and make operating expense payments to support business continuity throughout the COVID-19 pandemic. The amounts were forgiven as of January 7<u><sup></sup></u>, 2021 (see Note 10 to the Consolidated Financial Statements).</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"><td style="width: 27pt"><b>9.</b></td><td style="text-align: justify"><b>Commitments, Contingencies, and Other</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">a)</td><td style="text-align: justify">The extent of the impact and effects of the outbreak of the coronavirus (COVID-19) on the operation and financial performance of our Company are unknown. However, the Company does not expect that the outbreak will have a material adverse effect or financial results at this time.</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">b)</td><td style="text-align: justify">In July 2019, the Company entered into a six-month lease for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019, expired on February 29, 2020, and is being renewed on a monthly basis for $3,800 per month.</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">c)</td><td style="text-align: justify">The Company has interests in land and certain flowage rights in undeveloped property (the &#8220;properties&#8221;) primarily located in Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">On September 26, 2014, the Connecticut Department of Energy and Environmental Protection (&#8220;DEEP&#8221;) issued two Orders requiring the investigation and repair of two dams in which the Company and its subsidiaries have certain ownership interests. The first Order required that the Company investigate and make specified repairs to the ACME Pond Dam located in Killingly, Connecticut. The second Order, as subsequently revised by DEEP on October 10, 2014, required that the Company investigate and make specified repairs to the Killingly Pond Dam located in Killingly, Connecticut. The Company administratively appealed and contested the allegations in both Orders. On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Killingly Pond Dam. The Killingly Pond Consent Order required the Company to continue to perform routine maintenance and administrative procedures consistent with DEEP&#8217;s Dam Safety regulations, the cost of which was not material to the Company&#8217;s financial position or results of operations.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in; text-align: justify">On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Acme Pond Dam. The Acme Pond Dam Consent Order required the Company to investigate and recommend repairs to Acme Pond Dam. Based up on the work performed by the Company&#8217;s retained consulting engineering firm, the Company submitted its recommended Action Plan (the &#8220;Action Plan&#8221;) for Acme Pond Dam pursuant to the Consent Order on November 30, 2017 and such recommended Action Plan was approved by DEEP as submitted on May 23, 2019. Total expenses for the repair work conducted in accordance with the Action Plan during the year ending December 31, 2019 was approximately $150,000. All repair work required for both the ACME Pond Dam and the Killingly Pond Dam was completed as of December 31, 2019. DEEP issued a Certificate of Compliance for Consent Order for the ACME Pond Dam on February 7, 2020, and a Certificate of Compliance for Consent Order for the Killingly Pond Dam was issued on May 22, 2020.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">The Company and its representatives continue to discuss a proposed ownership transfer with interested parties.</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"><td style="width: 27pt"><b>10.</b></td><td style="text-align: justify"><b>Subsequent Events</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><b>&#160;</b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0 0pt 0.5in; text-align: justify">On January 7, 2021, the Small Business Administration forgave the PPP loan in the amount of $53,000. As such the PPP loan was paid in full as of January 7, 2021.</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Principles of consolidation</i></b><i>.</i></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), 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.&#160;&#160;Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Cash and cash equivalents</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.&#160;&#160;Cash equivalents, which are carried at fair value or amortized cost, as applicable, consist of holdings in a money market fund and in treasury bills. Cash and cash equivalents amounted to approximately $6,469,000 and $7,336,000 at December 31, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"><b><i>Investment Valuation</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: #231F20">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:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 10%; text-align: justify"><font style="color: #231F20">Level 1</font></td> <td style="width: 90%; text-align: justify"><font style="color: #231F20">Unadjusted quoted prices in active markets for identical assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="color: #231F20">Level 2 </font></td> <td style="text-align: justify"><font style="color: #231F20">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.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="color: #231F20">Level 3 </font></td> <td style="text-align: justify"><font style="color: #231F20">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.</font></td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: #231F20">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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><font style="color: #231F20">As of December 31, 2020, and 2019, the Company held $5,950,000 and $7,144,000 in U.S. government securities. U.S. government securities are valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. U.S. government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. The U.S. government securities, which </font>have maturities of three months or less at time of purchase<font style="color: #231F20">, are reported as Cash and cash equivalents on the balance sheet as of December 31, 2020 and 2019. </font></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: #231F20">The following table presents the Company&#8217;s financial instruments at fair value (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center"><p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>Fair Value Measurements </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>as of December 31, 2020</b></p></td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">12/31/2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Quoted Prices <br /> in Active <br /> Markets for<br /> Identical<br /> Assets <br /> (Level 1)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant <br /> Other <br /> Observable <br /> Inputs <br /> (Level 2)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant<br /> Unobservable <br /> Inputs <br /> (Level 3)</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 40%; color: #231F20; text-align: justify">Cash and cash equivalents</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">6,469</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">519</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">5,950</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 12%; color: #231F20; text-align: right">-</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center"><p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>Fair Value Measurements </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>as of December 31, 2019</b></p></td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">12/31/2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Quoted Prices <br /> in Active <br /> Markets for<br /> Identical Assets <br /> (Level 1)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant <br /> Other <br /> Observable <br /> Inputs <br /> (Level 2)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant<br /> Unobservable <br /> Inputs <br /> (Level 3)</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 40%; color: #231F20; text-align: justify">Cash and cash equivalents</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">7,336</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">192</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">7,144</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 12%; color: #231F20; text-align: right">-</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Investment in undeveloped land</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company owns certain non-strategic assets, including an investment in land and certain flowage rights in undeveloped property (the &#8220;properties&#8221;) primarily located Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Stock-based compensation</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. <font style="background-color: white">In accordance with ASU 2016-09, the Company has made the accounting policy election to continue to estimate forfeitures based upon historical occurrences.</font> See Note 7 to the Consolidated Financial Statements for further information regarding the Company&#8217;s stock-based compensation assumptions and expense.</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Income taxes</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.&#160; The Company had no income tax uncertainties at December 31, 2020 and 2019.</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Concentrations of credit risk</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in treasury bills are insured up to $500,000. For the years ended December 31, 2020 and 2019, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: #231F20">The following table presents the Company&#8217;s financial instruments at fair value (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center"><p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>Fair Value Measurements </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>as of December 31, 2020</b></p></td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">12/31/2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Quoted Prices <br /> in Active <br /> Markets for<br /> Identical<br /> Assets <br /> (Level 1)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant <br /> Other <br /> Observable <br /> Inputs <br /> (Level 2)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant<br /> Unobservable <br /> Inputs <br /> (Level 3)</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 40%; color: #231F20; text-align: justify">Cash and cash equivalents</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">6,469</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">519</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">5,950</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 12%; color: #231F20; text-align: right">-</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center"><p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>Fair Value Measurements </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>as of December 31, 2019</b></p></td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">12/31/2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Quoted Prices <br /> in Active <br /> Markets for<br /> Identical Assets <br /> (Level 1)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant <br /> Other <br /> Observable <br /> Inputs <br /> (Level 2)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant<br /> Unobservable <br /> Inputs <br /> (Level 3)</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 40%; color: #231F20; text-align: justify">Cash and cash equivalents</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">7,336</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">192</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">7,144</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 12%; color: #231F20; text-align: right">-</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Accounts payable and accrued expenses consist of the following (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="6" style="white-space: nowrap; text-align: center">Year Ended December 31,</td><td style="white-space: nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td><td style="white-space: nowrap; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 64%; text-align: left">Accrued professional fees</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">42</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">127</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">41</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">190</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0">The components of income tax (benefit) expense are as follows (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="6" style="white-space: nowrap; text-align: center">Year Ended December 31,</td><td style="white-space: nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td><td style="white-space: nowrap; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"><u>Current</u></td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td colspan="2" style="white-space: nowrap">&#160;</td><td style="padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 64%">Federal</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">(37</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">(37</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">State and local</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(21</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Total current</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(58</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(12</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; white-space: nowrap">Deferred</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">Federal</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">37</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">37</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">State and local</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Total deferred</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">37</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">37</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Total income tax (benefit) expense</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(21</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="7" style="white-space: nowrap; text-align: center">Year ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: left">Federal income tax rate</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">(21.0</td><td style="width: 4%; font-weight: bold; text-align: left">)%</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(21.0</td><td style="width: 4%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">State income tax (net of federal effect)</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">55.5</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">29.2</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Change in valuation allowance</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(38.5</td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(24.2</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Deferred tax asset write-down</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">16.9</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Non-deductible expenses</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1.9</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.4</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Effective tax rate</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2.1</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)%</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1.3</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">The deferred tax assets and liabilities are summarized as follows (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td> <td colspan="6" style="white-space: nowrap; text-align: center">December 31,</td><td style="white-space: nowrap">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2019</td><td style="white-space: nowrap; padding-bottom: 1pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; white-space: nowrap; font-style: italic; text-align: left">Deferred tax assets:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 64%; text-align: left">Net operating loss carryforwards</td><td style="width: 1%; font-weight: bold">&#160;</td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">4,501</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">4,884</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Capital loss carryforwards</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">703</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">724</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Equity-based compensation</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">132</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">111</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left">Tax credit carryforwards</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">37</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left">Unrealized loss on investments</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">98</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Accrued liabilities &#38; other</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left">Gross deferred tax assets</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">5,434</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">5,862</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Less: valuation allowance</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,434</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(5,825</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Deferred tax assets after valuation allowance</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">37</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Deferred tax assets</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">37</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr></table> 500000 250000 138150 53000 0.01 2022-05-04 2041971 2041971 2958029 0.42 10000 12500 15600 P1Y1M13D 66667 227160 33333 193827 53000 P1Y9M0D P1Y 100000 550000 100000 550000 1.29 1.35 0 0 <p style="font: 10pt Times New Roman; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 27pt"><b>2.</b></td><td style="text-align: justify"><b>Summary of significant accounting policies</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Principles of consolidation</i></b><i>.</i></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), 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.&#160;&#160;Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Cash and cash equivalents</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.&#160;&#160;Cash equivalents, which are carried at fair value or amortized cost, as applicable, consist of holdings in a money market fund and in treasury bills. Cash and cash equivalents amounted to approximately $6,469,000 and $7,336,000 at December 31, 2020 and 2019, respectively.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"><b><i>Investment Valuation</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: #231F20">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:</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 10%; text-align: justify"><font style="color: #231F20">Level 1</font></td> <td style="width: 90%; text-align: justify"><font style="color: #231F20">Unadjusted quoted prices in active markets for identical assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="color: #231F20">Level 2 </font></td> <td style="text-align: justify"><font style="color: #231F20">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.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><font style="color: #231F20">Level 3 </font></td> <td style="text-align: justify"><font style="color: #231F20">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.</font></td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: #231F20">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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><font style="color: #231F20">As of December 31, 2020, and 2019, the Company held $5,950,000 and $7,144,000 in U.S. government securities. U.S. government securities are valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. U.S. government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. The U.S. government securities, which </font>have maturities of three months or less at time of purchase<font style="color: #231F20">, are reported as Cash and cash equivalents on the balance sheet as of December 31, 2020 and 2019. </font></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; color: #231F20">The following table presents the Company&#8217;s financial instruments at fair value (in thousands):</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center"><p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>Fair Value Measurements </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>as of December 31, 2020</b></p></td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">12/31/2020</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Quoted Prices <br /> in Active <br /> Markets for<br /> Identical<br /> Assets <br /> (Level 1)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant <br /> Other <br /> Observable <br /> Inputs <br /> (Level 2)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant<br /> Unobservable <br /> Inputs <br /> (Level 3)</td><td style="padding-bottom: 1pt; white-space: nowrap; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 40%; color: #231F20; text-align: justify">Cash and cash equivalents</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">6,469</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">519</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">5,950</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 12%; color: #231F20; text-align: right">-</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center"><p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>Fair Value Measurements </b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: center; color: #231F20"><b>as of December 31, 2019</b></p></td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">12/31/2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Quoted Prices <br /> in Active <br /> Markets for<br /> Identical Assets <br /> (Level 1)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant <br /> Other <br /> Observable <br /> Inputs <br /> (Level 2)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20">&#160;</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; color: #231F20; text-align: center">Significant<br /> Unobservable <br /> Inputs <br /> (Level 3)</td><td style="white-space: nowrap; padding-bottom: 1pt; color: #231F20">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="white-space: nowrap; text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 40%; color: #231F20; text-align: justify">Cash and cash equivalents</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">7,336</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">192</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">$</td><td style="width: 12%; color: #231F20; text-align: right">7,144</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 1%; color: #231F20">&#160;</td> <td style="width: 1%; color: #231F20; text-align: left">&#160;</td><td style="width: 12%; color: #231F20; text-align: right">-</td><td style="width: 1%; color: #231F20; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Investment in undeveloped land</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company owns certain non-strategic assets, including an investment in land and certain flowage rights in undeveloped property (the &#8220;properties&#8221;) primarily located Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0"><b><i>Per share data</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Basic and diluted loss per share for the years ended December 31, 2020 and 2019, respectively, is calculated based on 19,977,927 and 19,736,479 weighted average outstanding shares of common stock, including a weighted average 138,150 shares which are issuable at December 31, 2020.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Options for 100,000 and 550,000 shares of common stock in 2020 and 2019, respectively, and&#160;<font style="background-color: white">stock awards for 66,667 and 100,000 shares of common stock </font>in 2020 and 2019, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net operating losses for both years.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Stock-based compensation</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. <font style="background-color: white">In accordance with ASU 2016-09, the Company has made the accounting policy election to continue to estimate forfeitures based upon historical occurrences.</font> See Note 7 to the Consolidated Financial Statements for further information regarding the Company&#8217;s stock-based compensation assumptions and expense.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Income taxes</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.&#160; The Company had no income tax uncertainties at December 31, 2020 and 2019.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i>Concentrations of credit risk</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in treasury bills are insured up to $500,000. For the years ended December 31, 2020 and 2019, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0"><b><i>Per share data</i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Basic and diluted loss per share for the years ended December 31, 2020 and 2019, respectively, is calculated based on 19,977,927 and 19,736,479 weighted average outstanding shares of common stock, including a weighted average 138,150 shares which are issuable at December 31, 2020.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Options for 100,000 and 550,000 shares of common stock in 2020 and 2019, respectively, and&#160;<font style="background-color: white">stock awards for 66,667 and 100,000 shares of common stock </font>in 2020 and 2019, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net operating losses for both years.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 27pt"><b>7.</b></td><td style="text-align: justify"><b>Capital Stock</b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 27pt; text-align: justify; text-indent: -27pt">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company&#8217;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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At December 31, 2020 and 2019, the Company had repurchased 2,041,971 shares of its common stock and a total of 2,958,029 of the authorization shares, remained available for repurchase at December 31, 2020.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">During the year ended December 31, 2020, there were 193,827 shares of Company common stock to be issued to the independent directors of the Company, in payment of quarterly directors&#8217; fees due to them during 2020. During the year ended 2019, the Company issued 192,534 shares of Company common stock to the independent directors of the Company, in payment of quarterly directors&#8217; fees due to them during 2019.&#160;&#160;The value of the shares of Company common stock to be issued and issued as of December 31, 2020 and 2019, respectively was $80,000 each year. The equity compensation awards were issued pursuant to the exemption from the registration requirements of Section 5 of the Securities Act of 1933 (&#8220;1933 Act&#8221;) provided by Section 4(a)(2) of the 1933 Act.&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 27pt"><b>8.</b></td><td style="text-align: justify"><b>Incentive stock plans and stock-based compensation </b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"><b><i><u>Stock awards</u></i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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&#8217;s common stock on February 13, 2019. <font style="background-color: white">At December 31, 2020, 66,667 stock awards remained unvested and 33,333 shares are to be issued.</font></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company recorded compensation expense of $12,500 and $10,000 for the years ended December 31, 2020 and 2019, respectively, related to those stock awards. The total unrecognized compensation expense related to these unvested stock awards at December 31, 2020 is $15,600, which will be recognized over the remaining vesting period of approximately 1.12 years.&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 4.5pt 0pt 0; text-align: justify"><b><i><u>Common stock options</u></i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The Company adopted a stock-based compensation plan for employees and non-employee members of its Board of Directors in November 2003 (the &#8220;2003 Plan&#8221;), and the National Patent Development Corporation 2007 Incentive Stock Plan in December 2007 (the &#8220;2007 NPDC Plan&#8221;).&#160;&#160;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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">As of December 31, 2019, all options were vested and there were outstanding options to acquire 550,000 common shares under the 2007 NPDC Plan. All 550,000 options were vested and exercisable, having a weighted average exercise price of $1.35 per share, a weighted average contractual term of 1.75 years and zero aggregate intrinsic value. There were no grants, forfeitures or exercises of options during the year of 2019.</p> 450000 1.36 P2Y 0 EX-101.SCH 7 wish-20201231.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Description of activities link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Summary of significant accounting policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Certain New Accounting guidance not yet adopted link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Accounts payable and accrued expenses link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Income taxes link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Loan Payable link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Capital Stock link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Incentive stock plans and stock-based compensation link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Commitments, Contingencies, and Other link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Summary of significant accounting policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Accounts payable and accrued expenses (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Income taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Summary of significant accounting policies (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Summary of significant accounting policies (Schedule of Financial Instruments at Fair Value) (Details) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Accounts payable and accrued expenses (Details) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Income taxes (Components of Income Tax Expense (Benefit)) (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Income taxes (Deferred Tax Assets and Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Income taxes (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Loan Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Capital Stock (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Incentive stock plans and stock-based compensation (Stock Awards) (Details) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Incentive stock plans and stock-based compensation (Common Stock Options) (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Commitments, Contingencies, and Other (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Subsequent Events (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 wish-20201231_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 wish-20201231_def.xml XBRL DEFINITION FILE EX-101.LAB 10 wish-20201231_lab.xml XBRL LABEL FILE Statement, Equity Components [Axis] Common Stock (Issued) [Member] Additional paid-in capital [Member] Accumulated deficit [Member] Treasury stock, at cost [Member] Cash and Cash Equivalents [Axis] US Treasury Bills [Member] Cash and Money Market Funds [Member] Income Tax Authority [Axis] Federal [Member] Range [Axis] Minimum [Member] Maximum [Member] State and Local [Member] Title of Individual [Axis] Director [Member] Plan Name [Axis] 2007 NPDC Plan [Member] Fair Value Hierarchy and NAV [Axis] Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] Significant Other Observable Inputs (Level 2) [Member] Significant Unobservable Inputs (Level 3) [Member] Antidilutive Securities [Axis] Options [Member] Business Acquisition [Axis] Mt. Kisco [Member] Award Type [Axis] Stock Awards [Member] Newly appointed director [Member] Tax Period [Axis] Due to State tax filings [Member] Credit Facility [Axis] PPP Loans Member] Subsequent Event Type [Axis] Subsequent Event [Member] Document And Entity Information [Abstract] Document Type Amendment Flag Document Period End Date Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Document Fiscal Period Focus Document Fiscal Year Focus Entity Filer Category Entity Small Business Entity Shell Company Entity Emerging Growth Company Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Public Float Entity Interactive Data Current Entity Incorporation, State or Country Code Entity File Number Income Statement [Abstract] Expenses Compensation and benefits Other operating Total expenses Loss from operations Interest and other income, net Loss from operations before income taxes Income tax benefit (expense) Net loss Basic and diluted loss per share Statement of Financial Position [Abstract] Assets Current assets Cash and cash equivalents Income tax receivable Prepaid expenses and other current assets Total current assets Other assets Deferred tax assets Total assets Liabilities and stockholders' equity Current liabilities Accounts payable and accrued expenses Loan payable Total current liabilities Total liabilities Stockholders' equity Preferred stock, par value $0.01 per share, authorized 10,000,000 shares; none issued Common stock, par value $0.01 per share, authorized 30,000,000 shares; issued 20,654,996 in 2020 and 2019; outstanding 19,839,777 in 2020 and 2019; and 227,160 shares issuable as of December 31,2020 Additional paid-in capital Accumulated deficit Treasury stock, at cost (815,219 shares at December 31, in 2020 and December 31, 2019) Total stockholders' equity Total liabilities and stockholders' equity Preferred stock, par value Preferred stock, shares authorized Preferred stock, issued Common stock, par value Common stock, shares authorized Common stock, issued Common stock, outstanding Common stock, issuable Treasury stock, shares Statement of Cash Flows [Abstract] Cash flows from operating activities Net loss Adjustments to reconcile net loss to net cash used in operating activities: Equity based compensation, including issuance of stock to directors Amortization expense - right-of-use assets Changes in other operating items: Deferred tax asset Income tax receivable Prepaid expenses, other current assets, and other assets Accounts payable and accrued expenses Operating lease liability Net cash used in operating activities Cash flows from investing activities Investments in U.S. Treasury Bills Proceeds from redemption of U.S. Treasury Bills Net cash provided by investing activities Cash flows from financing activities Proceeds from loan Net cash provided by financing activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Supplemental disclosures of cash flow information Net cash paid (refunded) during the year for Income taxes Non-cash investing and financing activities: Right-of-use-assets obtained from operating lease liabilities upon adoption of new lease standard Statement [Table] Statement [Line Items] Equity Components [Axis] Balance Balance, shares New accounting standard cumulative adjustment Adjusted beginning balance Equity based compensation expense Repurchase of vested restricted stock units Repurchase of vested restricted stock units, shares Issuance of vested restricted shares Issuance of vested restricted shares, shares Stock based compensation expense to directors Stock based compensation expense to directors, shares Purchase of treasury stock Purchase of treasury stock, shares Balance Balance, shares Organization, Consolidation and Presentation of Financial Statements [Abstract] Description of activities Accounting Policies [Abstract] Summary of significant accounting policies Discontinued Operations and Disposal Groups [Abstract] Certain New Accounting guidance not yet adopted Accrued Liabilities and Other Liabilities [Abstract] Accounts payable and accrued expenses Income Tax Disclosure [Abstract] Income taxes Derivative Instruments and Hedges, Liabilities [Abstract] Loan Payable Stockholders' Equity Note [Abstract] Capital Stock Share-based Payment Arrangement [Abstract] Incentive stock plans and stock-based compensation Commitments and Contingencies Disclosure [Abstract] Commitments, Contingencies, and Other Subsequent Events [Abstract] Subsequent Events Principles of consolidation Reclassification Use of estimates Cash and cash equivalents Investment Valuation Investment in undeveloped land Short-term investments Per share data Stock-based compensation Income taxes Concentrations of credit risk Property and equipment Intangible Assets Goodwill Revenue recognition Schedule of Financial Instruments at Fair Value Schedule of accounts payable and accrued expenses Schedule of Income Tax Expense (Benefit) Differences Between Statutory and Reported Amount Tax Rates Schedule of Deferred Tax Assets and Liabilities Reconciliation of Unrecognized Tax Benefits Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Anti-dilutive options outstanding Reclassification of Other operating expenses to Compensation and benefits Cash and cash equivalents Weighted average number of common shares outstanding Weighted average shares issuable Impairment of undeveloped land Cash insured amount U.S. government securities Fair Value, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Investments in U.S. Treasury Bills Accrued professional fees Accrued compensation and related expenses Other Accounts payable and accrued expenses Continuing operations: Current Federal State and local Total current Deferred Federal State and local Total deferred Total income tax (benefit) expense Federal income tax rate State income tax (net of federal effect) Change in valuation allowance Deferred tax asset write-down Sale of Winthrop Non-deductible expenses Impact of tax law change on deferred tax assets and liabilities Effective tax rate Deferred tax assets: Net operating loss carryforwards Capital loss carryforwards Equity-based compensation Tax credit carryforwards Unrealized loss on investments Accrued liabilities & other Gross deferred tax assets Less: valuation allowance Deferred tax assets after valuation allowance Intangible assets Others Deferred tax liabilities Net Deferred tax assets Income Tax Examination [Table] Income Tax Examination [Line Items] Statistical Measurement [Axis] Operating loss carryforward Operating loss carryforwards that does not expire Operating loss carryforwards, expiration date Capital loss carryforward Capital loss carryforwards, expiration date Decrease of valuation allowance Decrease in net operating loss carryforwards Loan received Interest rate Maturity date Authorized number of shares to be repurchased Percent of shares outstanding authorized to be repurchased Increase in the number of shares authorized to be repurchased Number of shares repurchased Value of shares repurchased during period Remaining number of shares available for repurchase Issued shares of common stock Aggregate value of shares issued and to be issued Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Stock awards, Granted Vesting period for plan Share price of stock awards granted Compensation expense Unrecognized compensation expense (unvested) Unrecognized compensation recognition period Stock awards unvested Common Stock, shares issuable Options outstanding Options vested and exerisable Outstanding options, weighted average exercise price Outstanding options, weighted average contractual term Outstanding options, aggregate intrinsic value Options expired Options expired, weighted average exercise price Options expired, weighted average contractual term Options expired, aggregate intrinsic value Commitments And Contingencies [Table] Commitments And Contingencies [Line Items] Monthly rent Expiration date Estimated cost of work - accrual Total estimated cost of repair work Subsequent Event [Table] Subsequent Event [Line Items] Debt forgiveness amount Bedford Oak [Member] Business Acquisition Acquiree One Member. Capital loss carryforwards, expiration date. Commitments And Contingencies Line Items. Commitments And Contingencies Table. Deferred tax asset write-down. Document And Entity Information [Abstract]. Due to sale of Winthrop [Member] Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to sale of winthrop. Egs Llc [Member]. Employee [Member]. Employees [Member] Exclusive of government securities and cash and certain cash equivalents [Member] Four Key Executives Group One [Member] Four Key Executives Group Two [Member] Greenwich [Member] The amount of income taxes paid or (refunded) during the year. Operating lease liability. Disclosure of accounting policy for investment in undeveloped land. Marshall Geller [Member]. Merriman Capital, Inc. [Member]. Merriman Holdings, Inc. [Member] Mt. Kisco [Member] New accounting standard cumulative adjustment. Newly appointed director [Member] A holder of the acquired entity's stock who is not specifically identified. Amortization expense - right-of-use assets. Increase (decrease) in net operating loss carryforwards for the period. Operating loss carryforwards that is not expired. Operating Segment [Member] Plan Name One Member. Plan Name Two Member. Post-apportioned [Member] Pre-apportioned [Member] Proceeds from redemption of U.S. Treasury Bills. Number of restricted share units that have been repurchased during the period and have not been retired and are not held in treasury. Equity impact of the value of restricted stock units that have been repurchased during the period and have not been retired and are not held in treasury. Senior Secured Note [Member]. Share price of stock awards granted. Stock awards [Member] Change in the number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan. Percentage of number of shares outstanding authorized for repurchase. The adjusted beginning balance for stockholder's equity taking into account the effect of the new accounting standard adoption. Two Newly Appointed Directors [Member] 2003 and 2007 NPDC Plan [Member] Winthrop Corporation [Member] Winthrop [Member] Deferred tax assets, noncurrent. Due to State tax filings [Member] Weighted average shares issuable. PPP Loans Member] Weighted-average contractual term for expirations during the period. Operating Expenses Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Assets, Current Assets [Default Label] Liabilities, Current Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Increase (Decrease) in Deferred Income Taxes Increase (Decrease) in Income Taxes Payable Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Marshall Geller [Member] Net Cash Provided by (Used in) Operating Activities Payments to Acquire Investments Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Shares, Outstanding Stock Issued During Period, Value, Treasury Stock Reissued Shares, Issued Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] Cash and Cash Equivalents, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Cash and Cash Equivalents, Fair Value Disclosure Current Income Tax Expense (Benefit) Deferred Federal Income Tax Expense (Benefit) Deferred State and Local Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit) Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Effective Income Tax Rate Reconciliation, Percent Deferred Tax Assets, Gross Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance Deferred Tax Liabilities, Intangible Assets Deferred Tax Liabilities, Other Deferred Tax Liabilities, Gross Deferred Tax Assets, Net EX-101.PRE 11 wish-20201231_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.20.4
Document and Entity Information - USD ($)
12 Months Ended
Dec. 31, 2020
Mar. 12, 2021
Jun. 30, 2020
Document And Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2020    
Entity Registrant Name Wright Investors Service Holdings, Inc.    
Entity Central Index Key 0001279715    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2020    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Shell Company true    
Entity Emerging Growth Company false    
Entity Common Stock, Shares Outstanding   19,839,777  
Entity Current Reporting Status Yes    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Public Float     $ 4,000,000
Entity Interactive Data Current Yes    
Entity Incorporation, State or Country Code DE    
Entity File Number 000-50587    
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Expenses    
Compensation and benefits $ 496 $ 449
Other operating 829 1,791
Total expenses 1,325 2,240
Loss from operations (1,325) (2,240)
Interest and other income, net 311 262
Loss from operations before income taxes (1,014) (1,978)
Income tax benefit (expense) 21 (25)
Net loss $ (993) $ (2,003)
Basic and diluted loss per share $ (0.05) $ (0.10)
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 6,469 $ 7,336
Income tax receivable 73 15
Prepaid expenses and other current assets 40 131
Total current assets 6,582 7,482
Other assets 8 26
Deferred tax assets 37
Total assets 6,590 7,545
Current liabilities    
Accounts payable and accrued expenses 83 190
Loan payable 53
Total current liabilities 136 190
Total liabilities 136 190
Stockholders' equity    
Preferred stock, par value $0.01 per share, authorized 10,000,000 shares; none issued
Common stock, par value $0.01 per share, authorized 30,000,000 shares; issued 20,654,996 in 2020 and 2019; outstanding 19,839,777 in 2020 and 2019; and 227,160 shares issuable as of December 31,2020 206 206
Additional paid-in capital 34,226 34,134
Accumulated deficit (26,279) (25,286)
Treasury stock, at cost (815,219 shares at December 31, in 2020 and December 31, 2019) (1,699) (1,699)
Total stockholders' equity 6,454 7,355
Total liabilities and stockholders' equity $ 6,590 $ 7,545
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, issued
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 30,000,000 30,000,000
Common stock, issued 20,654,996 20,654,996
Common stock, outstanding 19,839,777 19,839,777
Common stock, issuable 227,160  
Treasury stock, shares 815,219 815,219
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net loss $ (993) $ (2,003)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity based compensation, including issuance of stock to directors 92 90
Amortization expense - right-of-use assets 192
Changes in other operating items:    
Deferred tax asset 37 37
Income tax receivable (58) 36
Prepaid expenses, other current assets, and other assets 109 47
Accounts payable and accrued expenses (107) (14)
Operating lease liability (192)
Net cash used in operating activities (920) (1,807)
Cash flows from investing activities    
Investments in U.S. Treasury Bills (250) (15,860)
Proceeds from redemption of U.S. Treasury Bills 250 18,840
Net cash provided by investing activities 2,980
Cash flows from financing activities    
Proceeds from loan 53
Net cash provided by financing activities 53
Net (decrease) increase in cash and cash equivalents (867) 1,173
Cash and cash equivalents at the beginning of the year 7,336 6,163
Cash and cash equivalents at the end of the year 6,469 7,336
Supplemental disclosures of cash flow information    
Net cash paid (refunded) during the year for Income taxes 4 (49)
Non-cash investing and financing activities:    
Right-of-use-assets obtained from operating lease liabilities upon adoption of new lease standard $ 192
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock (Issued) [Member]
Additional paid-in capital [Member]
Accumulated deficit [Member]
Treasury stock, at cost [Member]
Total
Balance at Dec. 31, 2018 $ 204 $ 34,046 $ (23,283) $ (1,699) $ 9,268
Balance, shares at Dec. 31, 2018 20,462,462        
Net loss (2,003) (2,003)
Equity based compensation expense 10 10
Stock based compensation expense to directors $ 2 78 80
Stock based compensation expense to directors, shares 192,534        
Balance at Dec. 31, 2019 $ 206 34,134 (25,286) (1,699) 7,355
Balance, shares at Dec. 31, 2019 20,654,996        
Balance, shares at Dec. 31, 2019 20,654,996        
Net loss (993) (993)
Equity based compensation expense 12 12
Stock based compensation expense to directors 80 80
Stock based compensation expense to directors, shares        
Balance at Dec. 31, 2020 $ 206 $ 34,226 $ (26,279) $ (1,699) $ 6,454
Balance, shares at Dec. 31, 2020 20,654,996        
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.4
Description of activities
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of activities
1.Description of activities

