Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-14310 | ||
Entity Registrant Name | GLASSBRIDGE ENTERPRISES, INC. | ||
Entity Central Index Key | 0001014111 | ||
Entity Tax Identification Number | 41-1838504 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 18 East 50th Street | ||
Entity Address, Address Line Two | FL7 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10022 | ||
City Area Code | (212) | ||
Local Phone Number | 220-3300 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.4 | ||
Entity Common Stock Shares Outstanding | 25,170 | ||
Documents Incorporated by Reference | Selected portions of the registrant’s definitive proxy statement on Schedule 14A for the registrant’s 2022 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K | ||
Auditor Name | Turner, Stone & Company, L.L.P. | ||
Auditor Location | Dallas, Texas | ||
Auditor Firm ID | 76 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net revenue | $ 0.1 | |
Operating expenses: | ||
Selling, general and administrative | 6 | 6.7 |
Restructuring and other | 0.3 | |
Total operating expenses | 6.3 | 6.7 |
Operating loss from continuing operations | (6.2) | (6.7) |
Other income (expense): | ||
Interest expense | (2) | (2.6) |
Gain on Chapter 11 reorganization | 20.4 | |
Bank Loan forgiveness | 0.4 | |
Realized loss on investments | (1.9) | |
Defined benefit plan adjustment | (8.5) | |
Other income (expense), net | 0.4 | 0.1 |
Total other income (expense) | 19.2 | (12.9) |
Income (loss) from continuing operations before income taxes | 13 | (19.6) |
Income tax | ||
Income (loss) from continuing operations | 13 | (19.6) |
Discontinued operations: | ||
Loss from discontinued operations, net of income taxes | (0.7) | (42.7) |
Gain on sale and deconsolidation of discontinued business, net of income taxes | 16.7 | |
Loss from discontinued operations, net of income taxes | 16 | (42.7) |
Net Income | $ 29 | $ (62.3) |
Earnings (loss) per common share attributable to GlassBridge common shareholders — basic and diluted: | ||
Continuing operations | $ 511.81 | $ (782.16) |
Discontinued operations | 629.92 | (1,690.61) |
Net Earnings | $ 1,141.73 | $ (2,472.77) |
Weighted average common shares outstanding: | ||
Basic and diluted (in thousands) | 25,400 | 25,200 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (loss) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net income (loss) | $ 29 | $ (62.3) |
Net pension adjustments, net of tax: | ||
Reclassification of adjustments for defined benefit plans recorded in net loss | 20.6 | |
Total net pension adjustments | 20.6 | |
Total other comprehensive income, net of tax | 20.6 | |
Comprehensive income (loss) | $ 29 | $ (41.7) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 4,100,000 | $ 1,300,000 |
Accounts receivable, net | 100,000 | 100,000 |
Other current assets | 0 | 1,000,000 |
Total current assets | 4,200,000 | 2,400,000 |
Property and equipment, net | 1,500,000 | |
Arrive (See Note 5 –Supplemental Balance Sheet Information) | 12,800,000 | 12,800,000 |
Other assets and other investments | 200,000 | 300,000 |
Non-current assets of discontinued operations (See Note 4 – Discontinued Operations) | 8,400,000 | |
Total assets | 17,200,000 | 25,400,000 |
Current liabilities: | ||
Accounts payable | 1,100,000 | 1,200,000 |
ESW note payable (See Note 6 – Debt) | 11,000,000 | |
Other current liabilities | 400,000 | 1,300,000 |
Current liabilities of discontinued operations | 1,300,000 | |
Total current liabilities | 1,500,000 | 14,800,000 |
GHI LLC note payable | 3,400,000 | |
Stock purchase agreement notes payable (See Note 6 – Debt and Note 14 – Related Party Transactions) | 17,600,000 | |
Bank loan (See Note 6 – Debt) | 400,000 | |
Other liabilities | 200,000 | 200,000 |
Total liabilities | 5,100,000 | 33,000,000 |
Shareholders’ deficit: | ||
Preferred stock, $.01 par value, authorized 200,000 shares, none issued and outstanding | ||
Common stock, $.01 par value, authorized 50,000 shares | ||
Additional paid-in capital | 1,073,000,000 | 1,059,600,000 |
Accumulated deficit | (1,036,000,000) | (1,065,000,000) |
Treasury stock, at cost 2,927 shares at December 31,2021; 2,927 shares at December 31, 2020 | (24,900,000) | (24,900,000) |
Total GlassBridge Enterprises, Inc. shareholders’ equity | 12,100,000 | (30,300,000) |
Noncontrolling interest | 22,700,000 | |
Total shareholders’ equity | 12,100,000 | (7,600,000) |
Total liabilities and shareholders’ equity | $ 17,200,000 | $ 25,400,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 28,097 | 28,097 |
Common stock, shares outstanding | 25,170 | 25,170 |
Treasury stock shares | 2,927 | 2,927 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 1,053.9 | $ (1,002.7) | $ (20.6) | $ (24.9) | $ 25.6 | $ 31.3 | |
Beginning balance, shares at Dec. 31, 2019 | 28,097 | 2,927 | |||||
Net income (loss) | (62.3) | (1.3) | (63.6) | ||||
Acquisition of noncontrolling interest of Adara Enterprises, Corp. | (3) | (1.6) | (4.6) | ||||
Disposition of Adara Asset Management to a related party | 8.7 | 8.7 | |||||
Pension adjustments, net of tax | 20.6 | 20.6 | |||||
Ending balance, value at Dec. 31, 2020 | 1,059.6 | (1,065) | $ (24.9) | 22.7 | (7.6) | ||
Ending balance, shares at Dec. 31, 2020 | 28,097 | 2,927 | |||||
Net income (loss) | 29 | (22.7) | 6.3 | ||||
Sale of warrants | 0.2 | 0.2 | |||||
Extinguishment of Stock Purchase Agreement Notes Payable, related party | 10 | 10 | |||||
Extinguishment of related party debt | 3.2 | 3.2 | |||||
Pension adjustments, net of tax | |||||||
Ending balance, value at Dec. 31, 2021 | $ 1,073 | $ (1,036) | $ (24.9) | $ 12.1 | |||
Ending balance, shares at Dec. 31, 2021 | 28,097 | 2,927 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 29 | $ (62.3) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 0.3 | 0.8 |
Goodwill impairment | 42.3 | |
Payment-in-Kind interest | 0.1 | |
Gain on Chapter 11 reorganization | (20.4) | |
Gain on sale and deconsolidation of SportBLX | (16.7) | |
Bank Loan forgiveness | (0.4) | |
Loss on sale of investments | 1.9 | |
Defined benefit plan adjustment | 8.5 | |
Change in non-controlling interest | (0.7) | (1.3) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (0.2) | |
Prepaid expenses | 0.3 | |
Other current assets | 0.4 | 0.6 |
Other assets | 0.1 | 1.2 |
Accounts payable | 0.1 | (0.4) |
Other current liabilities | ||
Other liabilities | 1.6 | 1.1 |
Net cash used in operating activities | (6.6) | (7.5) |
Cash Flows from Investing Activities: | ||
Proceeds from sale of unsecured claims from related party pursuant to Chapter 11 reorganization | 0.5 | |
Proceeds from sale of platform code to a related party | 0.2 | |
Proceeds from sale of SportBLX to a related party | 0.2 | |
Collection of notes receivable from related party pursuant to Chapter 11 reorganization | 0.7 | |
Proceeds from bankruptcy trust pursuant to Chapter 11 reorganization | 6.6 | |
Proceeds received for the assignment of related party notes receivable and accrued interest to Fintech Debt Corp | 0.4 | |
Purchase of property and equipment | (1.7) | |
Purchase of SportBLX | ||
Purchase of investments | (1.1) | |
Proceeds from sale of investments | 0.2 | |
Proceeds from fund distribution | 2 | |
Disbursement related to disposal group | (1.8) | |
Net cash provided by (used in) investing activities | 8.6 | (2.4) |
Cash Flows from Financing Activities: | ||
Proceeds from ESW debtor-in-possession note payable | 0.3 | |
Proceeds from GHI LLC note payable | 3.3 | |
Payment to satisfy in full the Stock Purchase Agreement notes payable | (3.4) | |
Payment to satisfy $1,500,000 of related party debt | (0.1) | |
Proceeds from sale of warrants | 0.2 | |
Proceeds from Orix notes payable | 16 | |
Repayment of Orix note payable | (16) | |
Proceeds from ESW note payable | 5.4 | |
Proceeds from Bank Loan | 0.4 | |
Proceeds from other related parties notes payable | 0.4 | |
Net cash provided by financing activities | 0.3 | 6.2 |
Net change in cash and cash equivalents | 2.3 | (3.7) |
Cash, cash equivalents and restricted cash — beginning of year | 1.8 | 5.5 |
Cash, cash equivalents and restricted cash — end of year (a) | 4.1 | 1.8 |
Supplemental disclosures of cash paid during the period: | ||
Income taxes (net of refunds received) | (0.6) | (0.6) |
Interest expense | 0.6 | 0.3 |
ESW note payable issued for the following: | ||
Acquisition of Orix PTP Holdings, LLC’s 201 shares of AEC common stock | 4.6 | |
Payment of accrued interest to Orix PTP Holdings, LLC | 0.8 | |
Payment of deferred financing costs | 0.2 | |
Total non-cash related to ESW note payable | 5.6 | |
Disposition of AAM to a related party including Orix notes payable | 10.5 | |
Extinguishment of ESW note payable in Chapter 11 reorganization | (11) | |
Extinguishment of debtor-in-possession loan in Chapter 11 reorganization | (0.3) | |
Forgiveness of Bank Loan | (0.4) | |
Extinguishment of Stock Purchase Agreement Notes Payable | (14.2) | |
Recognition of related party debt and accrued interest payable to Fintech Debt Corp. | 4.6 | |
Extinguishment of related party debt and accrued interest payable to Fintech Debt Corp. | (4.6) | |
Total non-cash investing and financing activities during the period | (25.9) | 16.1 |
Current assets: | ||
Cash and cash equivalents | 4.1 | 1.3 |
Restricted cash in other current assets | 0.5 | |