 

The Company is a “shell company”, as defined in Rule 405 of the Securities Act of 1933, as amended, or the Securities Act, and Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. As a shell company, its stockholders will be unable to utilize Rule 144 of the Securities Act, or Rule 144 to sell “restricted stock” as defined in Rule 144 or otherwise use Rule 144 to sell stock of the Company, and the Company would be ineligible to utilize registration statements on Form S-3 or Form S-8 for so long as the Company remains a shell company and for 12 months thereafter. Among other things, as a consequence, the offering, issuance and sale of its securities is likely to be more expensive and time consuming and may make the Company’s securities less attractive to investors.

 

The Company is not engaged in the business of investing, reinvesting, or trading in securities, and it does not hold itself out as being engaged in those activities. However, under the Investment Company Act of 1940, as amended (the “Investment Company Act”), a company may fall within the scope of being an “inadvertent investment company” under section 3(a)(1)(C) of such Act if the value of the Company’s investment securities (as defined in the Investment Company Act) is more than 40% of the Company’s total assets (exclusive of government securities and cash and certain cash equivalents).

 

The Company intends to evaluate and explore all available strategic options. The Company will continue to work to maximize stockholder value. Such strategic options may include acquisition of an investment advisory business, acquisition of a financial services business, creating partnerships or joint ventures for those or other businesses and investing in other businesses that provide attractive opportunities for growth. The directors will also consider alternatives for distributing some or all of the Company’s cash and cash equivalents. Until such time as a decision is made as to how the liquid assets of the Company are so deployed, the Company intends to invest its liquid assets in high-grade, short- term investments (such as cash and cash equivalents) consistent with the preservation of principal, maintenance of liquidity and avoidance of speculation.

 

See “Risk Factors “The Company may be classified as an inadvertent investment company if the Company acquires investment securities in excess of 40% of its total assets” and “The Company is a shell company under the federal securities laws.” As of December 31, 2020, the Company is not considered an inadvertent investment company.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of significant accounting policies
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of significant accounting policies

2.Summary of significant accounting policies

 

Principles of consolidation.

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are inactive. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

Use of estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from these estimates.

 

Cash and cash equivalents

 

Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase.  Cash equivalents, which are carried at fair value or amortized cost, as applicable, consist of holdings in a money market fund and in treasury bills. Cash and cash equivalents amounted to approximately $6,469,000 and $7,336,000 at December 31, 2020 and 2019, respectively.

 

 

Investment Valuation

 

The Company carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

 

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.
   
Level 2 Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company.
   
Level 3 Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability.

 

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities.

 

As of December 31, 2020, and 2019, the Company held $5,950,000 and $7,144,000 in U.S. government securities. U.S. government securities are valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. U.S. government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. The U.S. government securities, which have maturities of three months or less at time of purchase, are reported as Cash and cash equivalents on the balance sheet as of December 31, 2020 and 2019.

 

The following table presents the Company’s financial instruments at fair value (in thousands):

 

  

Fair Value Measurements

as of December 31, 2020

 
   12/31/2020   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $6,469   $519   $5,950    - 

 

 

 

  

Fair Value Measurements

as of December 31, 2019

 
   12/31/2019   Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $7,336   $192   $7,144    - 

 

 

Investment in undeveloped land

 

The Company owns certain non-strategic assets, including an investment in land and certain flowage rights in undeveloped property (the “properties”) primarily located Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.

 

Per share data

 

Basic and diluted loss per share for the years ended December 31, 2020 and 2019, respectively, is calculated based on 19,977,927 and 19,736,479 weighted average outstanding shares of common stock, including a weighted average 138,150 shares which are issuable at December 31, 2020.

 

Options for 100,000 and 550,000 shares of common stock in 2020 and 2019, respectively, and stock awards for 66,667 and 100,000 shares of common stock in 2020 and 2019, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net operating losses for both years.

 

Stock-based compensation

 

Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. 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, 2020 and 2019.

 

Concentrations of credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in treasury bills are insured up to $500,000. For the years ended December 31, 2020 and 2019, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.4
Certain New Accounting guidance not yet adopted
12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Certain New Accounting guidance not yet adopted
3.Certain New Accounting guidance not yet adopted

 

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13) "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The standard, as amended, is effective for periods beginning after December 15, 2022 for both interim and annual periods. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have an impact on its consolidated financial statements.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Accounts payable and accrued expenses
12 Months Ended
Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]  
Accounts payable and accrued expenses
4.Accounts payable and accrued expenses

 

Accounts payable and accrued expenses consist of the following (in thousands):

 

   Year Ended December 31, 
   2020   2019 
         
Accrued professional fees  $42   $127 
Other   41    63 
Total  $83   $190 
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.20.4
Income taxes
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income taxes
5.Income taxes

 

The components of income tax (benefit) expense are as follows (in thousands):

 

   Year Ended December 31, 
   2020   2019 
Current        
Federal  $(37)  $(37)
State and local   (21)   25 
Total current   (58)   (12)
           
Deferred          
Federal  $37   $37 
State and local   -    - 
Total deferred  $37   $37 
           
Total income tax (benefit) expense  $(21)  $25 

 

 

 

For the years ended December 31, 2020 and 2019, the current income tax benefit related to operations represents a refundable alternative minimum tax credit net of adjustments to and accruals of minimum state income taxes. For the years ended December 31, 2020 and 2019, deferred income tax expense represents the utilization of the alternative minimum tax credit carryforward.

 

The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax expense (benefit) from operations is as follows:

 

   Year ended December 31,
   2020  2019
Federal income tax rate   (21.0)%   (21.0)%
State income tax (net of federal effect)   55.5    29.2 
Change in valuation allowance   (38.5)   (24.2)
Deferred tax asset write-down   -    16.9 
Non-deductible expenses   1.9    0.4 
Effective tax rate   (2.1)%   1.3%

 

The deferred tax assets and liabilities are summarized as follows (in thousands):

 

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

 

A valuation allowance is provided when it is more likely than not that some portion of deferred tax assets will not be realized. The valuation allowance decreased by approximately $391,000 and $476,000 respectively, during the years ended December 31, 2020 and 2019. The decreases in the valuation allowance during the years ended December 31, 2020 and 2019 was mainly due to adjustments to the net operating loss carryforward.

 

The Company files a consolidated federal tax return with its subsidiaries. As of December 31, 2020, the Company has a federal net operating loss carryforward of approximately $20,312,000, of which $15,280,000 expires from 2031 through 2037, and $5,032,000 does not expire. The Company also has various state and local net operating loss carryforwards totaling approximately $4,180,000, which expire between 2021 and 2040, and a capital loss carryforward of approximately $2,690,000, which expires between 2021 and 2024. State net operating loss carryforwards were reduced during the year ended December 31, 2020 by approximately $16,244,000 due to a change in State tax filings.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.20.4
Loan Payable
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedges, Liabilities [Abstract]  
Loan Payable
6.Loan Payable

 

On May 1, 2020, the Company received $53,000 from Fieldpoint Private Bank pursuant to the Paycheck Protection Program (the “PPP Loan”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan matures on May 4, 2022 (the “Maturity Date”), accrues interest at 1% per annum and may be prepaid in whole or in part without penalty. No principal or interest payments are due within the initial six months of the PPP Loan. Thereafter, monthly payments of principal and interest are due. The interest accrued during the initial six-month period is due and payable, together with the remaining principal, on the Maturity Date. The Company used all proceeds from the PPP Loan to retain employees, maintain payroll and make operating expense payments to support business continuity throughout the COVID-19 pandemic. The amounts were forgiven as of January 7, 2021 (see Note 10 to the Consolidated Financial Statements).

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Capital Stock
12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Capital Stock

7.Capital Stock

 

The Company’s Board of Directors, without any vote or action by the holders of common stock, is authorized to issue preferred stock from time to time in one or more series and to determine the number of shares and to fix the powers, designations, preferences and relative, participating, optional or other special rights of any series of preferred stock.

 

The Board of Directors authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market or privately negotiated transactions. At December 31, 2020 and 2019, the Company had repurchased 2,041,971 shares of its common stock and a total of 2,958,029 of the authorization shares, remained available for repurchase at December 31, 2020.

 

During the year ended December 31, 2020, there were 193,827 shares of Company common stock to be issued to the independent directors of the Company, in payment of quarterly directors’ fees due to them during 2020. During the year ended 2019, the Company issued 192,534 shares of Company common stock to the independent directors of the Company, in payment of quarterly directors’ fees due to them during 2019.  The value of the shares of Company common stock to be issued and issued as of December 31, 2020 and 2019, respectively was $80,000 each year. The equity compensation awards were issued pursuant to the exemption from the registration requirements of Section 5 of the Securities Act of 1933 (“1933 Act”) provided by Section 4(a)(2) of the 1933 Act. 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Incentive stock plans and stock-based compensation
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Incentive stock plans and stock-based compensation

8.Incentive stock plans and stock-based compensation

 

Stock awards

 

On February 13, 2019, 100,000 stock awards were issued to a newly appointed director of the Company. The stock awards vest equally, annually, over 3 years. The stock awards are valued based on the closing price of $0.42 of the Company’s common stock on February 13, 2019. At December 31, 2020, 66,667 stock awards remained unvested and 33,333 shares are to be issued.

 

The Company recorded compensation expense of $12,500 and $10,000 for the years ended December 31, 2020 and 2019, respectively, related to those stock awards. The total unrecognized compensation expense related to these unvested stock awards at December 31, 2020 is $15,600, which will be recognized over the remaining vesting period of approximately 1.12 years. 

 

Common stock options

 

The Company adopted a stock-based compensation plan for employees and non-employee members of its Board of Directors in November 2003 (the “2003 Plan”), and the National Patent Development Corporation 2007 Incentive Stock Plan in December 2007 (the “2007 NPDC Plan”).  The periods during which additional awards may be granted under the plans have expired and no further awards may be granted under any of these plans after December 20, 2017. As a consequence, any equity compensation awards issued after that time will be on terms determined by the Board of Directors or the Compensation Committee of the Board of Directors and pursuant to exemptions from the registration requirements of the securities laws.

 

As of December 31, 2020, all options were vested and there were outstanding options to acquire 100,000 common shares under the 2007 NPDC Plan. All 100,000 options were vested and exercisable, having an exercise price of $1.29 per share, a remaining contractual term of 1 year and zero aggregate intrinsic value. There were no grants, forfeitures or exercises of options during the year of 2020. During 2020, 450,000 options with a weighted average exercise price of $1.36, a weighted average contractual term of 2 years, and zero aggregate intrinsic value per share had expired.

 

As of December 31, 2019, all options were vested and there were outstanding options to acquire 550,000 common shares under the 2007 NPDC Plan. All 550,000 options were vested and exercisable, having a weighted average exercise price of $1.35 per share, a weighted average contractual term of 1.75 years and zero aggregate intrinsic value. There were no grants, forfeitures or exercises of options during the year of 2019.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments, Contingencies, and Other
12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies, and Other
9.Commitments, Contingencies, and Other

 

a)The extent of the impact and effects of the outbreak of the coronavirus (COVID-19) on the operation and financial performance of our Company are unknown. However, the Company does not expect that the outbreak will have a material adverse effect or financial results at this time.

 

b)In July 2019, the Company entered into a six-month lease for office space in a building located in Mt. Kisco, NY. The lease commenced on September 1, 2019, expired on February 29, 2020, and is being renewed on a monthly basis for $3,800 per month.

 

c)The Company has interests in land and certain flowage rights in undeveloped property (the “properties”) primarily located in Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.

 

On September 26, 2014, the Connecticut Department of Energy and Environmental Protection (“DEEP”) issued two Orders requiring the investigation and repair of two dams in which the Company and its subsidiaries have certain ownership interests. The first Order required that the Company investigate and make specified repairs to the ACME Pond Dam located in Killingly, Connecticut. The second Order, as subsequently revised by DEEP on October 10, 2014, required that the Company investigate and make specified repairs to the Killingly Pond Dam located in Killingly, Connecticut. The Company administratively appealed and contested the allegations in both Orders. On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Killingly Pond Dam. The Killingly Pond Consent Order required the Company to continue to perform routine maintenance and administrative procedures consistent with DEEP’s Dam Safety regulations, the cost of which was not material to the Company’s financial position or results of operations.

 

On July 27, 2017, the Company entered into a Consent Order with the DEEP relative to Acme Pond Dam. The Acme Pond Dam Consent Order required the Company to investigate and recommend repairs to Acme Pond Dam. Based up on the work performed by the Company’s retained consulting engineering firm, the Company submitted its recommended Action Plan (the “Action Plan”) for Acme Pond Dam pursuant to the Consent Order on November 30, 2017 and such recommended Action Plan was approved by DEEP as submitted on May 23, 2019. Total expenses for the repair work conducted in accordance with the Action Plan during the year ending December 31, 2019 was approximately $150,000. All repair work required for both the ACME Pond Dam and the Killingly Pond Dam was completed as of December 31, 2019. DEEP issued a Certificate of Compliance for Consent Order for the ACME Pond Dam on February 7, 2020, and a Certificate of Compliance for Consent Order for the Killingly Pond Dam was issued on May 22, 2020.

 

The Company and its representatives continue to discuss a proposed ownership transfer with interested parties.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.4
Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events
10.Subsequent Events

 

On January 7, 2021, the Small Business Administration forgave the PPP loan in the amount of $53,000. As such the PPP loan was paid in full as of January 7, 2021.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Principles of consolidation

Principles of consolidation.

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, all of which are inactive. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates

Use of estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from these estimates.

Cash and cash equivalents

Cash and cash equivalents

 

Cash equivalents represent short-term, highly liquid investments, which are readily convertible to cash and have maturities of three months or less at time of purchase.  Cash equivalents, which are carried at fair value or amortized cost, as applicable, consist of holdings in a money market fund and in treasury bills. Cash and cash equivalents amounted to approximately $6,469,000 and $7,336,000 at December 31, 2020 and 2019, respectively.

Investment Valuation

Investment Valuation

 

The Company carries its investments at fair value. Fair value is an estimate of the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (i.e., the exit price at the measurement date). Fair value measurements are not adjusted for transaction costs. A fair value hierarchy provides for prioritizing inputs to valuation techniques used to measure fair value into three levels:

 

Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities.
   
Level 2 Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company.
   
Level 3 Unobservable inputs. Unobservable inputs reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability.

 

An asset or liability's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities and Level 3 assets and liabilities involve greater judgment than Level 1 or Level 2 assets or liabilities.

 

As of December 31, 2020, and 2019, the Company held $5,950,000 and $7,144,000 in U.S. government securities. U.S. government securities are valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. U.S. government securities are categorized in Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities. The U.S. government securities, which have maturities of three months or less at time of purchase, are reported as Cash and cash equivalents on the balance sheet as of December 31, 2020 and 2019.

 

The following table presents the Company’s financial instruments at fair value (in thousands):

 

  

Fair Value Measurements

as of December 31, 2020

 
   12/31/2020   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $6,469   $519   $5,950    - 

 

 

 

  

Fair Value Measurements

as of December 31, 2019

 
   12/31/2019   Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $7,336   $192   $7,144    - 
Investment in undeveloped land

Investment in undeveloped land

 

The Company owns certain non-strategic assets, including an investment in land and certain flowage rights in undeveloped property (the “properties”) primarily located Killingly, Connecticut. The properties were fully impaired as of December 31, 2018.

Per share data

Per share data

 

Basic and diluted loss per share for the years ended December 31, 2020 and 2019, respectively, is calculated based on 19,977,927 and 19,736,479 weighted average outstanding shares of common stock, including a weighted average 138,150 shares which are issuable at December 31, 2020.

 

Options for 100,000 and 550,000 shares of common stock in 2020 and 2019, respectively, and stock awards for 66,667 and 100,000 shares of common stock in 2020 and 2019, respectively, were not included in the diluted computation as their effect would be anti-dilutive since the Company incurred net operating losses for both years.

Stock-based compensation

Stock-based compensation

 

Stock-based compensation cost for employees is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for consultants is initially measured at the grant date based on the fair value of the award, remeasured each reporting date until the instrument vests, at which time the cost is established. The cost is recognized as an expense on a straight-line basis, as adjusted each reporting period, over the requisite service period, which is generally the vesting period. 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, 2020 and 2019.

Concentrations of credit risk

Concentrations of credit risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. Investments in cash and money market funds are insured up to $250,000 per depositor, per insured bank. Investments in treasury bills are insured up to $500,000. For the years ended December 31, 2020 and 2019, a substantial portion of the Company's investments in cash and treasury bills are in excess of these limits.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of significant accounting policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Financial Instruments at Fair Value

The following table presents the Company’s financial instruments at fair value (in thousands):

 

  

Fair Value Measurements

as of December 31, 2020

 
   12/31/2020   Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $6,469   $519   $5,950    - 

 

 

 

  

Fair Value Measurements

as of December 31, 2019

 
   12/31/2019   Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
 
                 
Cash and cash equivalents  $7,336   $192   $7,144    - 
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.20.4
Accounts payable and accrued expenses (Tables)
12 Months Ended
Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following (in thousands):

 

   Year Ended December 31, 
   2020   2019 
         
Accrued professional fees  $42   $127 
Other   41    63 
Total  $83   $190 
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Income taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)

The components of income tax (benefit) expense are as follows (in thousands):

 

   Year Ended December 31, 
   2020   2019 
Current        
Federal  $(37)  $(37)
State and local   (21)   25 
Total current   (58)   (12)
           
Deferred          
Federal  $37   $37 
State and local   -    - 
Total deferred  $37   $37 
           
Total income tax (benefit) expense  $(21)  $25 
Differences Between Statutory and Reported Amount Tax Rates

The difference between the benefit for income taxes computed at the statutory rate and the reported amount of tax expense (benefit) from operations is as follows:

 

   Year ended December 31,
   2020  2019
Federal income tax rate   (21.0)%   (21.0)%
State income tax (net of federal effect)   55.5    29.2 
Change in valuation allowance   (38.5)   (24.2)
Deferred tax asset write-down   -    16.9 
Non-deductible expenses   1.9    0.4 
Effective tax rate   (2.1)%   1.3%
Schedule of Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities are summarized as follows (in thousands):

 

   December 31, 
   2020   2019 
Deferred tax assets:          
Net operating loss carryforwards  $4,501   $4,884 
Capital loss carryforwards   703    724 
Equity-based compensation   132    111 
Tax credit carryforwards   -    37 
Unrealized loss on investments   98    100 
Accrued liabilities & other   -    6 
Gross deferred tax assets   5,434    5,862 
Less: valuation allowance   (5,434)   (5,825)
Deferred tax assets after valuation allowance   -    37 
           