Total cash, cash equivalents and restricted cash | $ 4.1 | $ 1.8 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 31, 2021USD ($) |
Statement of Cash Flows [Abstract] | |
Due to related party debt | $ 1,500,000 |
Background and Basis of Present
Background and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Note 1 — Background and Basis of Presentation Background GlassBridge Enterprises, Inc. owns and operates an asset management business through various subsidiaries. As used in this document, the terms “GlassBridge”, “the Company”, “we”, “us”, and “our” mean GlassBridge Enterprises, Inc. and its subsidiaries unless the context indicates otherwise. The Company’s continued operations and ultimate ability to continue as a going concern will depend on its ability to enhance revenue and operating results, enter into strategic relationships or raise additional capital. The Company can provide no assurances that all or any of such plans will occur; and if the Company is unable to return to profitability or otherwise raise sufficient capital, there would be a material adverse effect on its business. In July 2020, the Company and certain of its subsidiaries completed a series of transactions that resulted among other things, in the Company’s reacquiring shares of Adara Enterprises, Corp. (“Adara” or “AEC”) sold in October 2019; disposing of obligations incurred in connection with the sale; and entering into a Loan and Security Agreement (the “ESW Loan Agreement”). In January 2021, Adara received notice from ESW that Adara had defaulted on its obligation to pay at maturity, i.e., on January 20, 2021, $ 11,000,000 30 8,500,000 8.5 325,000 The Company received a distribution from the bankruptcy estate of $ 2,017,238 4,577,465 6,594,703 no Adara has historically been one of the subsidiaries through which the company has operated its asset management business. The Company, however, remains committed to its asset management business and holds various investments and assets, including Arrive LLC (“Arrive”), in other subsidiaries. On December 30, 2021 the Company completed the disposition of its entire interest in SportBLX, selling all of its shares to Fintech Debt Corp (“FDC”) for $ 137,038 Basis of Presentation The financial statements are presented on a consolidated basis and include the accounts of the Company, its wholly-owned subsidiaries, and entities in which the Company owns or controls fifty percent or more of the voting shares and has the right to control. The results of entities disposed of are included in the Consolidated Financial Statements up to the date of the disposal and, where appropriate, these operations have been reflected as discontinued operations. Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All inter-company balances and transactions have been eliminated in consolidation and, in the opinion of management, all normal recurring adjustments necessary for a fair presentation have been included in the results reported. The operating results of the Sports Technology Platform, are presented in our Consolidated Statements of Operations as discontinued operations for all periods presented. Our continuing operations in each period presented represents our “Asset Management Business” as well as corporate expenses and activities not directly attributable to the Sports Technology Platform. Assets and liabilities directly associated with the Sports Technology Platform that are not part of our ongoing operations have been separately presented on the face of our Consolidated Balance Sheets for all periods presented. See Note 4 - Discontinued Operations |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Use of Estimates Foreign Currency Cash Equivalents Restricted Cash 0.0 0.5 500,000 Investments Fair Value Measurements Trade Accounts Receivable and Allowances Intangible Assets Impairment of Long-Lived Assets Restructuring Revenue Recognition Income Taxes We record income taxes using the asset and liability approach. Under this approach, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the book and tax basis of assets and liabilities. We measure deferred tax assets and liabilities using the enacted statutory tax rates that are expected to apply in the years in which the temporary differences are expected to be recovered or paid. We regularly assess the likelihood that our deferred tax assets will be recovered in the future. In accordance with accounting rules, a valuation allowance is recorded to the extent we conclude a deferred tax asset is not considered to be more-likely-than-not to be realized. We consider all positive and negative evidence related to the realization of the deferred tax assets in assessing the need for a valuation allowance. If we determine