Net Deferred tax assets  $-    37 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of significant accounting policies (Narrative) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Cash and cash equivalents $ 6,469 $ 7,336
Weighted average number of common shares outstanding 19,977,927 19,736,479
Weighted average shares issuable 138,150  
U.S. government securities $ 5,950 $ 7,144
Cash and Money Market Funds [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Cash insured amount 250  
US Treasury Bills [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Cash insured amount $ 500  
Options [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive options outstanding 100,000 550,000
Stock Awards [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive options outstanding 66,667 100,000
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of significant accounting policies (Schedule of Financial Instruments at Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents $ 6,469 $ 7,336 $ 6,163
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents 519 192  
Significant Other Observable Inputs (Level 2) [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents 5,950 7,144  
Significant Unobservable Inputs (Level 3) [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash and cash equivalents  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.20.4
Accounts payable and accrued expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]    
Accrued professional fees $ 42 $ 127
Other 41 63
Accounts payable and accrued expenses $ 83 $ 190
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.4
Income taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Current    
Federal $ (37) $ (37)
State and local (21) 25
Total current (58) (12)
Deferred    
Federal 37 37
State and local
Total deferred 37 37
Total income tax (benefit) expense $ (21) $ 25
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Federal income tax rate (21.00%) (21.00%)
State income tax (net of federal effect) 55.50% 29.20%
Change in valuation allowance (38.50%) (24.20%)
Deferred tax asset write-down 16.90%
Non-deductible expenses 1.90% 0.40%
Effective tax rate (2.10%) 1.30%
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Income taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Net operating loss carryforwards $ 4,501 $ 4,884
Capital loss carryforwards 703 724
Equity-based compensation 132 111
Tax credit carryforwards 37
Unrealized loss on investments 98 100
Accrued liabilities & other 6
Gross deferred tax assets 5,434 5,862
Less: valuation allowance (5,434) (5,825)
Deferred tax assets after valuation allowance 37
Net Deferred tax assets $ 37
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Income taxes (Narrative) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Tax Examination [Line Items]    
Capital loss carryforward $ 703 $ 724
Decrease of valuation allowance $ (391) $ (476)
Minimum [Member]    
Income Tax Examination [Line Items]    
Capital loss carryforwards, expiration date Dec. 31, 2021  
Maximum [Member]    
Income Tax Examination [Line Items]    
Capital loss carryforwards, expiration date Dec. 31, 2024  
Federal [Member]    
Income Tax Examination [Line Items]    
Operating loss carryforward $ 20,312  
Operating loss carryforwards that does not expire 5,032  
Federal [Member] | Minimum [Member]    
Income Tax Examination [Line Items]    
Operating loss carryforward $ 15,280  
Operating loss carryforwards, expiration date Jan. 01, 2031  
Federal [Member] | Maximum [Member]    
Income Tax Examination [Line Items]    
Operating loss carryforwards, expiration date Dec. 31, 2037  
State and Local [Member]    
Income Tax Examination [Line Items]    
Operating loss carryforward $ 4,180  
Capital loss carryforward 2,690  
State and Local [Member] | Due to State tax filings [Member]    
Income Tax Examination [Line Items]    
Decrease in net operating loss carryforwards $ (16,244)  
State and Local [Member] | Minimum [Member]    
Income Tax Examination [Line Items]    
Operating loss carryforwards, expiration date Jan. 01, 2021  
State and Local [Member] | Maximum [Member]    
Income Tax Examination [Line Items]    
Operating loss carryforwards, expiration date Dec. 31, 2040  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Loan Payable (Details) - PPP Loans Member]
$ in Thousands
May 01, 2020
USD ($)
Loan received $ 53
Interest rate 1.00%
Maturity date May 04, 2022
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.20.4
Capital Stock (Details) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Authorized number of shares to be repurchased 5,000,000  
Number of shares repurchased 2,041,971 2,041,971
Remaining number of shares available for repurchase 2,958,029  
Common stock, issuable 227,160  
Director [Member]    
Issued shares of common stock   192,534
Common stock, issuable 193,827  
Aggregate value of shares issued and to be issued $ 80,000 $ 80,000
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.20.4
Incentive stock plans and stock-based compensation (Stock Awards) (Details) - USD ($)
1 Months Ended 12 Months Ended
Feb. 13, 2019
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common Stock, shares issuable   227,160  
Stock Awards [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common Stock, shares issuable   33,333  
Stock Awards [Member] | Newly appointed director [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock awards, Granted 100,000    
Vesting period for plan 3 years    
Share price of stock awards granted $ 0.42    
Compensation expense   $ 12,500 $ 10,000
Unrecognized compensation expense (unvested)   $ 15,600  
Unrecognized compensation recognition period   1 year 1 month 13 days  
Stock awards unvested   66,667  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Incentive stock plans and stock-based compensation (Common Stock Options) (Details) - 2007 NPDC Plan [Member] - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Options outstanding 100,000 550,000
Options vested and exerisable 100,000 550,000
Outstanding options, weighted average exercise price $ 1.29 $ 1.35
Outstanding options, weighted average contractual term 1 year 1 year 9 months
Outstanding options, aggregate intrinsic value $ 0 $ 0
Options expired 450,000  
Options expired, weighted average exercise price $ 1.36  
Options expired, weighted average contractual term 2 years  
Options expired, aggregate intrinsic value $ 0  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Commitments, Contingencies, and Other (Details) - USD ($)
1 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2019
Commitments And Contingencies [Line Items]    
Total estimated cost of repair work   $ 150,000
Mt. Kisco [Member]    
Commitments And Contingencies [Line Items]    
Monthly rent $ 3,800  
Expiration date Feb. 29, 2020  
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Subsequent Events (Narrative) (Details)
Jan. 07, 2021
USD ($)
Subsequent Event [Member] | PPP Loans Member]  
Subsequent Event [Line Items]  
Debt forgiveness amount $ 53,000
EXCEL 45 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( !A[;%('04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " 8>VQ2 B^84.\ K @ $0 &1O8U!R;W!S+V-O&ULS9+! M3L,P#(9?!>7>NFEAAZC+91,GD)"8!.(6)=X6K6FBQ*C=V].&K1."!^ 8^\_G MSY);'83V$5^B#QC)8KH;7=,!@M(G M=4"HJVH%#DD910IF8!$6(I.MT4)'5.3C!6_T@@^?L M&,YCU\(-,,,(HTO?!30+,5?_Q.8.L$MR3'9)#<-0#DW.33MP>']^>LWK%K9/ MI'J-TZ]D!9T#KMEU\ENSV>X>F:RKFA=54_!ZQQ]$?2^:U&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M M3A^%$5B-;'EDD81_OTV23;J;/ 0LZ?O.14?GZ#AY\^XN8NB&B)3R M> +]O6N[!3+ MUES@6QHO(];JM-O=5H1I;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,! M$U=!)KF(M/+Y;,7\VMX^9<_I.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9K MQ]'22(""R7V4!;I)]J/3%0@R#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2 MBW A(5M>5 TR M6'!VULS2 Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D 4. #?$ MT4Q0?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>"(<7K;YH] M5Z%82=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5 9<8WS2J-2S%UGB5P/&M MG#P=$Q+-E L&08:7)"82J3E^34@3_BNEVOZKR2.FJW"$2M"/F(9 M-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+ MD!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T M!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+ M.7\N?<^E[[GT/:'2MSAD6R4)RU3393>* M$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y M"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_# M0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O& RN0 MHGQ,C$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55OR ML+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SC MYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M# DL6XA9$N)-7>W5YYNTB42%(JP# 4A M%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF M8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.' MYA,L0Z1^P7V*BH 1JV*^NJ]/^26<.[1[\8$@F_S6VZ3VW> ,?-2K6J5D*Q$_ M2P=\'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]! MU4#E/]O4#6CV#30,9FV-J/D3@H\W/[O#;#"Q([A[8N_ 5!+ P04 M" 8>VQ2!]>#&6($ "%$ & 'AL+W=O!1E/\M9X:)\]R/%0%#I-:/,@& ^W? T+T%^W#Q+O@EHE3C+(52)R(F$U:DWH MQQGKF #[Q;<$=NK@FIBN+(5X,3=W\:@5&B)((=)&@N.?5YA"FAHEY/BG$FW5 M;9K P^N]^MQV'CNSY JF(GU*8KT9M:Y;)(85+U+]*':?H.I0S^A%(E7V-]F5 MWW:[+1(52HNL"D:"+,G+O_RM2L1A0'@D@%4![(< >JR%3A70.3>@6P5T;6;* MKM@\S+CFXZ$4.R+-UZAF+FPR;31V/\G-N"^TQ+<)QNGQ3$0%#J,F/(_);:X3 M_4[N\K*>S+BTR=?%C/SR\Z_#0&-S)BB(*NF;4IH=D::,?!&YWBC4C2'^7B! MSAJ6[6%OF%=Q!M$EZ= +PD(6.H"F_O O7%X2RFPX=83/_.&_%SFV'KI:_ZXW MG3KU':O7.97ZB3OU?TV62DN<&'][&NO6C75M8]U3C?WYO@776/K#:=C^[*'H MU10]K\P$$6*+,4_YVH7ACU_Q5(&'XZKFN#HO&P\@$V&R'Q.(1U8H8?(>]YYB3SZSQ)8WE84:^ +B(568!\32(@GT0: M)_E:7>"[Z-)#?%T37Y]#/,6$2IZB:@QOY#.\NYC]2F$84M8?]&G/@S6HL09> ML6DAI2VU1$6(]0Q<>@?:K]9N4];N4 \7#1O/#<\KOPJMJL(Y/E9.G_7+S9]] M5 C60CHKZX3.OQO2IW[4KGML,Y!J-A_R&"GKC)?M_RP!MU@'JM^^]=8DLPQ5WH47T MXU*N6>5S?;Z=4P'UYU!O]\?!J\NJF8%H&X2MD-ID;J&Y/C(=_8K/H'SY:IR>GF7U3UA9[9=<[#!GP)7(<4+=*57\.*,J M-K_FO?"A-6Y/_09=H7T3:9%K/,*4,]R=++^2%X@U+L_\MEP!/13+-(EPPR.X M=FXZ2Y6K@SKJAO;'74:L,73F]^!Z3ZE!EN-E'7Y+EF;>\T6)K3X%+H?%,:2\WP&.0Y@-\OQ)"[V], _5_'L;_ E!+ M P04 " 8>VQ2.R"5L$H# O"@ & 'AL+W=O5 M2%94SHJ@R&CY)F]5(AH.?GC& 5<.N.W0.^,05 Z!";0D,V'-B223$6<'Q+6U M4M,?)C?&6T6343V-*\G5WTSYRMA\;A>H>4M6CXM MGF_6=\H 7:%OJSFZ^/09?4(91>N4[06AB1BY4C%H)3>NQIN6X^$SX_D8/3 J M4X$6-('DHX"KX.L(\#&"*>Y4G$-\C0+_$F$/>Q:@V3^[^U$'3E G-#!ZP1F] MQ9O:80)$AU2OENH9J=ZYN6&%UB+E>J<)>@$*FTQ:TUY*A49*[]W722\*1^YK M,Q,6FUY4VWQ@[->,_4[&I4R!(W6J<(5)MS:R4J#?&'6(HQ;9J8T_B'P[6EBC MA9UH:R9)CL Z'R59>#IJ@/LMM%,CC'N>'6U0HPTZT>Z9$&C#67','*-6P,') MV%<60HO5><1AC3CL1+RC$C@(:18>,[.^\GK_>7#!_ACAL; M752K];/U8/5.D]?.K\7FJK%>/I(V[@B_D_11E1.Y2K.5RC\Y5*ZB*&AS6:Q4 MI1&<(RO(.JWOKJN?&W/6M_JFNALR5_BY3EE(/A&\SM:9SV"A) M[WJ@9I>7U4G9D&QG+O@7)E6Y8#Y35=$!UP;J_X8Q>6SH >H:&PO=V]R:W-H965T&ULK5AM;^(X$/XK5K32[4JTQ,X;= &)TIZV4F];+=V[SR:88C6)6=LI[?WZ M&R<0"'%25KH/+78R+\^,[7G&&6V%?%%KQC1Z2Y-,C9VUUINK?E_%:Y92=2DV M+(,W*R%3JF$JG_MJ(QE=%DIITB>N&_93RC-G,BJ>/@SFS/]<_,H8=:OK"QYRC+%188D6XV=*;Z: M$6(4"HF_.=NJHS$RH2R$>#&3N^78<0TBEK!8&Q,4?E[9C"6)L00X?NV,.I5/ MHW@\WEO_LP@>@EE0Q68B^8%-D3#,[.,.?ENO1"6KS;B' MB$M]@..:P@AYV0GX2FR1GHPH;K,!B0$WQ- MH<@_$JH!C"J 42? AR)][<"BAL_!":JF!&G9A8,*TZ 3TPU;,4C8LMB'[= Z MC1ARNU(;&K.Q ^REF'QES@39*LN@$8 7V0,85@$,SUCU=N1#RVH/3W=C4R@* M_)83A-U#,7?/*FP)IPN><,U95W7#1R2!.T.>QK'(H9RA#7TW1:,XFS2.9HCF>BTD_Q>$L=MSW>*O?*F^HDQD#'&EX"A9D]>)XS<*X?]@J)ZK PGA M;A::B32%COVW$N4U$U7F"'K 7ACXO>$P-$VI:2B+:F1:PZ\(+BI*PY1GSP@/ M>P-OV(NBR")8C$C4P^'>06&_+&X*B16"II.E"P 'C6=+VWJ-+?3H-G9VMU ] MJ0<6Q=TT.ETNN;D(P?$S;=,%A!C3#8?C: 5JH4&?D 94FQCV_!:P!\;$W90) M_)&G>4(UK!_004M2R8$_B=M=SN FK'+YOM^K M5*-8*(T^#W#0(WBXWRKP_'A[U/97[879;%]LH>Z U$+ X? TT@_%ZH$>")UT M$WI9M]6'U7$'MLG0H1_XIUB;4I$7M/0TY.BNUDWD#8HILGPV=-*\;36[,8N4 MI1WK'UVSS3>.OZA\YIE""5N!FGL90>BR_&Q03K38%#?OA=!PCR^&:T8!LA& M]RLA]'YB+O/5QYO)?U!+ P04 " 8>VQ2])7SR0 # #X"0 & 'AL M+W=O07$%)!) I4 MG=2UJ'3;P[0'DQS$:A(SVX%V?_UL)\U("31H/!#;N?O>YYQ+SL,=94\\!A#H M.4TR/C)B(3:7ILG#&%+,.W0#F;RSHBS%0D[9VN0;!CC23FEB.I;5-U-,,B,8 MZK4Y"X8T%PG)8,X0S],4LY.$9HC!:F2,[)K/$'"8T^4$B$8^,@8$B6.$\$0]T=P-E M0CVE%]*$ZW^T*VQ[GH'"G N:ELZ2("59<<7/Y4;L.=C=(PY.Z>"T=7!+!UYOOTS'C[,I MNAK?CN\F,[2XF%^CC'#/(1 R"A#CYA#ZC#\A$/):K?&@*&5UIF&$9Z:J( MY!R)-(6P@US[ CF68S6X3UJ[VW[=W90Y5XD[5>*.UG./Z"T$%B#K42"Z0M"3:7M0F,083D PV?+M &,[3% M20Y-^UAH>5I+O8;;P.I8]M#<[N_6.T8US&Z%V3T/LWC6".06&XS174PK#&/*B8 M!V@_AF@LBUS@;.(9.LF6O_P??,'KN]Y MWAO:%H8U6MOZUUVL,S<6+Y/&>BV%:EOF>';_R).U]QJ,Y>ZA79 MB& ?( SLGJ/:36V[WK%*!%<>,8B+H1G?J M)16R[^MA+(]FP)2!O+^B5+Q.5/.O#GO!7U!+ P04 " 8>VQ2*EF:=<(% M "S%0 & 'AL+W=OBI.=D+_4&D"3USA*U'5KK?7FJM-1P1IBIB[%!A)\LQ0R9AIOY:JC-A)8 MF V*HP[UO$$G9CQI32?9LV=TDO(8T@4%PF1L+QNW?A7,SHR S*+OSCLU,$U,506 M0OPR-P_A=7N^]?\[((YD%4S 3 MT4\>ZO5U:]0B(2Q9&NGO8O<%"D)]XR\0DGLZ7'^]/7A[N;E_H[,7_#OV_WCRYP\?2:SF_D7\OGKT\\Y M:9,?\SOR\<,G\H'PA+RL1:I8$JI)1R,&XZD3%/%N\WBT(9Y/R3>1Z+4B]TD( MX;&##H(O&= ]@UOJ]'@'P27I^A>$>M2S )J=/=P?.^!TRX1V,W_=IH0RM29+ M[ Y%EE+$!!M.,LV355ZQ7'-0CC"],DPO"]-K"/.('1X)99V!?.0@&VG:>#MM MC\?=26=[F!6+$;9^976$JE^BZCO)WX1_8\EBEVM%M, V#T02\ A(4L U3\UU M8+*4*@A-.=E2=.7(T:!$,W#FZ/YWRO5;UN4A"42,2Y]B9O&XP*A!E(8F)%\VS9$O2 MN$:N.SR95Z?)$33?JQ9@SPGN(<'2A P:%AWP+5M$8%U8O5KT=G]T@M!BU!TT M0#S0"-\)\5G"AO%P7W?JHIBJ(,6L)KHHO N"DE"\:2[%(M11#7GC4Q9UHUY3 MHFG%@KI;* A$:E:F#7LS.<[@LB"0*534K)!I/?&^=UH;5JM> ^A*3?RN$_13 MV0T1X#I&(LX6/,)ES0K4Z>L/^KQP=,REJ=/]2K/\]T7KW97?2JQ7QS.FWND, M6*S\D==4.)6H^6Y5.Y5TGFQ!G2_I?J57OENP'C+'N7QB=GYBZ# MNJY8"%C$9S3J->&O],4&RFV'/>D9/%VQA07R)V^_Z3C1O44C$=-Y"KA M\\=_5+I+GN!FY^S2I96*4;>*'5=!)%AB2Q>MJU/_=&/J#G162H\Y5#)'W3)G MK83W,U90JTM6G9HS_G^@5FD?=6N?H?8QA,"T(GPRV]_LRJPR&6,CA=D%X)YY MRR*S!%E96D1N-#B50HN5[P\;OBUHI874K86S)J2$:8+;#K* %4\2,U>X]I@' M;\"DE49=WX;=@WU20:-N-? '330J%:1N%7R7!IAMU#L$ZE(WZ U.MU$6JR.: MQP0J/:1N/9RGFTT$1J98A)]**L ONQ0+UH .]@L.EE9^R(12X"KA2ARI6QRK M[C1;T8\2EJDY0?A$PE2:*=^GBV!84FVJ&[JUKH:]T^19!+,W;LA=I99TZ,S= MHTC:&8L#A<'IMJTRKB\?6LD;=@)[ HSI1$XDZ$UO?^7+!:.#H\IZOO0SL'Q5PQRE9T**I+M]O-SI/)I M>?)XDYVWG3R_]:]F^?EAY28_SOS&)"XM"JDOT:5W.<2RD/D)87ZCQ28[9%L( MK46<7:Z!A2"- ;Y?"J'W-R9 >4X[_1=02P,$% @ &'ML4O;V<+)A! MX10 !@ !X;"]W;W)K""VZ "SF"G:?_]VH22 ,9M.DA5>=U[?'RN M\;EAM,'Y$UDB1,%+FF1DK"PI79VH*@F7*(7D&*]0QIX\X#R%E%WFCRI9Y0A& M15*:J(:F.6H*XTR9C(I[-_EDA-4 MWU GHQ5\1'-$[U8W.;M2*Y0H3E%&8IR!'#V,E5/]9*8[/*&(^"M&&[)W#OA4 M[C%^XA<7T5C1.".4H)!R",@.SVB*DH0C,1Z_2E"E&I,G[I^_H<^*R;/)W$." MICCY.X[H31#XR=%N8IL)G"<\94UISE[&K,\.IE>7\VO?USX MIXO !_,%.UP&5XLYN)Z!Z?GIU1_!'%QW\*PA^WETL_@$# M<#?WP;5XYU&4>O@/!)'P%(08B)%''V#B)F\ZNGJ6PQ5"O"J%:$ M4>!8'3AG,(%9B#@C'X7'P-2/@*'IKJBL6R2G0.)[V//$T*R1^KQ?JG:,:6F6 M4X_RVU$#PS1;:( M=ET>QV!_8BY6Q<62LZX]C39[;[2:W'8EMRV5._BUCNEK86 1>TM3YNH$%KZ(7O@Y$M5! M"GE '>S6C'2M\>[T-%30$\Y,2KE6 :>J@".MP-89N@L * 91G+-N!>?"M\)I M;U2-;<69NRVZ'SL-)YV)_.;UNA2.]A>PEXAFU:8GIN M1<_]C#5Y(@:NP)H:IC-U6RQ-2S<;!N:WHP:&;;@-L$ 0)K"F=M30M&VQ+%XE MB_<[UB24QQ-8DV-;GN>(N>C:KJ'4>F=30AY 9Z^_U3_ME?+4 S;IOH#\$JBV MBCROZ99]#3=[;[BZYKL.4I>WD)\R3#GF(<4PVIM/8[?W^QHLZ MH)F==+\2N M9]7E3>MO^Z8<_Y"BM'MAM]G']#58T!?03,ZZ7I1=\Z[+N_?>3%8^SH>F69_" MKB'6Y1VQV(@-36*IV/&08^?9[VO:"XE7Q M_><>4XK3XG2)8(1R'L">/V!,WR[X)Z7JJ^;D?U!+ P04 " 8>VQ2<$QI MRT<& N#P & 'AL+W=O(7(FH08 !0,G.K^^W $71S_;0 M@RT2Q'[[^G87.-Y:=^-+HB!N*VW\R: ,H7X['ON\I$KZD:W)X,O*NDH&O+KU MV->.9!&%*CV>328_CRNIS.#T.*Y=NM-CVP2M#%TZX9NJDN[NG+3=G@RF@]W" ME5J7@1?&I\>U7-,UA:_UI]9 ML"=+:V_XY7-Q,IBP0:0I#XP@\;.A"]*:@6#&MQ9ST*EDP?[S#OUC]!V^+*6G M"ZO_4$4H3P9O!J*@E6QTN++;3]3Z\XKQ#?0^"&Z&J5AG#*L&C16;2(%BW^C_"_ M##4=B6?1Q&\EP=^JEN9.*"^D^.F'-[/9Y!V(HW66IR]Q;?IN**1G8@._$,J( MJT:36$Q>,60 SC7EC4NP9WG@U>DO\WF4D@@14C\4UCVQ=1B#'.&FL^71K 7, M>KL^W.:E-&OJ(2^>1.YO'(DS=BGZ(EI?AD(A5RB?_*:TNB#G45CXO"31&+F$ M"<&*)BBMOE.63%HLGO8PZNRV0,RSGC: 8$QP*@\(5536QO"I$$8%3EAH<%OE M80C^^$O6QXTH.T,N=LYPX'H+:'6-+M@9:-!JK>X[A&ZY5DS2R 2_YR[>N)>) MZZ,YF](^O\G0W(6W0ENS9LO[FAQQ:W\4WV@1BZ'JJU3U[!?)52"'A%0,%5W% MNC)KG[((<>/I6T,FIV'48UYJ=4/ZCKV% M^Y5U).BVYBFQ29(!,R.J:= NUW&IDG?XNZ&^8YRHZ>MW??1,DX>-(58WPT&' M,AMDV#H_>EA#Q@9!9HW)Q2G.&'K9>.0#&&QX%&3'$,+>"_/7R8)- S'VRE.. M51"%I03.O&7_2:\$QBG';TDLM]<*ARQ(M"_T4?;);FE#;@B:%Y1JY7/4S@SH M[._*:S'IEY'!QR(B^R%M% M6SF'SW!L3Y<'-!F)KTBCSF)IQ X8NVU!N8K'9R:Q+.(J\EOBD,+P6@&AV''V MODXA02<87Q"8=<>3-SS-PQ3%V*@37M;B(:@ESL1':[0[-'M?(FQ' A&H>GQ MJ42;Y0O.':8(^M@RN,5$4VH^K+E-=UBK,45R54L]S'AB87,<)OB2S%(A#2VY ML3CSM9]\C7K4$0/4IJ[W72E_(S[*E,EV#>G-+GH=#^,GU_!5K105,=Y,])>: MVZYA=2%FXC-7GVY2""#:2#M/4N?).,S]3M.=-^#9WL[[9[W[@WL_%U:$IUAD MG4HMMWZTPSR+BG$(IVH)$1S$,SZ(/V!"&E8[CG,D_BT,HZ<.SN/>':8BMXXW M-9#"-B:DZTRWVET&S](=:+\]W22_2+?F(XNF%40GH]>O!L*EVUEZ";:.-Z*E M#;A?Q<<2%UIRO '?5]:&W0LKZ*[(I_\ 4$L#!!0 ( !A[;%)E+'?@B P M $LA 8 >&PO=V]R:W-H965T&ULM5I9+$%:O1R-?+]12^J%=*8,W<^N6,N#6 MW8[\RBG9\*9E.YJ.Q^>CI=3FZ-T;?G;MWKVQ76BU4==.^&ZYE&[S7K5V_?9H MC-Z]66R.9].J#;?^AF[!X>_3J2#1J+KLV_?U9)GS.B5]O6\U^QCFM/3XY$ MW?E@EVDS)%AJ$W_E0[)#L>'5^,"&:=HP9;DC(Y;R.QGDNS?.KH6CU:!&%ZPJ M[X9PVM"AW 2'MQK[PKN;>!C"SH77MT;/=2U-@+%JVYF@S:U8V5;76ODWHP!^ MM&M4)]KO(^WI =J3J?AD35AX\4?3J&:7P B"]M).L[3OI\]2_$[50W$R&8CI M>#I^AMY)K_T)TSLY0.]JJ^9U4E/\\VKF@X.W_.L9!J<]@U-F_SM*=# M\>O)BVNG3:U7+2ZQNK;&XTTC.32&XL>%*IZI1LRUD5@O6^$#'B ,@Q>@T':- M$@&K$P]?@1K=?[#+E30;(4TC--:N%[9M-\=V;4#-=S.O&RT=)!D(V;8DPWJA MZX603H%N#,ZAN,*K4A-M@G)U)IU8,@\&O:6V64@WXL MK%HE,<@^GXVFNYO C,'H:JD_=-IA MY5(:)$<20P2+NSM5;>4G0TB/A+IB.X"1Q.G/YTAYS!2J64=LY3):#GRQ7B4; MMEK.=*N#3J0:[>O6^LZIY".D'G'>OZ>2D0MYC$ANL-=\?%X'Q''J7IE.\1KU M@%KC(4S3.3+L=@^;&?:R#7RD#IUL*Q@'F==#S*XET:&U$W-GE[0-!]U;:2@^ M2+]@!C5=D&7O9KSI7 M+U!SH@I5(6C)N)8.@=70QKG43F )# IR,#/D^()7M?4!@0?BJQ42@H1L XX. M[0,Q0K VL#%[NB2!U :BNCN@@GE'3D91;:H '>$>&P$7:)\U;#QA<(8%P-/9 M!SX,F.?%^>#T_'(P'H]YYXN+P;P- @E>+6!!>6W="C(6 %Y'8I"HY=ZJ(:#1\**%)Q+/K&80"A0OXDJ5U'E MXJUG7S(6T=[\#.!!10#RED*0%^'4KTHW6V@D/'CI!FSMO6Y@<=H&&2SY^1>R ME#:K#O2A]7T^JBJH>F$03UC?^6BK)$Q)'?G?IBAID2A:_[KZ*_V*"1)J+^8 M:BE3SKQR]S&BE.9=#3)W'7""Q-?DNP'[,D60-5B.$G$O=4L;A^)O/9%L+(#3 M-J?Q,L7O3 CZ4[R]>Z9O6[K8EPR('9#Z@+;-PQJ&V%[WX*72&@5@.C) M!RBC>HM$Q*9M%%(TF5+LUOULOQ.\N!5FQ, M&.'/T'4@+V+[5ZU$[G782O!QL^?Q'WST0D$(@-+A0NT/!5W(2HO0^B"MI,U4 M@\TF6B$JB^4EZ&&7WZ%J-58- X M1Z!8YX<[B;.C"OQSU]QRSH"M&D554!NR5UE@,I:H]F&)[ X'X 8RLFT1HK>( M!U#?\N.(RS$.X^>PW!^UXHKKZ).R,:BV=:-TI86""[PX&UR>CU:E@#Y]YQR'%9B$/@Z$JJJ(-)(\';&KK@&,8M"7?+(Z- M(FX D$SUW&]1DI<)K7M@VE:Z@M] S)R]@\*N*<=-/_.K3#HC8+UXUF8Y.)B.6].^QGE['0GI3 M9+[BNCJ,+5\(AI#X/9OP7PIG@AGS7THI0.$ 74UK:VYJ_X+D#\D )RI M/EAC")#771BF5CH3$&M%0*ZC-**A'R!0<^ <7@W%->[\@E$)88_WTI/2W)"V M'3%%*O'4_Z55C$O!;Z.D\X+P2%/]VLYA0 41,+#N6M:GK]-8>'EQ,;B<7O!. MW%Z@+SF]N(0N9$-2 '%--@7,0'<;DP=+Q%.0VB[1.*'OM?5=<5:HN$\(3$Y> M#2;PV;BYG(0 !W&\[NN% !,31"(#3,;;$G:6REFBUPM3L3!T^,]:A)['E7(M M71/IGY\/SL^3+2*KZC'YM.F&_AY'0]*L!CU\!&0'7U CP4S4MRPD,;* 3+V<37-::FNVL#(U)-<8GJP.2R M]JE^5K]1>SK3GH22$'8[.6$B-*QJ4Z'+29[EIXE<2 KRX(&K-^2M(!_>PQ\U M2D^3IX0^_$=6CN.'W+(]DC";^7]W$M\;'M&YADLGC^RN;CZ3^Y\?CR,JK'I4 M* F5[0XV^^'I1O2?$&B:PT.QCB<[_:0 YSI'Z]=1<,2SZH!L #80'XY[3EL# M!S *\R0:7 ,4Y /6?T?PC,X,MP=GGN#';<>F3^>=,2<29!_P7;,"N<: MG)YU$0+P+,JY#;;'*.>QG$VCL[@ACQD.C/(B 2Y VPF>>M#1],],%D$/7KO- M.BPJF0KF^+46Z+T[ FQ%0^.T*P)KI#D59Y]E@:#'R;D7%OX)30B)HSLJ%2<& MY,%UFEG%,0ZY(T4>0>\0VAP#D4MEJ37ZNNS4)XD(9'D8O)5W)XJTX39AJ?+$ M.'IRWT#0Y#W"-]:QQIP:NK)I?,RCBJWXTL+HK;YCQ$]M'PV?//*#S!;( M=+=HEKH$E%4 CH]TQCO*+0&//!<@'^O@Q8Y'%#_N.S0?/YF0A-12("7+-GIA[UZ<=TJ M$N,";&1R_D/>(W>IIQE9GMH_GM"6\BUD@],M)*AZ'C&^GQO]HF>UABP9O])$ M (*@@_6=]G?BX][VA0]F!5AO4H'UW>SG/&_*CD@3V@+LU\_RR?/RLD>F)=0, M%!/FVQ2DTX&>#,$ S"0 & 'AL+W=OBAYH M:6P12Y%:DEHG_?5]0]F.4R0!>NC%%JF9]][,<(::;IS_%BKF2 ^UL>$RJV)L M+O(\%!77*@QLJRD8^FS9JS7<<[YM;CU6^1REUS39H9\GS MZC*;CRX6IV*?#'[7O D'SR21+)W[)HOK\C(;BB V7$1!4/C[P5=LC !!QO:5:$[^XS2^\C>=,\ IG0OJE M36=[=I91T8;HZJTS%-3:=O_J89N' X=WPU<:OC%V17[B-+19^1O7A2NM5';-:U;72I;,%D7Z1%G M0Y6NB5Q.\PA2<CH=OX$WV*9@DO,EK>#H43L)NN:3?&O9*SDL@94O"N\8%9>AG[]HF MT)_S98@>1^FO-XA/]\2GB?CT_\O]VP23 ?U'#KJV]*FUC-R.SD\H5DP?M86E M1@X._.\BLJ-\&6CA\-<[^CB_6QR3#D&2^*+A?5.JR/39#1)X?S2AH_G=_6YQ M3-D3T[5%EEOT?@S]*\^ECO2K"X$#'7UUC2YH,CX_OJ ;5J'U+'8]MZ+GEFCY M%P&S$]I4NJ@P4KZWVL-2HJR?H%+A/1=N;76:'(#FAP9C!*$5'8?I.# 4:;4C MZ2GLQ4 5FY(48&KGH_Y;G%R( SH(%O"-4<66FQ]T2,G2MF@]"!(\Z;I1VB=% MM2M9)D.L(.Y)3#+;OI.0>L]":@.+=&CA;H4(>J'TD8M#?>AKX^>8TS79:3 2 H*(;R.EIQ*XTMQJM"4ZY0297"[ MI ,M)>DX>CL.)?I(])%"6P.@;+L[ 8TAL3ROE$QY'20P>?=$/Z"O%2.G!8#6 MP-UH8X 5,/\%B)4W&CP')T<.Y;-X$P2%;4^<)#E($8(Y0>\0KU:<;JD4!2:1 M=FB<):^UM5(ZM8H@P/SC>HF'T5F:@>-DO405( ,&NDX95]:V.)1;E %]@+[' MKL]3Z$$(:AV1_D[6E4/)[".5#L')7.C.69>AG1LB.CS'J$BEH!>IE8+#6J#1 M!#@>P1DM+5_V]BTBHR[*[I;1->D:Q&)PR6;'BM\U; 7 [Q?.1=W"R'8 M?R?-_@%02P,$% @ &'ML4CDR>45G @ <04 !D !X;"]W;W)K&ULK53);MLP$+W[*P9"#BU06&LVPQ9@)RU:($&#I N* MH@=*&EE$*%(EJ3CY^PXI6W6 QLBA%Y$-(@6'ELAS2)HK.UF M86C*!EMFIJI#23>UTBVS=-3KT'0:6>5!K0B3*#H)6\9ED,^][4;G<]5;P27> M:#!]VS+]M$*A-HL@#G:&6[YNK#.$^;QC:[Q#^[6[T70*1Y:*MR@-5Q(TUHM@ M&<]6F?/W#M\X;LS>'EPEA5+W[O"I6@212P@%EM8Q,%H>\ *%<$24QN\M9S"& M=,#]_8[]@Z^=:BF8P0LEOO/*-HO@+( *:]8+>ZLV'W%;S['C*Y4P_@N;P?:O4$S#RV%DX04HYCHLDNT55RD/$2RRFD\3M(HB0ZP)>. MA:>>+WVY<%_C%6<%%]QR-+[VS[9!_3'\CT,'>@J6%;4$-I#59T75:$L2=1O&WH343L'NJ^5LKN#"S"^LOD? M4$L#!!0 ( !A[;%)US6!.! 8 8/ 9 >&PO=V]R:W-H965T7_@=RE6MO?,",EDTXR]UAJSO@)V70F& MUZ560CG+](+)[3;;FPLE%M+M,W&'LK2"<:#AEBUTC?*R;$^JR%6ZM5R5=O\D M^E-P$V+#P*QHYL(0NQ&Q"XK3X^BJ-0:6HM>B%(;7;,CV\B.VO_F//CKN8$*5 MK-8%]O>R%+O9-+K6#J]%$&=[TQF6]Y 0^]%+L1!8+7LZH8I^'F@[8 >=HK(3 MZAT.&T_"'W;^#.$10YDR!_K6 &V9>(#:YY0W3LA'_FSG?]2STAE!RZGA;,F< M9NB!AE,7L5A%\[,^-IRZ4JM*/J^!J7;"*$X]ANI4-FWCM17 !&4*_16QY.4_ MJ.G&BT,O^<*+PK2\MA&V-X+6TR1[>1'_,+HMH3UH&]IZ(* R:IVLY5SX9,G+V'Q^=X"WHC[OQ!@MPZ M;=;,;%*$EN&I-A0%WNA6>0[[0+YEQ,+HIA\G:7MUT17"0])ZA;!)UAY=WA,D M6)RP_1?;ARZ)^WG917?1J1"@HH!/TVD\9=EQG$57%5=T&ICFYQHFP MO7R&@RB?;!+W"\@KY]9"^\I()PY*O5*HF?0P/H[>:74 ."W&&N5?QXAE:7S, MDG@2O?).4/QZ4.*4D*1QSEZ$J#VP9$-U2CY'3C@)A=1BPLR67RD0][H-ZW>; M1YA]" 4>4A7"I&W0#:^\EE45)3T;3)/7_L]DDNN)+2?U@Q]&C)&='&2!_ M::5;']"4+GV"@9' =9IG+$W3Z'IW"EN0BH;S2>&[IO8HO14(2G4K-@5[/&-I MDD075+#B/D<_\6;Y,]/(6 -5A]$OAN1WL3L=3?()?F>'6?2;L/9D=T:$8_OT M,$-KVY43B,P"1;I3WL,ABG>)#?TVN]@IB;I9>KJ5)6%:H85&&MT49$M?PL MZC5"SA53FNH6Q6NI"JA(N^ZQ"_1*UK67F%-%!XI#V]CE0BD0(A_#^9KQ)=RY MD_C^@NEHF!