it is more-likely-than-not that we will not realize all or part of our deferred tax assets, an adjustment to the deferred tax asset will be charged to earnings in the period such determination is made. Our income tax returns are subject to review by various taxing authorities. As such, we record accruals for items that we believe may be challenged by these taxing authorities. The threshold for recognizing the benefit of a tax return position in the financial statements is that the position must be more-likely-than-not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50 percent likely to be realized. Treasury Stock Stock-Based Compensation The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The assumptions used in the valuation model are supported primarily by historical indicators and current market conditions. Expected volatilities are based on historical volatility of our stock and are calculated using the historical weekly close rate for a period of time equal to the expected term. The risk-free rate for the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. We use historical data and management judgment to estimate option exercise and employee termination activity within the valuation model. The expected term of stock options granted is based on historical data and represents the period of time that stock options granted are expected to be outstanding. It is calculated on an aggregated basis and estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients’ behavior. In determining the expected term, we consider the vesting period of the awards, the contractual term of the awards, historical average holding periods, stock price history, impacts from recent restructuring initiatives and the relative weight for each of these factors. The dividend yield, if applicable, is based on the latest dividend payments made on or announced by the date of the grant. Forfeitures are estimated based on historical experience and current demographics. See Note 8 - Stock-Based Compensation Income (Loss) per Common Share Diluted income (loss) per common share is computed on the basis of the weighted average basic shares outstanding plus the dilutive effect of our stock-based compensation plans using the “treasury stock” method. Since the exercise price of our stock options is greater than the average market price of the Company’s common stock for the period, we did not include dilutive common equivalent shares for these instruments in the computation of diluted income (loss) per common share because the effect would be anti-dilutive. See Note 3 - Income (Loss) per Common Share New Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be not applicable to the Company’s consolidated results of operations and financial condition. Adoption of New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, amends, and adds disclosure requirements for fair value measurements. The amended and new disclosure requirements primarily relate to Level 3 fair value measurements. The Company adopted this ASU in the first quarter of 2020. As this ASU relates only to disclosures, there was no impact to the Company’s consolidated results of operations or financial condition. In August 2018, the FASB issued ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans, which makes minor changes to the disclosure requirements related to defined benefit pension and other postretirement plans. The ASU requires a retrospective transition approach. For the Company, the ASU was effective as of January 1, 2021. There was no impact to the Company as it terminated and settled its only remaining plan in 2019. |
Income (Loss) per Common Share
Income (Loss) per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Common Share | Note 3 — Income (Loss) per Common Share The following table sets forth the computation of the weighted average basic and diluted income (loss) per share: Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share 2021 2020 Years Ended December 31, 2021 2020 (In millions, except share and per share amounts) Numerator: Income (loss) from continuing operations $ 13.0 $ (19.6 ) Loss from discontinued operations, net of income taxes (0.7 ) (42.7 ) Gain on sale and deconsolidation of discontinued business, net of income taxes 16.7 — Net income (loss) $ 29.0 $ (62.3 ) Denominator: Weighted average number of diluted shares outstanding during the period - basic and diluted (in thousands) 25.4 25.2 Income (loss) per common share attributable to GlassBridge common shareholders — basic and diluted: Continuing operations $ 511.81 $ (782.16 ) Discontinued operations 629.92 (1,690.61 ) Net income $ 1,141.73 $ (2,472.77 ) Anti-dilutive shares excluded from calculation — — |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 4 — Discontinued Operations The Sports Technology Platform On December 30, 2021, the Company completed a series of transactions for the purpose of disposing of its interest in SportBLX, as described below: ● On December 21, 2021, SportBLX sold proprietary code to S-BLX Securities, a related party, for $ 225,000 . ● On December 24, 2021, SportBLX repurchased $ 1,500,000 of its debt from FDC, a related party, for $ 126,000 ● Finally, on December 30, 2021, the Company completed the disposition of its entire interest in SportBLX, selling all of its shares to FDC for $ 137,038 . As a result of these transactions, the Company recorded a net gain on the sale and deconsolidation of SportBLX of $ 16.7 million for the year ended December 31, 2021, the components of which are described in the table below. Schedule of Discontinued Operations (in millions) Sale of proprietary code to S-BLX Securities $ 0.2 Gain on repurchase of SportBLX debt from FDC 1.4 Sale of SportBLX to FDC Proceeds 0.1 Basis in SportBLX 1.3 Goodwill (8.3 ) Non-controlling interest 22.0 Net gain on the sale and deconsolidation of SportBLX 16.7 Results of Discontinued Operations The operating results for the Sports Technology Platform are presented in our Consolidated Statements of Operations as discontinued operations for all periods presented and reflect revenues and expenses that are directly attributable to these businesses that were eliminated from our ongoing operations. The key components of the results of discontinued operations were as follows: Schedule of Key Components of Discontinued Operations 2021 2020 For the Years Ended December 31, 2021 2020 (In millions) Net revenue — 0.5 Operating expenses: Selling, general and administrative 1.1 2.2 Impairment of goodwill — 42.3 Restructuring and other (0.6 ) (1.3 ) Total operating expenses 0.5 43.2 Operating loss from discontinued operations (0.5 ) (42.7 ) Other expense: Interest expense (0.2 ) — Total other expense (0.2 ) — Loss from discontinued operations, before income taxes (0.7 ) (42.7 ) Gain on sale and deconsolidation of discontinued business 16.7 — Income tax — — Income (loss) from discontinued operations, net of income taxes $ 16.0 $ (42.7 ) For the year ended December 31, 2020, loss from discontinued operations primarily relates to the impairment of goodwill. During the fourth quarter of 2020, management engaged in a strategic and financial assessment of the Sports Technology Business. In assessing recoverability of the goodwill recorded as part of the purchase price allocation from the SportBLX acquisition, we compared the carrying amount of the goodwill with its implied fair value. To determine the estimated fair value, we used the cost approach, a valuation technique that involves determining the total asset value of a business and reducing that value by the amount of its outstanding liabilities. As a result of this assessment, we determined the carrying value of the goodwill exceeded its fair value. Consequently, we recorded an impairment charge of $ 42.3 Restructuring and other includes the net loss attributable to the noncontrolling interest of $ 0.6 1.3 The income tax benefit related to discontinued operations was $ 0.0 Income Taxes Non-current assets of discontinued operations of $ 8.4 1.3 0.6 0.4 0.2 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | Note 5 — Supplemental Balance Sheet Information Additional supplemental balance sheet information is provided below. Other current assets were $ 0.0 1.0 0.5 Property and equipment consists of quantitative trading software purchased from GEH Capital, LLC (“GEH”), a related party. The asset is depreciated on a straight-line basis over a useful life of three years. Net property and equipment of $ 1.5 1.7 0.2 Related Party Transactions In January 2021, AEC received notice from ESW that Adara had defaulted on its obligations under the ESW Loan Agreement. On April 22, 2021, AEC filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Delaware. As part of AEC’s prepackaged chapter 11 plan of reorganization which became effective on June 15, 2021, ESW acquired the Company’s interest in the quantitative trading software. Total assets of as of December 31, 2021 and 2020 include a $ 12.8 Other assets of $ 0.2 0.3 Other current liabilities (included as a separate line item in our Consolidated Balance Sheets) include the following: Schedule of Other Current Liabilities 2021 2020 December 31, 2021 2020 (In millions) Accrued payroll $ 0.2 $ 0.1 Other current liabilities 0.2 1.2 Total other current liabilities $ 0.4 $ 1.3 Other current liabilities, as of December 31, 2021, include