^GHR0)?6XX.3KT+^AERY#K]1J-KS644O^]5W8-K+-JF0RM:X=K MT0_K9BO4"WT<@[>R%;[IWY\!I$L]70S!P2LD-%=KMI U52427%E=R](/J4WK M\;4N7&L42'=5)&'$MG,K2XGZI3ERX3\J'G@Z5 ML%+C+"50D+M/"(:G]A[? B*Z43<^MU\9T3/^4QC066CO.QB341K\'740@OGM MA -Q:1?J21*<1EP>:U31#IY&A\<[#-A=%C <6!@]S^)981(C#3 '%Z:6_Z&ULG57;;MM&$'W75PS8"UI M$2E*3MQ$$B#9#N(B;@2[31^*/JS($;G07IB]6-;?=W9)47)1^Z$OTNYRSIDS MM]W97IN=K1$=/$FA[#RIG6O>IZDM:I3,CG2#BKYLM9',T=94J6T,LC*"I$CS M+'N;2L95LIC%L[59S+1W@BM<&[!>2F8.*Q1Z/T_&R?'@GE>U"P?I8M:P"A_0 M_=&L#>W2GJ7D$I7E6H'![3Q9CM^OIL$^&GSEN+=G:PB1;+3>A?\(NGHO 5VAAXR_L6]L+,BZ\=5IV8%(@N6K_V5.7AS/ 9?8"(.\ >=3= M.HHJKYECBYG1>S#!FMC"(H8:T22.JU"4!V?H*R><6WS63,&:'=A&X"QUQ!C. MTZ)#KUIT_@)ZG,.=5JZV<*-*+)\3I"2EUY,?]:SR5QFOL1C!9#R$/,NS5_@F M?7R3R#=YD<_P1Q8J#[?*.N.IH9P%IDKXA&6%=@B?.=MPP1U'"W\M-V1$K?+W M*[ZGO>]I]#W]G[E]'?UV!.<$\$7!'3M EYHAN!KA2LN&J0--1X$48@G?7TR& M69;!UF@)'SF*LM%1TEQ._[P,^AMI\)HQ1ZY\1:6O!S"/0J.VV',\DVAE9:\ M&#Q@X0UW!U@6[AGMU?+^YB&<'GE'\'M0U7FC;G?>4&UTFX!I3$#^C.(NF 1N MF@$\TI#_HC">D)0!) 8W8 [&/T"#AJ0I+Z- 29P;!+K2&L9+LH5]K2G?VH1U MPXRCD70U76@$5$RXPPA^TV3/5<$;)EK#U@&9'[H&,PBEQP@EFJ"5*^HQ)@:6 M/X%LIZ9+X#'4&#A=K5MB&[8VXG#B).N3UR"]=]MY:Q-W.HWAE_2%4-6_-;R) M_"$97!.5C7(#:],V''68KI! )@81X0;#/1_(>B'#4)?P[5D-6B7']O265# A M"*4+Q-(.8G^>AQYZT: C=D#9"'W ,)K!6SPC348+T15L1]4AW336I 2?J"P6 M3VDB)NN;1E/A-M[25%D+U(1D[(,\5QOMJU#/06S>+U]OK]^,?R$\76'4J*UT M)K4/9'M*)=#;5]%XT1L2B_ K4YX>,'CW7W=$>G872S15?'&" *)KK^7^M'_4 MENU=?C)O7\0[1FZ5!8%;@F:C=Q<)F/:5:3=.-_%FWVA'[T1&ULK59-;^,V$+W[5PS4HDT P99DN[83VT ^ M=M$>M@@V_3@4/=#2V"(BD0I)V7%_?6D@LDC-OWAO.D)SOM'FR M.:*#E[)0=A'DSE57@X%-L*%:VLM2F%HZ'9#&QE4&3>J2P&213],"B% M5,%R[N<>S'*N:U=(A0\&;%V6PNQOL="[11 'W<1GN"G;!%$3 @+3!TC M"/K9XAT6!0,1C><6,SB$9,?C[P[]H]=.6E;"XITN?I>9RQ?!-( ,UZ(NW&>] M^Q%;/6/&2W5A_7_8-;;#20!I;9TN6V=B4$K5_(J7-@]'#M/H'8>D=4@\[R:0 M9WDOG%C.C=Z!86M"XP\OU7L3.:EX4QZ=H55)?FYY)RKI1 &/3J=/\X$C2%X8 MI*W[;>.>O.,>)_!)*Y=;^* RS$X!!L3E0"CI"-TF9Q'O,>W#, XAB9+H#-[P M('#H\8;OX'EAN2XR-/9[^/!<2[>'G[5#^.-F99VALOCS3)C1( M=>?6N[*52'$14&]9-%L,EI,^G,#"+SG"G2XKH?;??3--XLFUA5LM3 9Z#??2 M4*5K8T,J(9=3 P+9P9:D]K3QY4]=L-J#(Y0V(>R7ZK*D!1OZ% M&3A-$[9&(%)K-(:FO!VLC2[!47>RB?^5"K1"H$BE-@@D02)A*0;I9>C04/6B M#Z[J-&HHH$I;!X.%X(ZF%6&<3&5% M0[4)05?L04DC+IKP3,]6F$J:,-RB7C1GIJ5(HZ_4]7VB7R?V)#-?MH*I&ZQJ MD^9T//3JBB?&811%_ >T$=818>+6Z?TJZV]D$R43]TFEXY<:WCS1 4V"*B.W MPF&Q!X4;[21]$QDCE&TVV/9[-PZHB=#GN&LDG[$DBF?A"?-<9$?4R2*,1G$X MF\1'3"5E[(0M0PEBRG5)ZTDX&T_#*)GQ@,![79;\QK5 (87A*X)BB*V0A5@5 M"'2E'$4'\0;O/MS7AC/'K/>TO=ZFAF(OGB7A>#CZ![+^?R6]]Y7$LZ9AMJ*@Y3; OTD]%U3W MR2Z]<^5+J!7ZJYQ8[LC^VVG39RC2W*>Q88/-24]1*0FVJ46QHY:V38VT :GZ M;"U(?2.KAR]8^O.C;4I",KB1?%&XYAU"N%3+E#"O[K%]78P[X31!B7%\LMRD M/JE4C4.XX#PFT;4?T((?QM>7U-!Z*WG;5_M>!S:Z$)<7R64'V?GTX:V+:G!T M^9=H-OZ)PRU;*]>\ PZSAU?43?-X^&+>/,$^";.1RD*!:W*-^I-QT)R9W<#I MRC\E5MK1P\1_YO021,,&M+[6=-NT PYP>%LN_P902P,$% @ &'ML4K4! M:1V+!0 C@X !D !X;"]W;W)K&ULM5??;]LV M$'[W7W'PBF$#5%N28R==DP#YL6)]:&[TT-)KV5G)9H;)2*S"XOAA?)3]=G_!ZO^ / MB5N[]PR,9*7U1QZ\S2_&,0>$)6:.+0CZN\<;+$LV1&%\:FV.>Y>\2X%DWI/NCM+]CBF;.]3)?6_\(VK)V3QZRQ3E?M M9AI74H5_\=#RL+?A+#ZR(6TWI#[NX,A'>2N@N&5Y,U?O!0_6X*3BI. MRITS]%;2/G?Y5F6HF!@@5]E'J$NA+ B5A_%+1IQ#IBM2@15,Y/G4D5_>/%GE6,^-#"E@/NHTR[JZ_19B[>836"61)#&:?R,O5G/ MPLS;FQVQ=U<(@RW6I=B1Z!Q<&2/4!OWS7UA=I-X+<"AZ;NT3K 3XTHRUU$ MT:KV2=^C@1GL4!A[8!NE#^Y%R0$$7(2&'66EME)MH#8R0_;^(IZ>;0@L<&VD%E!7;$LF:='KT$29'H4F.8TLP.?;C12 MYTP1:=#H!TGMF_!!,J%>U&KH9I#LFF.W _I%3K.:8//@MJT)"U+!>P+C*:##= 8_< )9E6G\VD\LR8\? M)Z]_C+P+7O'>!T')6!(ZQ<*D).K:=ZP;;6IM0I1DXG2O'80J9Y/LN2??KWKB M^13>+V]O!NZ#" +!%O+&$-^CD".1Y[*-J$UN)7:= M0^S:T(%]3$;=&-L0;*X@?" ]!8FNC:[\-H,;R:<23U,-$"+C3RO;V;6847J< M)%668FL]%^SER_Y%/;8O =_,0Z6.6J71A)^ECSKK:(Y+K%O._3[SOONSH6NC MH<<])GTH* J'O'9[CGDGX":35JQ*RASIA5T+U4WC7F-/)NDKUF7P2YC@L2]0 M_OWQ38>)SQYO2'PC\$Q_1D,H-AMBE"II1&<6J=K*+!PI7O$=!:10KT4;<=VO M4;J&05*>NY \QQV<4!]]0^97S/AD=!M>!/I/YD](D(ZJB1SR)R5KD3H=?2$? M1CU;1(?6'H+<]KYH]"5H> +ZD4EB/>^*](B$^!PY(B$82FCT+Q*:S[]=0O.G M[ V]CPY*Z&O)G0\E]54T)Y/3>6#Z*XC^S]5%7RF'/E*G>W>$"LW&WX3XDZ=1 M+EP7^MG^LG45[AB/R\--[9TP&T( ):YI:TQHQV#"[2<,G*[]C6.E'=U?_&-! M%T8TO(#>K[5VW8 =]%?0RW\ 4$L#!!0 ( !A[;%*5Z!R9@P8 "$0 9 M >&PO=V]R:W-H965TVN4[MNT83Q9NY\Y6.>/2WHU![TH4< MJLK1=#Q^.ZJTL8.3(UF[\2='KHFEL73C56BJ2OO',RK=\G@P&70+/YK;1>2% MT61+6C\I=\W?$]M/'ML+W=ED+_5,NW=FPY4WH3HJO8P$%3&IG_U M0\O#VH&#\3,'INV!J>!.C@3EA8[ZY,B[I?*\&];XAX0JIP'.6$[*Y^CQUN!< M/#EW564B6(YA6YT[&XV])9L;PJ.VA;J."_)'HPA7?&"4MV;/DMGI,V8G4W4% M8XN@+FU!Q::!$3#V0*<=T+/IBQ8O*!^JGU.^GLQ ]JN>/%[SN]EYWQ>ON_TWWRV8/A^I5EC.]I7Y:D**' MB(W*S156E:EJA">[:#Y'NX3N#;IXAE:_ZYYSYYW5]\8W0;TYO_[EP\6WD\,M MA>Z2W35YS;V6L:FYL1K^=:FP+.IA KH M6:2=#9F@(E1FF,VVU >K?FC*1Y38Y' 3!=@B3X4R-CJX">;AVXKK6Y4$25 ( M#Y'-#0(,X!*40F_4K#%E@32HTN7 5618O8I#]1'%Y;;5I]^&DHQD(D?^D"_X M )N?J8Y4S<@K*7A&@_"-3V^_IYEOH*!J>IC:(648D,Q922^'69ZJH@MVH0,'BH!#Y%^J9//\)RX-!8 "N)8@- M?40V$43Y*%5L6;SS)B:F5C;4$NC4O"EQF,M7J-%2MQ"*1%T2B\G!4%VO,SI] M*\N[DN!LS0=.UMI+"[&=2TO^]E'"OK0H>6?Y#I5 A-U<^-#3'A:. P1O92M.UA!(W%6Z3NN M:,K-W%"'$PWC!-;I^=6ENG'8=Z&KU^8P4,XG! GJ-F0<# "!6^32T[T),#)[ M5,PIE_!U'IUTPKC+VP9^]=_Q]S"S?QM$GY "(]GP>."[!?#KNB9=4MLMZ"[ M$:# 4Y:4)JNQT\09HR]<12IY'0J7V7T!9O M9W%]!+E@I&.=[^6?1U$WL8*(Q"MSD+T^!Z=Y14_HWUAZ8N@Y]I_4=>8IC8N- MDG[BZTQS(S5U-YWY=MRE+G78WU'FB76$I'B9)A8MLK=8(A$PZ$BUO:$9Z%]< M/*1I(I]OD>'Y-(GD#<;'QBA86^]%DP?3)C-UXT.C04V?W#6F,IS_Y.Y;H4_* ML"_%%QH4R',HN'#0HAXG5QJCPUH,V'FE400[:>XB98XUGR\?X)!72"WU9K$- (W2#X)&T![ER17@ZM0Y76!\,USDJ\^O)WGA[ M/!X/U6E9;B#HZX;AB;)\J<],3ORR_?D5NP)A=4GQV3$**H2M=KKI[)PG,:X\ M7)/8S^50&HF;06S6=&?_?M,%K[ M;*MPV9"/4W;:V)B^X/K5_OOW-'WVK;:GC^@/=SATM-^\ .^O\5./D+4$L#!!0 ( !A[;%+/ MNPZX-P( /<$ 9 >&PO=V]R:W-H965T7.6:?-O:T1'3Q)H>PRJIUK+N/8%C5*9B>Z044WE3:2.3+-/K:- M058&D!1QFB1O8LFXBE99.,O-*M.M$UQA;L"V4C+S8X-"=\MH&AT.[OB^=OX@ M7F4-V^,6W>(5">"*2\3!P1F-(#SS>']C?A=PIEQVS>*7%5UZZ>AE= M1%!BQ5KA[G3W'H=\%IZOT,*&+W2];_HV@J*U3LL!3 HD5_W*GH8Z' $NDA< MZ0!(@^X^4%!YS1Q;949W8+PWL?E-2#6@21Q7_J=LG:%;3CBWVK8[BP\M*@R(UE_&Q4"QZ2G2%RBF*=QJY6H+-ZK$\CE!3'I&4>E!U"8]R7B-Q01F MTS-(DS0YP3<;DYP%OMF_)@G?UCOK#+7$]Q/T\Y%^'NCG_U/#TQ339 )_JORD MX"-3+0T+G(=B4$E<+H)K;W3 MC@8E;&MZF=!X![JOM'8'PP<8W[K53U!+ P04 " 8>VQ2T^(WW2@- "9 M)0 &0 'AL+W=O^273LF*-RWJH\EH=':TD-HV";4VZMH)WRP6TJW?JMJN7A^, M#_*+G_7M/-"+HS>OEO)6W:CP:7GM\'344JGT0AFOK1%.S5X?7(U?OAU/: .O M^%6KE>]\%B3*U-H[>OA0O3X8$4>J5F4@$A+_[M4[5==$"7Q\3D0/VC-I8_=S MIOZ>A8DB,Z&B]&.#9.T@15Q% ]B+G^20;YYY>Q*.%H-:O2! M1>7=8$X;LLI-Q,W.A;HV>ZE":(J[*TC0G:W(IK6^M2*R^> MYT\O7AT%'$T$CLITS-MXS&3',>.)^&A-F'OQ%U.I:IO $7AN&9]DQM].]E+\ M295#<3P>B,EH,MI#[[A5Q#'3.]Y!KT_B_UQ-?7!PG/_N.>"D/>"$#SC9<<"U MTZ;4RQITH>S2&H]C*DF^V:?/[R8FAN*7N>J\4Y68:2.Q7M;"![Q 5 4O0*%N M*B4"5LLHO2] C9[?V<52FK60IA(::U=S6]?K0[LRH.:;J=>5E@XZ&@A9U\3# M:J[+N9!.@6X,M:&XPE>^XU7:!.7*3#H=R6= R\9+#E1?S.6]$E.EC%"UAL^S M"-ILBSG<8Y+3UB2G>[7XR2MB7?F@$=_*]]GAVRBPZI$>E])%8^#+'75WSQ_&/+P9(H9\;[;!R(0WR+;$A@L73G2HV_),QI$>.7K(M<) , M0LYF2*)\*$2SCHZ5BV@]G(OU*MFQUG*J:QUT(E5I7];6-TXE/R7QZ.3^/86, MIY#7BN2*O>ICG]G!CE/WRC2*UZ@'E"\/9JK&D6(W>UC-T)>MX*=E:&1=0#G( MY1YL-C6Q#JF=F#F[H&TP=*NE?;YWUOK>V5[/>2?]G%DLZ0/9YE[6)%N?$WXG M*?'N\0O(#BG) 'X.)1PB'A<#,4?I@H/5&BNK0IM[2,IZ'G3"FFJ^QBH8\5Y! M?]-:D?^4^7".6J@'BF;SL_F8#B9&7:?OEXTKYRBI0V:TZ##: M/;B4#IFFHHTSJ9W $E@7Y&!S\/$%7Y76!V0B$%\ND;LE>!MPNM ^T$'(7A4, MSF$GB2&U!JON#JAGUI#'4YHS18",\-6U@#_6/G+5K]CH;C@9&L"9SCZP9T ] MS\X&)V>7@]%HQ#N?G0^.C\_B8Q H6FHQA5?EPL5K)J/Q)<6G7RI.G/5ZGX.= MMPYVOML#]AQWKPYZ27/FRV4CFLQSZ>BX M$U10;$PX%.\WYM04TVV$Y=A7#SI0,BS58..Z.8ZC#6*&6G'(3LE+2P45LF& M_6JBRKF&'&8IX=[X@JL-!;=LD\^:70/YVE7*P8R=@@2R8475*'D, MTC[E@DW6'R:Z$_$A,FNA/$>&-9E\5GT\)18EJBE3\L@8[DKSK@HUK@RP()UK M\M. XW"VQHL1S&]E[JFC4/QSY9(5A8:@SH7O&XQ['. Z'E0(\E._+7NF;UN MXV)<7,%V1>*BL:JXH:B$;7T+7B(A54 [13Y M<=;9$E6;:50S$B58ANE9?T= MPR[VL3##OI<[)63-=@%@8M5O.&TU!UJQ*^3N:HJ6#TD;V[^J)7*OW5J"CYN> MUS_XZ(6"L!+EZKGJ#P7=X946H>]$6DF;":V8==1"%!;+NQ"577Z+<,Z*I2 M5**U(7UUJU]&744?ZLKNL .8(2/;&B%ZBW@ ]#R]-1MSR.3T[X$<)^&MX,Q:T%O##,CU=E0A/#/=]Q M2+%:R,.@J()*? 7.HX%-:1T0'\/;Y)L=LU'$#=#2$-CP&SSI9>JM/#J06KK. M>0,Q=?8. G-NPN-:0S)ZK>FO)=CHHQ(09LHI4\9C "@ G!#:.YA/J)_!/@L" MZX.->!"'&?3P\3%XV2*1HI\03A)<:FLI9DOS@BD_T>WZ*X MR,@,O;)=<89C%TNXQ7>C@?JR\?F/OMBT-]KXX)H,E+K1_IP[/MMXG.-?O"P8 M-_W*7WW< A'][!7CR='Q^(@Y_5>LI]>QD'9'/IW/Q6[@^TPPOL7_TS'_I7 6 MA]_&TOBR90E$_CA+C+'Q?WPYX2>D%'$H]F#HBQ9#7_Q># T3(&S:P@VOJ/K0 M]!^AMU4)[ KEN$SYPEAS2),H1!HG[.4 MYM\]. M>_?W=SW;1,5;Z:E@KZ;P@Y%85O[G%]"Q61:TBLR()D:@,P'&=,L<\33O=(N MT/\*'VQYUW$A8),G!,;'%X,QHCMN[D[X@!@YL_6UM #4"4R2 L:C3;$_384_ MT6N9*9@9\LF]&J'W<:5<25=%^F=G@[.SI(MX5/&8?-JTQZW&H\VT?+37L6Z( MU&&T!@TR%?JS78WU=Y(2.[^@%I"%5HME;=>*H)S/^+3*L[-;)U.[N8V#M]$C M8V]28\:IZ),LLNV7&)C4B\?1&4-^08BCNU-,VD"9JCM_^[K$-,MIZL"]A*;TA;K.Y++T"?D4WR@]^5A+0DDP MNYD.,A$:R-8)HN3RS/S3Y#LD 7F>Q;@+_!;@#]\C/C1 0Y6G\3Y\EY;C5"LW MVX\XS&K^_UGB@^$QM*L8]/!8^NKF$X7CV>$HXOFBQ?.2\/3V!0+3HNN3M6@O MWFA(R(/?A@>&[8P'=IVA:6\H6*.M&F!2P$3$J^-I@2V!X!@_[QVYCCN77>.O MU%^X%[B0#_W#_F_8CL0';$]N@\>=(W"&FZW)(3'WK5D%>-.0_$R"7!SF8VGA M6L'I:1/Q(T]9G5MC>TQ\//VV:4(=-^09U8Z)>23 4&$S*%,71K)KU.\36W"!%(0FT<6NNN MX'0 !5&9IK%Q!D@10<%/?5L(=0[#>$IAJ:_^.N_49(O8!?&=RX;?K4#6AGO, MAMMHCLFBO<9Y M,JII6=KI!%/$_DR'*%B7/M(/S<1F- WH3AP>GU'$.<["0NFUON-VD68&-+GT M2%$R:R#3W;1"U&(":0 :OB<;;PFW0&^5!T)$^S#2/B3:AZ!=T!32TQ!_T)W\ M;MM@YUV1CLI'$W]+@Z"L!):-W'>Z6*V&!#S1DQOO==:NQ- MVI--TI[LO]ZRAJP1+U0CKD/@PH).^[O>+/X'Z(GWO?TX.\L2?:I)N,,WT]_R M #4'!UTY=+K7BR[)/R @ M+$=:9BP3+\H[NOQA^]ZH*W^)L0?SK1OV]\=7<5?VVR6QQ\M?41.@5I$K6;8.AJ>GQ[$#CL_!+ODW]Y, M;0AVP1_G"IC)T0)\/[/PJ?1 ![2_QGKS/U!+ P04 " 8>VQ2,+ R.<," M B!@ &0 'AL+W=OQAVH.;7!H+QPZV0^&_W]EI0Y%HI6DO\?G' M?=]W9]]EO%;ZT>2(%EX*(4%2L.5!(W9)+B(1I<]=]X?>."X-CLVN$B62CVZR4TZ M"3I.$ I,K$-@-#SC#(5P0"3C:8,9-)3.<=?>HE_[V"F6)3,X4^(73VT^"F\1QZ2YE837M<83)BTE*U&5M%RNH%2")QP-'-VSI4!S/ XM$3OW,-F07-8D\1Z2*(9;)6UN MX)M,,7T/$)+B1G:\E7T9'T2\PN04NE$;XD[<.8#7;=+0]7C=/7@7;_'.M_'^ MOE@:J^G9_#E T&L(>IZ@MR_/5$UI)= E^II+)A/.!-Q(8JCHC5L#S,(UXQH> MF*CPHQP?)'#%.S(E2W 24'4:U,\83.]SA$P)JCP7F77W!W[7$5K:G*FB9/+U MRZ?S.#K[:EI9(XV_EY8Y:<].&AQQ2;ZJ,DRFYGC4>E,-M\A,I7'C95RP=%-8 M+%$WM]6*XK ;A(DQ%-\AD&[ M-QC2V(_\MSWL=^#DWR1%PT82@?R_I+-VMSN@,1K&?A;U>G "'[VA<*=N"]0K MWYT,^*=8EW"SVC3 B[KNWX[7W?.6Z15=&0C,R+5S>M8/0-<=J9Y85?HNL%26 M>HHWVQ2L\*=W'@" != M!0 &0 'AL+W=O=7"$(/ M+3#$7VF;!DF I-VP 2L6--V&8=A!MNE8J"QYDERG_WZ4G'@IT&2[V!+%]T@^ MBIJV2C^9$L"2;26DF='2VGH2!"8KH6)FJ&J0>%(H73&+6[T)3*V!Y1Y4B2 . MPZN@8ES2^=3;5GH^58T57,)*$]-4%=,O2Q"JG=&([@T/?%-:9PCFTYIM8 WV M:[W2N MZEIQ7( U7DF@H9G01398CY^\=OG%HS<&:N$I2I9["-<(^ MJ/8C[.JY='R9$L9_2=OY7B:49(VQJMJ!,8.*R^[/MCL=#@#C\ @@W@%BGW<7 MR&=YQRR;3[5JB7;>R.86OE2/QN2X=$U96XVG''%VOL@RU4AK2,U>6"J ,)FC M5)EN(">PQ=X;,.3\T9V9BVE@,:9#!MF.?]GQQT?XHYC<*VE+0][+'/+7! $F MVV<<[S->QB<9[R ;DB1Z1^(P#D_P);T"B>=+CBO@B_W,6U/AG#S/#$URV!& M<6 -Z&>@_]GP3.'8&>N20QD&A1(XO5QNR#F7:%&-09BYF Q^ --=:PDV!JH4 M-M")/8K(53)X5!8]SL@X M<8#@RE>@-WZP7=Y86W?[>VO_=BRZD?GKWCT\]TQON#1$0('0<'A] M28GNAKG;6%7[ 4J5Q7'TRQ+?/]#. <\+I>Q^XP+T+^K\#U!+ P04 " 8 M>VQ2VB:VY7L$ #-"@ &0 'AL+W=OJ]0I8ZH2(?QF$X'1:,"W\Y=WMW:CF7I3WB->6Z!B,:/&M-O5%K!]OJ(_M'9 M3K9LF,9KF?_)4[-;^#,?4LQ8F9M[>?@=:WLF%B^1N79/.%1WIZ$/2:F-+&IA M8E!P4;W9<^V'EL#L/8&X%H@=[TJ18WG##%O.E3R LK<)S2ZK^?&@(VEX8)C7,NH*)WX&)8O@BA=EIN!4I MIF\!AL2I(18?B:WC3L0;3 (81><0AW'8@3=J#!TYO%&WH8_L&6ZX3G*I2X7P M]VJCC:+4^*=#Q;A1,78JQN^H>*"*2/.P12LI<"A=%6*6^"";U-K0RP5L_(7*8ADSD5(L6: M"\_L9*F92'7_ROL+F:J"!