insurance and corporate liability accruals. Other current liabilities, as of December 31, 2020, include accruals for interest expense of $ 1.2 0.1 Stock purchase agreements as of December 31, 2020, include notes payable of $ 12.1 5.5 Debt Related Party Transactions As of December 31, 2020, the Company had a note payable of $ 11.0 0.4 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 — Debt Debt and notes payable consists of the following: Schedule of Debt and Notes Payable 2021 2020 Years Ended December 31, 2021 2020 (In millions) GHI LLC note payable $ 3.4 $ — Stock purchase agreement notes payable (see Note 14 – Related Party Transactions — 17.6 ESW note payable — 11.0 Bank loan — 0.4 Other related parties notes payable — 0.2 Other liabilities 0.2 0.2 Total long term debt 3.6 29.4 The Company entered into a Term Loan and Security Agreement (“GHI Loan Agreement”) with Gazellek Holdings I, LLC (“GHI LLC”), pursuant to which GHI LLC lent $ 3,450,000 7 August 2, 2024 The Company is required to prepay the loan upon receiving proceeds from future indebtedness exceeding $ 5,000,000 Upon the occurrence of an event of default, the loan bears interest at a rate 5% above of the then-effective interest rate and, at GHI LLC’s option, is payable either in cash or in cash and shares of Company common stock, valued at market, equal to up to 10% of the outstanding principal amount of the loan. A default fee equal to 0.5% of the outstanding principal applies if any default exists for 10 days or more. In 2019, the Company purchased from Messrs. Hall and De Perio, both of whom are related parties, shares of SportBLX common stock in exchange for cash and promissory notes (the “Stock Purchase Agreement”). The Stock Purchase Agreement notes payable bear interest at a 5 December 12, 2022 508,000 On July 31, 2021, Messrs. Hall and De Perio agreed to accept $ 2,354,736 1,060,264 12,116,718 5,455,782 17.6 Also, on July 31, 2021, as part of the settlement of the Stock Purchase Agreement, the Company assigned obligations owed to it from Sport-BLX, totaling $ 4,176,102.11 400,000 The Company had multiple notes payable with Orix PTP Holdings, LLC (“Orix”). Notes payable of $ 16.0 5.0 On July 21, 2020, pursuant to a loan prepayment and security termination agreement, the Company prepaid the $ 16 171,112 13.0 7.5 Also on July 21, 2020, the Company borrowed $ 11.0 1,100,000 500,000 100,000 100,000 8.5 30% 100 25,000 1,500 In January 2021, AEC received notice from ESW that Adara had defaulted on its obligation under the ESW Loan Agreement. On April 22, 2021, AEC filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Delaware. As part of AEC’s prepackaged Chapter 11 plan of reorganization, which became effective on June 15, 2021, GlassBridge received a release of its guaranty obligations to ESW. In connection with the Chapter 11 reorganization, the Company received $ 325,000 On May 5, 2020, the Company received funds under the Bank Loan from the Bank in the aggregate amount of $ 374,065 April 30, 2020, issued to the Bank, matures on April 30, 2022 and bears interest at a rate of 1.00 Other related parties notes payable of $ 0.2 On June 30, 2020, SportBLX issued an unsecured demand note to CSO in the aggregate principal amount of $ 150,000 8 July 1, 2021 150,000 On June 30, 2020, SportBLX issued an unsecured demand note to Mr. De Perio, a related party, in the aggregate principal amount of $ 40,000 8 July 1, 2021 40,000 Scheduled maturities of the Company’s long-term debt, as they exist as of December 31, 2020, in each of the next five fiscal years and thereafter are as follows: Schedule of Long-term Debt Maturities Fiscal years ending in (in millions) 2022 $ 0.2 2023 — 2024 3.4 2025 — 2026 — 2027 and thereafter — Total 3.6 |
Restructuring and Other Expense
Restructuring and Other Expense | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Expense | Note 7 — Restructuring and Other Expense Restructuring expenses generally include severance and related charges, lease termination costs and other costs related to restructuring programs. Employee-related severance charges are largely based upon distributed employment policies and substantive severance plans. Generally, these charges are reflected in the period in which the Board approves the associated actions, the actions are probable, and the amounts are estimable which may occur prior to the communication to the affected employee(s). This estimate considers all information available as of the date the financial statements are issued. Restructuring and other expense was $ 0.3 0.0 0.3 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8 — Stock-Based Compensation Stock compensation consisted of the following: Schedule of Stock-Based Compensation for Continuing Operations 2021 2020 Years Ended December 31, 2021 2020 (In millions) Stock compensation expense $ — $ — The 2011 Incentive Plan was approved and adopted by our shareholders on May 4, 2011 and became effective immediately. The 2011 Incentive Plan was amended and approved by our shareholders on May 8, 2013. The 2011 Incentive Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, performance awards, stock awards and other stock-based awards. The aggregate number of shares of our common stock that may be issued under all stock-based awards made under the 2011 Incentive Plan is 4,671 Stock-based compensation awards issued under the 2011 Incentive Plan generally have a term of ten years and, for employees, vest over a three-year period. Exercise prices of awards issued under these plans are equal to the fair value of the Company’s stock on the date of grant. As of December 31, 2021, there were 1,360 Stock Options The following table summarizes our stock option activity: Summary of Stock Option Activity Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding December 31, 2019 1,360 $ 106.00 9.7 Outstanding December 31, 2020 1,360 $ 106.00 8.7 Outstanding December 31, 2021 1,360 $ 106.00 7.7 Exercisable as of December 31, 2021 1,213 $ 106.00 7.7 The Company did not grant any options during the year ended December 31, 2021 and 2020. There were no 1,360 1,213 0.0 Total stock-based compensation expense associated with stock options related to continuing operations recognized in our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020 was $ 0.0 No related stock-based compensation was capitalized as part of an asset for the years ended December 31, 2021 or 2020. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Note 9 — Retirement Plans Pension Plans GlassBridge and the U.S. Pension Benefit Guaranty Corporation (the “PBGC”) entered into an agreement on May 13, 2019 to terminate the Imation Cash Balance Pension Plan (the “Plan”) based on the PBGC’s findings that (i) the Plan did not meet the minimum funding standard required under Section 412 of the Internal Revenue Code of 1986, as amended; (ii) the Plan would be unable to pay benefits when due and (iii) the Plan should be terminated in order to protect the interests of the Plan participants. GlassBridge and all other members of Seller’s controlled group (within the meaning of 29 U.S.C. §1301(a)(14)) (collectively, and including the Company, the “Controlled Group Members”)) were jointly and severally liable to the PBGC for all liabilities under Title IV of ERISA in connection with the Plan’s termination, including unfunded benefit liabilities, due and unpaid Plan contributions, premiums, and interest on each of the foregoing, as a result of which a lien in favor of the Plan, on all property of each Controlled Group Member, arose and was perfected by PBGC (the “Lien”). On October 1, 2019, the Company entered into a settlement agreement (“Settlement Agreement”) with the PBGC. Pursuant to the terms of the Settlement Agreement, GlassBridge paid $ 3,000,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 — Income Taxes The components of income (loss) from continuing operations before income taxes were as follows: Schedule of Loss from Continuing Operations Before Income Taxes 2021 2020 Years Ended December 31, 2021 2020 (In millions) U.S. $ 13.0 $ (19.6 ) International — — Total $ 13.0 $ (19.6 ) The components of the income tax (provision) benefit from continuing operations were as follows: Schedule of Components of Income Tax Expense (Benefit) 2021 2020 Years Ended December 31, 2021 2020 (In millions) Current Federal $ — $ — International — — Deferred International — — Total $ — $ — The income tax provision differs from the amount computed by applying the statutory United States income tax rate (21 percent) because of the following items: Schedule of Income Tax Rate Reconciliation 2021 2020 Years Ended December 31, 2021 2020 (In millions) Tax at statutory U.S. tax rate $ 6.1 $ (13.4 ) State income taxes, net of federal benefit 1.2 (2.5 ) Net effect of subsidiary deconsolidations – Adara reorganization and SportBLX sale 67.4 — Valuation allowances (74.7 ) (4.4 ) Goodwill impairment — 10.6 Pension and debt forgiveness — 9.7 Income tax (provision) benefit $ — $ — The 2020 tax law change that had the most significant impact was in the CARES Act, which accelerated the refund schedule for alternative minimum tax credit carryovers. The Company had recorded a tax benefit of $ 2.2 0.6 Tax laws require certain items to be included in our tax returns at different times than the items are reflected in our results of