^1Z+#:HK/L]ZWZ*073I79=*D2;O(Z:H6 YGT!M= M0/_X]AX,,Z1"I)#+A,Y[<42G\<1[E(8^DTH<>I,9;?#69(NVD+DZ#L MXR>T 0QJH+06:EVN#CK-/ZOYG!$CZ CVI GVI#/8-SPC&B@2JILUF@.B ,NY M-%*].-[WN)?*$,]5(4LRW.;"/1FE3\6_6YD-==HHA$VMS^SLVAE*<54M!Q I MFQHEJ?>8<1=U0TX=/6NWU9$EJUA2&ED''MWVZLA,R0+H9T#2U$XU<-U*ISI_ ML"M_CC%NA^8V%H9 M>&)YR:J.;ZDQZ[#>:$87*>OB<=#..P?.M";T@^(&!ZD\"$JU:!I<>E^E&) Y M)?TWJ"L>/:(A"BXA#,;>K2-!_Y2V*4%D+8F"$7SH2+)IDV33_]U1&LXVCU:6 MLW9!_,S9AN?<\-.)U:G@_<:2_N2A2EO^JLUUE.IGSO^U"?2FN4"[N;R3$3^' M@1+IJPUUE69B2\6O*9694B^4X >F4DT5/#Z?A)%[SV9C[YKMN2W_$U19IR9$A2KI+<3 ]I=O@@:>W%GIM) @ M%T^H3>%:[^4,HC#T5DFB2GSKHU]8L?\5)%6:(JBI]YNR\J>\.SD?C\;TG$UC M[S-J?74ZDZMK?;N842<[E9U5;5B/)ZO1KTOC"UY=1 I:GBJ/HS&PO=V]R:W-H965T_NPN@<3#+&:V*SM0/OO;YRD"8609:4]J7D VYD9 M?_.-_<4>[Z1ZU EC!IZR5.A)+S%F\\%Q=)RPC.J^W#"!;U929=1@5ZT=O5&, M+@NG+'4\UPVP4ZSS*JGJ]9*G>3'NF]#'SAZ\38 M 6,:&Y%*#8:M*[(A]F)+(.A<4_G.WT7AML*@LI M'VWGTW+2DUE0S68R M_<:7)IGT1CU8LA7-4_-%[OYD54)#&R^6J2Y^85?9NCV()ELB*M&ZHH=.QDCM0UAJCV4;!3>&-V7!A MRS@W"M]R]#/3>5D^D"O0?"WXBL=4&&0WEKDP7*QA(U,>ON?:+>/Z) M>%=(Z)*GN:40YBS.%3>6V-NG.,TQ8U@IF<%,9IO]A(%(5AY(4'2;09AGXP"*/V1((ZD>#7$JEP M(W/XBL<#G/P9KGF:GD4Y M\9KPWILBO9%JXO\6TOWC7>&>(KT19-*MR']O;*KG4=WH)QF^*:H;/23=@FB! MO:^1R2KWG\@X:9%$USX'@M1B-QR^LGN-NM%.TBV>#)%&[LCH M316J$4@2_0^%BHX*$.!S^+5M,3NH9PG:V3OJ9DRMBQN AN*T6AX,Z]'ZEG%5 MG*T/QJ_M[:,X0C=ARJL+?F#6N/,A92L,Z?9#!*7*VT#9,7)3'*@7TN#QO&@F M>(-BRAK@^Y64YJ5C)ZCO9-/_ %!+ P04 " 9>VQ2;J#EK$(# :"P M&0 'AL+W=O1BD]2\QS?S M)')&&Z6?3(YHX5^;-,>"F3-5HJ0G2Z4+9FFJ5[XI-;*L!A7" MCX*@[Q>,2V\RJM?N]62D*BNXQ'L-IBH*IO^]0J$V8R_TGA<>^"JW;L&?C$JV MPCG:Q_)>T\SO6#)>H#1<2="X''N7X<4TC!R@COC&<6.VQN!262CUY":S;.P% M3A$*3*VC8/2WQFL4PC&1CI\MJ=?MZ8#;XV?VFSIY2F;!#%XK\9UG-A][YQYD MN&25L ]J\R>V"?4<7ZJ$J7]AT\8&'J25L:IHP:2@X++Y9[_:0FP!PF0/(&H! MT;& N 7$QP*2%I#4E6E2J>LP999-1EIM0+MH8G.#NI@UFM+GTOD^MYJ>!HC^ IIF<0AY\A"J)@!_SZ:'@XW &?'@\_?PWWJ?)=^:.N_%'- M%^_A>ZG69[@T!ET-90:WG"VXX-:5_0Z9J31F0%_) Z:5ULX5%_67DKI;N&*& M&_AQ2QO S&)A_CD@+^[DQ;6\9(^\:V;R>JO4#?!GQ==,.*=W^=90]6LJ=]RL M)_VD3S5>;[OS-F@0Q_W70=,=3&$_[H)>I9)TJ20'4_F[4I:*>*]Y2D6E=_"R M/G'@CNDG5W8Z0F&646[T 8AG+TYN<8T"PE/X<8?% O6AHO8Z);V/Z'F_D]=_ M/\\;JMZ64[WP=\O?QH3#:+>9@T[CX*#&^=91]<7FJ.'+PJ!>LP6=3C-95B_> M14=Y=]YM?/X1O1MV\H;OY]WPK7?#7O";>6^#!F&2['8O#%XNG>!H_QZEVN== M?)1WX=9=%WY$]\*7VR",WL^_PURN8;PP)4MQ[%%'Z"J,W@1VWIC_GZC)U]_J M0US72&?KBDL# I?$')P-Z#W232/63*PJZ]9DH2PU.O4PI^85M0N@YTM%AW8[ M<=U.UPY/_@-02P,$% @ &7ML4DM[N/Q( @ S 4 !D !X;"]W;W)K M&ULC53+;MLP$/P50L@A 5KKY4<2R (<&T4+-*@1 M-^VAZ(&25A81BE1)*G+^OB0E"W[&N5A<\ J9/=#SL ?W@&$'2 X*. L .$MM%6F6UK@16.(\$;)$RV M9C,+ZXU%ZVX(,__B2@E]2C1.Q;,TY353$E7X#2<4$&:9]C85-60(-OJR2)#H M>@$*$RIOT&?TO%J@ZZL;=(4(0S\+7DL-D9&KM!K#Z:9=Y8>VU![T106]$8/G"\T;8GK\3G!!*%-%M&R]^J +$WNZ? M62*5T/?O[SMEP[YL:,L.+Y2M!,]!FMG %.4 )PUMJ<:6RHSG:SP,(O=UU[3C M%#^8]#E[$H>]Q.&[$JT#I^2TL-&N'/] SG'*.#RM9M2K&5TR[/*%/:5V=.3, M;7B@]CC%O_,.Y+H[LV;>N4&ULI5;;;N(P$/V54;0/(&V;"]=6 M$*E J^U#I:JTN\\FF9"HB9VUS67_?FTGI %"MMJ^@"]SCL],QC.>[!A_%S&B MA'V64C&U8BGS6]L608P9$=N3]A&YDF%)\YB$V6$?YGABG;32W7.BR\).M8Z@7;G^1DC4N4;_DS5S.[ M8@F3#*E(& 6.T=2ZO(83BU'*\(4 ZDIB/K; MXAS35#,I';]+4JLZ4P/KXP/[@W%>.;,B N1J-U$XZ3_2@&4(DNQ10&?. MLIQ1I%( BZ#<>R5[N-^KO!$(G1E2C!+9[4)G@9(DJ>C"%;PM%]#YUH5OD%!X MC=E&$!J*B2V50GV.'91J9H4:[X(:UX,G1F4LX)Z&&!X3V,JURC_OX-_,:V5< M8' -/?<[>([G- B:?QKNWK3(Z57A[AF^W@6^^89S%=X6IG[%U#=,_0M,#Q@B M)VE3C O@T #U-=[Z5[W1Q-[6W6ZW.5(TJ!0-6A4M)9$(ZL-#RH)F907!H'ZJ MYYXH.[?Q!LW"AI6P8:NP5R9)JBY30^@+6<-S68/QB:P&&]=KUC6J=(U:DV&! M$2I-;6D^KJC&_YL-XS/A9\G0:G*DYZ;2<_/57&@ET-WK5N0DP*FEVI- OD7+ MAZ8+_'6>(P]=YZ-R.I](J[#Q(Y;%SOEW[-MMCJ75BKK["6E)5=NALRKK-F!1 MR1OENN=%X>QZ-AB=W4^[UH\RY&O3I@4$;$-E4;JKU>HI<&<:X,GZ3#\13)_[ MH"G>%T^$KQ,J(,5(43K7(Q5 7K3L8B)9;KK>BDG50\TP5L\,R<-$ M'U ]G/R_4$L#!!0 ( !E[;%)"1*[3& , ',) 9 >&PO=V]R:W-H M965T8@>V 2\)FD.*P.ER M*'J@I9$EA")=DHJ>IZ(4.;Q(A>VDN@<27*F1?Z_LC+:<:=^;3J>Y3SJ2@T MRS@\2J**/*?R=0E,E#,G<(X=FVR7:M/AS:=[NH,GT%_VCQ);7NL29SEPE0E. M)"0S9Q'*?R^P L:,$8;Q ML_%TVBF-\/3YZ'Y7L2/+EBI8"?8MBW4Z<\8.B2&A!=,;47Z$AF=H_"+!5/5+ MRF:L[Y"H4%KDC1@CR#->_]-#LPXG@F!T1A V@O"]8'!&T&\$_0JTCJS"6E-- MYU,I2B+-:'0S#]7:5&JDR;C)XI.6^#9#G9[?\TCD0#0]@"*]=98D((%'V%B" M+@$X>=)4%UK(5T)Y3#:P%U)#3!:Y*+@FG^F!;*@&=8EJT#1CZG+J:8S,^'M1 M$\6RCB(\$T40D@?!=:K(+8\A?FO@(5++%1ZYEJ'5<0V12_K!!Q+ZH=\1T.J? MY<'$$DZ_7>9^Y=>W+[-9K76F(B94(8%\7VR5EKB3?UBF&+13#*HI!F>FN(,8 M)&4D:S-*)":F*QEVHUX8N+Y_T97&U?\HW] ,6YJAU9W2CX,Z :Q"[SW8&58])R3*P^M]57@X73>C[8/7JA&YS9;W9A MX/:[(;R3^I6#W%5E79'(5)CZR&][VYO#HBJ8[_J7>*.H+P"_;>KKR .5NXPK MPB!!2]^]QH]=UB6^;FBQKZKD5FBLN=5CBK&F:"]9\U_ 5!+ M P04 " 9>VQ2%%_@-$P# $"P &0 'AL+W=OU3JKJH>NY]-,H!5)TYM M:,!L6]&SD:B*7F+(,;2=0R3:E\ MO@0NUD/'=UYNW++Y0IL;[FB0TSG<@7[(;R3.W$HE82EDBHF,2)@-G0N_/_8# MDU!$_&&P5CMC8JQ,A7@TDZMDZ'B&"#C$VDA0O*Q@#)P;)>1X*D6=ZITF<7?\ MHOZ],(]FIE3!6/"_+-&+H1,Y)($977)]*]8_H334-GJQX*KX)>LRUG-(O%1: MI&4R$J0LVU[IIBS$3H+?.I 0E G!L0EAF1 61K=DA:T)U70TD&)-I(E&-3,H M:E-DHQN6F;_Q3DM\RC!/CZZR6*1 --V (B<3F(&4D)![NB$72H%6A&8)N69T MRCC3#-2IB=*4<1R=D8>["3GY=$H^$9:1^X58*@Q7 UM":%&'?H-L6,F& MA6SK@.QO7):X "75+)L3+I0B,97R&5?CFDI[W;:*G4+1K,G5J-7V_(&[VJV. M)2B*6E70&]A6!=MJA!W3G&G*C\3<:K5W"+I>N$=IB0D.0+8KR'8CY+>G)=// M9V8A)P2_9.QNBIK^8&-LU][OA\$>HR7&]^V,G8JQT\AHUE*,'Q/3[Y>Q4Y:77Z.6'-)5.ZLW(YJ)7>WN[%;;V"FX)BCJ!G=+W7O<0KY'S M&I3JDQ7E2[K=FSF>#F@6@W4C\&H,9Q92:U@4M ^P[NQW?B.KI;43.M,@C^9O MU/_ YU(*';-(_=>-RP_>W6(L%JU&&I4^8B2H;3\U(^[.$<6<#W]1.6>9(AQF MF.2==[$,4T&: 'P^$T*_3,Q!J#KXCOX#4$L# M!!0 ( !E[;%)-V$QE0@0 &\4 9 >&PO=V]R:W-H965T0/M61,PR9-N!IWEEJO MKCU/A4N64G4E5HR;)W,A4ZI-4RX\M9*,1H51FGC8]WM>2F/>F8R*>_=R,A*9 M3F+.[B6H+$VI_'G#$K$>=U!G=^-+O%CJ_(8W&:WH@CTP_6UU+TW+J[Q$<;CS@=T/27=W*#H\6?,UJIV#?E0'H7XD3=NHW''SQ6QA(4Z=T'-WQ.; MLB3)/1D=_VR==JJ8N6']>N?]4S%X,YA'JMA4)'_%D5Z..X,.1&Q.LT1_$>M? MV79 AB3.DJ MUC2!1"@%H2G93S.=UU1&314I7?4*5_F*))5B:")@8;E(>L26EW3\5[,D0OI#9T"OJ]9JV]2FO/J?4N MYG&:I?#]CJ6/3+I*U*]<]EM\$095E,%Y+X)Z!VRSBF49-:*Z,>%NY[NY\)CTFT!A]HD'+*(0V[&_;%B>4;YXCC*H7V$89\@W P&9"F&W!ASR%"@EU1# M),R'DPM=O@3-M2]C=&OBNCXYI,U2"[FQ];*^\"^<0#)D48;:9!FR,$-NX)Q: M\L%>R5$7#_P#:;600FY*N4I^W%1W^_^-\BO8SG3BPBJV#,3^R6_"\:S%EH$8 MM?@F8$LN[";7_R[!*_Z?T9;T79HM&#%Q^GS01@N8=3%\%N%QU,66ACAH,_$6 M=_ALW#6F>7\U%J!#,Q!;L&$WV$Y:WVY]U>&*>\-#&BST&^N%.JKDEH9XT&;)+>ZP&T?50MUL[3C3(!QSKS'_P_T5.>KAX,#^ M@5BH$3?4'!4XX3-'+-Q(FW C%FZD9;B]XK_^?7$NVTEM5WL>VT[[SA"+.](F M[HC%'3E_=7=<*5[=!-OO3. W:?9J1SP3R?"Z%WC3Q =<8X^0]02P,$% @ &7ML4C=BAY\& @ A00 !D M !X;"]W;W)K&ULA51?;]HP$'_N/H45=5(K=3@$ MZ*8J1!I%TRH-*2KK]K0'DQS$JF-G]H4TW[ZV$R(F 7LA/OM^__ E<:/TJRD MD+R50IIY4"!6#Y2:K("2F9&J0-J3K=(E0UOJ'365!I9[4"EH%(;WM&1\*=!LTB2NV@S7@2Y5J6]&!)>'QARMB4NR4>K5%4_Y/ B=(1"0H6-@]K&'1Q#" M$5D;?WO.8)!TP./U@?V;SVZS;)B!1R5^\QR+>? E(#EL62WP637?H<\SD#D?7="WN62(4MBK1JB M7;=EJE%)Q6=D5JQEH3C.Q*%4?BR7I*;Z]M_ M2:CU/@2(A@"19YU>"J A WNY^2E3'?S>P]V([I/9)*;[$Y*307)R4?))(F@P M2#1#."5Y&3X>A>''"\FG@XWI19X5PUIS;$E^QL;_X"V9WGVXNK+W$9VR0X^F MRKV@*Z9WW,Z#@*TE#$>?9P'1W=!W!:K*#]I&H1U;ORSL=P*T:[#G6Z7P4+C9 M';X\R3M02P,$% @ &7ML4@WK70+S @ > @ !D !X;"]W;W)K&ULK591;YLP$/XK%MI#*W4%G)"$*HG4))O6ATQ5HVX/ MTQX* MT1SN!9)EEA'Q>P&,'V:.[QP7'FB2*K/@SJ<%26 #ZK&X%WKF-B@QS2"7E.=( MP&[FW/HW2]\S#M;B&X6#;(V1D;+E_,E,[N*9XQE&P"!2!H+HQQZ6P)A!TCQ^ MU:!.$],XML='],]6O!:S)1*6G'VGL4IGSL1!,>Q(R=0#/WR!6E!@\"+.I/U' MA\HVP Z*2JEX5CMK!AG-JR=YKA/1A3'D/\&L#5_!J2^$AR@7L1 M5Q!=HX%_A;"'O0Y"RW]V]\,>.H,F9P.+-SR#=UNJE OZ!V*4E]D6!.([)%,B M0"+%T1;T^2Y*$:7Z>,5=^:O@ PMO[ME^'GCV-W7W';R&#:]A+Z^O;\F\0V-X M0@-[0S\<^PV-*KOOV[VB&S1T@UZZ#V#*#,V3TRR2O3Z%9,L Z4+5DM&E(CAE M%P83#X?=[$8-NU$ONR7/,EUFI+D75XA*61H^701&IP3PV!^=V:=5Z$-;)UFG.VJ)[+I7DQ-I?HB#P;!;6MC0 M"/]3:L..^(,)'G?'][V7HN?UW^ D$9 0!6A/6 FMDT>K%)$\KJ]RM=!9!:L8 MHQ:[R:M+7.7P7;-*@]NJX1F(Q+8VJ7>HS%55*9O5IGW>VJ;Q9GUAVJKM#2\P M54]>$Y'07"(&.PWI78]U8D75YJJ)XH7M%%NN=-^QPU1_&H P!OK]CG-UG)@ MS&ULS5=-;^,V$/TK Z&'+)"UOFPY63@&$KO;!FB*8(UL M#XL>:&EL$Y%(E:3CN.B/[Y"29:U7UJ9 #ZN#35*<-X]OR.%HLI/J66\0#;P6 MN= WWL:8\H/OZW2#!=,#6:*@-RNI"F:HJ]:^+A6RS!D5N1\%0>(7C MO.G%C MCVHZD5N3Z!T&/O'UQM@!?SHIV1H7:)[*1T4]OT') M>(%"K&NPT_S,/$&K@9GSGN=*L-=BE+*9]MYSZ[\0++"'-,C85@]/>" M,\QSBT0\_JI!O<:G-6RW#^@?W>)I,4NF<2;S/WAF-C?>E0<9KM@V-Y_D[E>L M%S2R>*G,M?N%73TW\"#=:B.+VI@8%%Q4_^RU%J)E0#C=!E%M$)T81/$9@[@V MB$\]#,\8#&N#H5.F6HK38LO)SDSO M18K"2@_D*GV&,F=" Q-9U7]O-C?Q#5&S#ORTIG%7T8C.T CA00JST?"SR##KL)]]QS[J ?!)DT:8 MZ"#,7=2+^!&7 PCC2XB"\+J+4+_Y'-,!Q*$UCX(.\_F;S4^]?[6:N ES[/#B M,WB+#5-8!W/6#N:M4DRLD4ZR@>4>VO,>V=X-NT##E]\($NX-%OK/'D+#AM#0 M$1J>(40D"G+OMM(E:.M6 ]=ZRY8Y=LE=P8T$QO^OWN-O]([MTRWW5^NQFE' M(PSLTQV.L)7]PUX&GU$;+M90HN(R ZHCW W0R:$?*88],J7[=(F.K*)^76P( MH%0\19"K^F:J9()UCTH5ZKBE4C 81FT3EN%GRU[$&O9GU"=!9T:N!?_[],*N.O?OC0[3L(H;#W/]W8D+%][S8\YO P>?/QA(-V MG123;XYG0L_X1#J_5:85J-:NW-6DR5:8JC!I1IN2^M85DB?C,UMJN_+O"%/5 MZ0],K3D5<#FN"#(8C(F3JDK?JF-DZ8K!I3146KKFACX74-D)]'XEI3ETK(/F M V3Z+U!+ P04 " 9>VQ22G-D[%L# #L"@ &0 'AL+W=O'!CUL4 M*U0_:>;K<@YG?[P;^X;(6PI^7!&]+HE&1XB&$=S*W&PT_)DGF+P$\$EU+3UZ MDGX==2+.,3Z'7OB>V$9!"Z'9R>[AJ(-.K]Z)GL/K'<%;;IC"*MZS9KROE&)Y MBG1V#*P>H6FW8(]N^&K/5 (_/A,DW!@4^F<'H8N:T(4C='&$4+6S0(=?&\H( MGJ=MVU:"]!V(O31VTS"PO[&_:P;SM5F__\+L!<=^S;%_$L<=:D/QL'F+#ZBX M9JL,V]CV3V/[VJR+[:!F.^AF^QQ)D"7S][!W-XTEOT-%-Z<3$'.-4"@>MXHH M5QDV19Q'HP,);4:]?KN 82U@^#\(B.F<*KJ?MRP#@TJT2>A>)X1'9*KM3)[B M!R,0[JKH. 27M>++MRMF::HP90:!DU).;UH,.Y9M6S>KQ!\T]N$PV;HL7I > MU:1')YT*?"BX.KPK2U:C5PE^T9'@8?#\G 1O6?I?I7>UQ$'J#HY0:[QTX7^D M=DKB_F:1R&5@5^:%T3/AZ&V$WY1W%7A76OF-ND&@2ETYI2D,V]R4[V@]6I=L M5ZY0.1B_MJ6>8Q;&PO=V]R:W-H965TWS M<*/-H\T D#W+7-E1D"$6YV%HDPPDMRU=@**5I3:2(YEF%=K" $\]2.9A'$6] M4'*A@O'0S]V:\5"O,1<*;@VS:RFY>;F$7&]&03O83=R)589N(AP/"[Z".>!] M<6O("BN65$A05FC%#"Q'P47[?#)P_M[ANX"-W1LSE\E"ZT=GW*2C('(!00X) M.@9.GR>80)X[(@KCUY8SJ"0=<'^\8[_VN5,N"VYAHO,?(L5L% P"EL*2KW.\ MTYM/L,VGZ_@2G5O_SS:E;Y>X!V[P @W@+B?P5T MMH".3[2,S*67:D4TAK\Y U\W$ 04MY5\O$N^"W9!M7^U'>SA"[FS&P1I?S:(G59BIU[L](#8-XT\ M9V!1T%V E"7:(M-+NID%%\9?OKJ*E*0]3^HZQ-.XW8WH-PR?:H+I5L%T&X.9 M88M]%C;1[&$&<@&F*<->1=K[_^7L5V+]Y@S-FE?/A3#<=\.4]K!.MIG@&A8M%I^=O'_W+H[BJ*X,X5YKD6!6ON-:.BUK MA667J6:KIG[A>UGXQ[U\$6;$$JJ=N_!M02P,$% @ &7ML4D9?_=3^ 0 .P0 !D M !X;"]W;W)K&ULC51M:]LP$/XKPNQ#"J-RG)>. MXAB69F,=[3 -W3Z,?9"32VRJ%U>ZY\YW3UM@G M5P(@>U%2NT54(M;7G+M-"4JX2U.#II>=L4H@F7;/76U!; -(29[$\9PK4>DH M2\-=;K/4-"@K#;EEKE%*V-]+D*9=1./H>/%0[4OT%SQ+:[&'->!CG5NR^,"R MK11H5QG-+.P6TP%@80->@9!VP%N M0$I/1#*>>\YH".F!I^0.^52" MP DC&KP"2'I $W5V@H'(E4&2I M-2VSWIO8_"&D&M DKM+^HZS1TFM%.,S63>'@N0&-[-.!5L=&WX2UPM?J@HU6 M@**2[B+E2,$\A&]ZXF5'G+Q"_%7H2Q9?O6=)G(P?URLV>OI@]YDT)L$ MVND;];*?]Z *L+_8'Y;G.;LS0CO6WYV)-QGB34*\R9OCW9$'NT50[AS_=."? MGLUG!04RFJT]U5N#'BRZM9Q&S7JIV!I@[M41BD9@O'DJ8;K'>@]YTQ>#1\QPW_B^PO4$L# M!!0 ( !E[;%)SK46T)@( -D( - >&PO-2Z^IS$-1I"9S4%[("82*Y5)QHXZHB MJ"L%)*OM(LZ"Q7R^"CBA B>1:/@-US5*92-TC!<#A/SP+8MQN'J/D:>[EAG$ M^.'L[:]&ZJLWR(^S=[/9_.'\ZA _J@VT,2Y5*, M6[G$'C"Y"0>T)2S&UX31C:)V54XX93L/+RR02B85TJ:&1DQHD?K1AT/OV?)V M/)P*J5QNG\%_-]WT@T#O68&4L;U:6R")*J(U*'%C'#?9@4]"J+/7N\HH+!39 MA8LE'A>XP2392)6!&M*$N(>2B$%NY2A:E';4L@IL4&O)C9%14DA!G(9^16<8 MVA08N[=G[V>^Q]WFD[\ZM_]4#*81U)F>QCN6?\KFN2>T'U]%BRJZE?IK8W8C MG&_/"MPIR&GK_#8?\A]C#X^SDZIBNR^,%H*#W_N+$R81Z=>A4BKZ:++9DY(: M !1&6U":IE/DMR+5&EK=GZ8V/ZYY\1]J_KMU+D" (FPJVAS]4Z[RJQ5??OA7 MDEU3.13\K,;N/CEUD^W%^(>]8MF8%&T:RC05G5?2 M+ /QI"L;>DTVYIVQQV_F9Y"3ANGU$(SQ:-]"1AO^:9AU9PO1S1KM[W9[X*NQS $P( L !?3T\ M$MP>:4#M.*2VBZD8_1!2:5K5N %(MB6/:(7->=I3W;+T]!;X"O.DQQ0FE(2S,.\,W2?S+W\PPU1>5* M(Y5;&GC3Y?YVX$G1H2)8%II%R=.B':5_'VQ2^ M>W7D# "A%@ #P 'AL M+W=ONOA@, M;+87%;"%>5@V0X/!U47*KHT^5AKK49X!/M M1.:D5M#H&^ZD>+0_^_TI>Y!6;F4IW?,X:G^7(F*55+*2+R(?1\.(V;U^O-%& MOFCE>)EF1I?E.(J[CCMAG,Q^:TX]Y(9O;=OB^/8K!Y!Q=#J$"0MIK&M'M/-S M8'P0,+@[:YR^EJ439L:=^&QT4TNU\]/ 70S0;;1Q.!R[(%Z8?PFC+@J9B9G. MFDHHU\71B-(#*KN7M8V8XI481XSR68^8^D&#E_FRTW*5M=LM9Y_19 ) 9G\1\BK MR>UD.9VS]&8^WZ0(<$0 CMX,D!VM.8(\)B"/WVRIIY/T!D&>$) G;P=Y,UDB MR%,"\C0LY$S8S,C:MS-==!E(.BDLPCLC\,["XJ5-57'S[-&LW"D)?^,^#669 M;B -(PD*]@EM7\F<.5 MVU0.<32-R)EXPBE\2.7P85C,AN*NG\ M(/N>377[M@J50=)[[V$Q)J6/.+ _TF9KQ??&EUWS!P^+P2AEQ(&=@9)RBI)R MEV&^)1B34D?\EN[X-L*8E#SBP/8@$W,_FI0^XL#^P(F9'6T\J7V':VK*&DE@ M:]!+?8PQ*9$D@45"8YY@3/(3);!;Z"<2OS@)99LDO&W0$PE)O=;*ITD?7NC# MF)1MDL"VZ6/.9%$( [:!DROA'G%!D5"V20+;YA=, 90&EGO#G]C$VAXFY9XD ML'OZF$MN#/<%QSN/#$4XQJ3.?\2C5).%5 M\_%/ M/P!02P,$% @ &7ML4N ]"5=H 0 2A0 !H !X;"]?'+UIF_=JVKKKV+[DW=NE15WO'B=&9T?O?W/Q*XHKKG][/+O MQK;^C\'ZIQMNKK+6J^B<#:7UJ=+W>K[M]'2AU3A91:=+JH;3A90.'<00Q.&# M# 29\$%K"%J'#]I T"9\4 )!2?B@+01MPP?M(&@7/F@/0?OP012CC+& I 76 M K0FY)H$>$T(-@D0FY!L$F V(=HD0&U"MDF VX1PDP"Y">DF 783XDT"]&;4 MFP7HS:@W"]";%S_; O1FU)L%Z,VH-PO0FU%O%J WH]XL0&]&O5F WHQZLP"] M&?5F 7H;U-L(T-N@WD: W@;U-@+T-HO#DG?J[?RCMF[N>:YQ_W=2[<=W[;S] MM'S>7'PJ$\X:C@Z/OU!+ P04 " 9>VQ2')H)78P! #G% $P %M# M;VYT96YT7U1Y<&5S72YX;6S-F,UNPC 0A%\ERA418Z>E/P(N;:\MA[Z FVR( M11);MJ'P]G7"C]2*1B J=2ZQ$N_.C+W2=\CD?6O(19NZ:MPT+KTWCXRYK*1: MND0;:L).H6TM?7BU"V9DMI0+8F(T&K-,-YX:/_2M1CR;/%,A5Y6/7C;ALU.Z MF<:6*A='3[O"UFL:2V,JE4D?]MFZR7^X#/<.2>CL:ERIC!N$@IB==&AW?C?8 M][VMR5J54S27UK_*.E2Q3<6VQ2!T%-8H$ "Q $ M @ $ 9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0 ( !A[;%("+YA0 M[P "L" 1 " :\ !D;V-0&UL4$L! A0#% @ &'ML4@?7@QEB! A1 M !@ ("!#@@ 'AL+W=OVQ2/*)%X,D$ M #($0 & @($F$ >&PO=V]R:W-H965T&UL4$L! A0#% @ &'ML4O25\\D P ^ D !@ ("! M)14 'AL+W=OVQ2]O9PLF$$ #A% & M @(%3'@ >&PO=V]R:W-H965T&UL4$L! A0#% @ M&'ML4G!,:VQ2DTX&>#,$ S"0 & @($E-@ >&PO=V]R M:W-H965T&UL4$L! A0#% @ &'ML4CDR>45G @ <04 M !D ("!CCH 'AL+W=OVQ2=&PO=V]R:W-H965T&UL4$L! A0#% @ &'ML4B 0?#EM! 9PH !D M ("!:4< 'AL+W=OVQ2M0%I'8L% ".#@ &0 @($-3 >&PO=V]R:W-H965T M&UL4$L! A0# M% @ &'ML4L^[#K@W @ ]P0 !D ("!B5@ 'AL+W=O MVQ2T^(WW2@- "9 M)0 &0 @('W6@ >&PO=V]R:W-H965T&UL4$L! A0#% @ &'ML4K/" MG=QX @ 704 !D ("!4&L 'AL+W=OVQ2VB:VY7L$ #-"@ &0 M @('_;0 >&PO=V]R:W-H965T&UL4$L! A0#% @ &7ML4FZ@Y:Q" P &@L !D M ("!NG8 'AL+W=OVQ22WNX_$@" #,!0 &0 @($S>@ >&PO M=V]R:W-H965T&UL4$L! A0#% @ &7ML4D)$KM,8 P VQ2 M%%_@-$P# $"P &0 @($@@P >&PO=V]R:W-H965T&UL4$L! A0#% M @ &7ML4C=BAY\& @ A00 !D ("!'(L 'AL+W=OVQ2K7L6W)@" #V!@ &0 M@('REP >&PO=V]R:W-H965T&UL4$L! A0#% @ &7ML4G.M1;0F @ V0@ T M ( !]IP 'AL+W-T>6QEVQ2EXJ[ M', 3 @ "P @ %'GP 7W)E;',O+G)E;'-02P$"% ,4 M " 9>VQ2^ M>W7D# "A%@ #P @ $PH >&PO=V]R M:V)O;VLN>&UL4$L! A0#% @ &7ML4N ]"5=H 0 2A0 !H M ( !UJ, 'AL+U]R96QS+W=O XML 46 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 47 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 48 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.4 html 65 244 1 false 23 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://0001279715.com/role/wish-daei1 Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://0001279715.com/role/ConsolidatedStatementsOfOperations CONSOLIDATED STATEMENTS OF OPERATIONS Statements 2 false false R3.htm 00000003 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://0001279715.com/role/Statement-CONSOLIDATEDBALANCESHEETS CONSOLIDATED BALANCE SHEETS Statements 3 false false R4.htm 00000004 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://0001279715.com/role/wish-cbsp1 CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 4 false false R5.htm 00000005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://0001279715.com/role/ConsolidatedStatementsOfCashFlows CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 5 false false R6.htm 00000006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Sheet http://0001279715.com/role/wish-csocise1 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statements 6 false false R7.htm 00000007 - Disclosure - Description of activities Sheet http://0001279715.com/role/wish-doa1 Description of activities Notes 7 false false R8.htm 00000008 - Disclosure - Summary of significant accounting policies Sheet http://0001279715.com/role/SummaryOfSignificantAccountingPolicies Summary of significant accounting policies Notes 8 false false R9.htm 00000009 - Disclosure - Certain New Accounting guidance not yet adopted Sheet http://0001279715.com/role/CertainNewAccountingGuidanceNotYetAdopted Certain New Accounting guidance not yet adopted Notes 9 false false R10.htm 00000010 - Disclosure - Accounts payable and accrued expenses Sheet http://0001279715.com/role/wish-apaae1 Accounts payable and accrued expenses Notes 10 false false R11.htm 00000011 - Disclosure - Income taxes Sheet http://0001279715.com/role/wish-it1 Income taxes Notes 11 false false R12.htm 00000012 - Disclosure - Loan Payable Sheet http://0001279715.com/role/LoanPayable Loan Payable Notes 12 false false R13.htm 00000013 - Disclosure - Capital Stock Sheet http://0001279715.com/role/wish-cs1 Capital Stock Notes 13 false false R14.htm 00000014 - Disclosure - Incentive stock plans and stock-based compensation Sheet http://0001279715.com/role/wish-ispasbc1 Incentive stock plans and stock-based compensation Notes 14 false false R15.htm 00000015 - Disclosure - Commitments, Contingencies, and Other Sheet http://0001279715.com/role/wish-ccao1 Commitments, Contingencies, and Other Notes 15 false false R16.htm 00000016 - Disclosure - Subsequent Events Sheet http://0001279715.com/role/SubsequentEvents Subsequent Events Notes 16 false false R17.htm 00000017 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://0001279715.com/role/wish-sosapp1 Summary of Significant Accounting Policies (Policies) Policies http://0001279715.com/role/CertainNewAccountingGuidanceNotYetAdopted 17 false false R18.htm 00000018 - Disclosure - Summary of significant accounting policies (Tables) Sheet http://0001279715.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of significant accounting policies (Tables) Tables http://0001279715.com/role/SummaryOfSignificantAccountingPolicies 18 false false R19.htm 00000019 - Disclosure - Accounts payable and accrued expenses (Tables) Sheet http://0001279715.com/role/wish-apaaet1 Accounts payable and accrued expenses (Tables) Tables http://0001279715.com/role/wish-apaae1 19 false false R20.htm 00000020 - Disclosure - Income taxes (Tables) Sheet http://0001279715.com/role/wish-itt1 Income taxes (Tables) Tables http://0001279715.com/role/wish-it1 20 false false R21.htm 00000021 - Disclosure - Summary of significant accounting policies (Narrative) (Details) Sheet http://0001279715.com/role/SummaryOfSignificantAccountingPoliciesNarrativeDetails Summary of significant accounting policies (Narrative) (Details) Details http://0001279715.com/role/SummaryOfSignificantAccountingPoliciesTables 21 false false R22.htm 00000022 - Disclosure - Summary of significant accounting policies (Schedule of Financial Instruments at Fair Value) (Details) Sheet http://0001279715.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfFinancialInstrumentsAtFairValueDetails Summary of significant accounting policies (Schedule of Financial Instruments at Fair Value) (Details) Details http://0001279715.com/role/SummaryOfSignificantAccountingPoliciesTables 22 false false R23.htm 00000023 - Disclosure - Accounts payable and accrued expenses (Details) Sheet http://0001279715.com/role/wish-apaaed1 Accounts payable and accrued expenses (Details) Details http://0001279715.com/role/wish-apaaet1 23 false false R24.htm 00000024 - Disclosure - Income taxes (Components of Income Tax Expense (Benefit)) (Details) Sheet http://0001279715.com/role/wish-itcoitebd1 Income taxes (Components of Income Tax Expense (Benefit)) (Details) Details http://0001279715.com/role/wish-itt1 24 false false R25.htm 00000025 - Disclosure - Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details) Sheet http://0001279715.com/role/IncomeTaxesDifferencesBetweenStatutoryAndReportedAmountTaxRatesDetails Income taxes (Differences Between Statutory and Reported Amount Tax Rates) (Details) Details http://0001279715.com/role/wish-itt1 25 false false R26.htm 00000026 - Disclosure - Income taxes (Deferred Tax Assets and Liabilities) (Details) Sheet http://0001279715.com/role/wish-itdtaald1 Income taxes (Deferred Tax Assets and Liabilities) (Details) Details http://0001279715.com/role/wish-itt1 26 false false R27.htm 00000027 - Disclosure - Income taxes (Narrative) (Details) Sheet http://0001279715.com/role/wish-itnd1 Income taxes (Narrative) (Details) Details http://0001279715.com/role/wish-itt1 27 false false R28.htm 00000028 - Disclosure - Loan Payable (Details) Sheet http://0001279715.com/role/LoanPayableDetails Loan Payable (Details) Details http://0001279715.com/role/LoanPayable 28 false false R29.htm 00000029 - Disclosure - Capital Stock (Details) Sheet http://0001279715.com/role/CapitalStockDetails Capital Stock (Details) Details http://0001279715.com/role/wish-cs1 29 false false R30.htm 00000030 - Disclosure - Incentive stock plans and stock-based compensation (Stock Awards) (Details) Sheet http://0001279715.com/role/IncentiveStockPlansAndStock-basedCompensationStockAwardsDetails Incentive stock plans and stock-based compensation (Stock Awards) (Details) Details http://0001279715.com/role/wish-ispasbc1 30 false false R31.htm 00000031 - Disclosure - Incentive stock plans and stock-based compensation (Common Stock Options) (Details) Sheet http://0001279715.com/role/IncentiveStockPlansAndStock-basedCompensationCommonStockOptionsDetails Incentive stock plans and stock-based compensation (Common Stock Options) (Details) Details http://0001279715.com/role/wish-ispasbc1 31 false false R32.htm 00000032 - Disclosure - Commitments, Contingencies, and Other (Details) Sheet http://0001279715.com/role/CommitmentsContingenciesAndOtherDetails Commitments, Contingencies, and Other (Details) Details http://0001279715.com/role/wish-ccao1 32 false false R33.htm 00000033 - Disclosure - Subsequent Events (Narrative) (Details) Sheet http://0001279715.com/role/SubsequentEventsNarrativeDetails Subsequent Events (Narrative) (Details) Details http://0001279715.com/role/SubsequentEvents 33 false false All Reports Book All Reports wish-20201231.xml wish-20201231.xsd wish-20201231_cal.xml wish-20201231_def.xml wish-20201231_lab.xml wish-20201231_pre.xml http://fasb.org/us-gaap/2020-01-31 http://xbrl.sec.gov/dei/2020-01-31 http://fasb.org/srt/2020-01-31 true true ZIP 50 0001214659-21-003065-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001214659-21-003065-xbrl.zip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