operations. Some of these items are temporary differences that will reverse over time. We record the tax effect of temporary differences as deferred tax assets and deferred tax liabilities in our Consolidated Balance Sheets. In 2021 and 2020 the net cash paid for income taxes, relating to both continuing and discontinued operations, was $ 0.0 The components of net deferred tax assets and liabilities were as follows: Schedule of Deferred Tax Assets and Liabilities 2021 2020 As of December 31, 2021 2020 (In millions) Tax credit carryforwards 4.1 20.3 Net operating loss carryforwards 72.9 134.2 Accrued liabilities and other reserves — 0.1 Intangible assets and investments 0.4 — Capital losses 35.5 33.1 Other, net 44.3 44.2 Total deferred tax assets 157.2 231.9 Valuation allowance (157.2 ) (231.9 ) Net deferred tax assets — — Unremitted earnings of foreign subsidiaries (0.2 ) (0.2 ) Total deferred tax liabilities (0.2 ) (0.2 ) Valuation allowance — — Total deferred tax liabilities (0.2 ) (0.2 ) Net deferred tax liabilities $ (0.2 ) $ (0.2 ) We regularly assess the likelihood that our deferred tax assets will be recovered in the future. A valuation allowance is recorded to the extent we conclude a deferred tax asset is not considered more-likely-than-not to be realized. We consider all positive and negative evidence related to the realization of the deferred tax assets in assessing the need for a valuation allowance. Our accounting for deferred tax consequences represents our best estimate of future events. A valuation allowance established or revised as a result of our assessment is recorded through income tax provision in our Consolidated Statements of Operations. Changes in our current estimates due to unanticipated events, or other factors, could have a material effect on our financial condition and results of operations. We maintain a valuation allowance related to our deferred tax assets. The valuation allowance was $ 157.2 231.9 The net deferred tax liability not offset by valuation allowance of $ 0.2 The table below shows the components of our deferred tax balances as they are recorded on our Consolidated Balance Sheets: Schedule of Components of Deferred Tax Balances 2021 2020 As of December 31 2021 2020 (In millions) Deferred tax liability - non-current (0.2 ) (0.2 ) Total $ (0.2 ) $ (0.2 ) Federal net operating loss carryforwards totaling $ 303.7 million will begin expiring in 2029 . This net operating loss includes a $ 146 The Company’s $142.1 million in federal net operating loss carryforwards generated through 2017 continue to be subject to historical tax rules that allow carryforward for 20 years from origin, with the ability to offset 100 percent of future taxable income. Subsequent year tax losses have an indefinite life. The Company performed an analysis to confirm that none of the federal net operating loss carryovers should be limited by Section 382. This limitation could result if there is a more than 50 percent ownership shift in the GlassBridge shares within a three-year testing period. We have federal capital losses of $ 142 3.6 Our income tax returns are subject to review by various U.S. and foreign taxing authorities. As such, we record accruals for items that we believe may be challenged by these taxing authorities. The threshold for recognizing the benefit of a tax return position in the financial statements is that the position must be more-likely-than-not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50 percent likely to be realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Schedule of Unrecognized Tax Benefits Reconciliation 2021 2020 (In Millions) Beginning Balance $ 0.2 $ 0.2 Additions: Additions for tax positions of current years — — Additions for tax positions of prior years — — Reductions: Reductions for tax positions of prior years — — Settlements with taxing authorities — — Reductions due to lapse of statute of limitations — — Total 0.2 0.2 Our federal income tax returns for 2018 through 2021 are subject to examination by the Internal Revenue Service. For state purposes, the statutes of limitation vary by jurisdiction. With few exceptions, we are no longer subject to examination for years before 2015. |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 11 — Shareholders’ Equity Treasury Stock On November 14, 2016, our Board authorized a share repurchase program under which we may repurchase up to 2,500 Since the inception of the November 14, 2016 authorization, we have repurchased 780 0.3 1,720 During the years ended December 31, 2021 and 2020, the Company did not purchase any treasury shares. The treasury stock held as of December 31, 2021 was acquired at an average price of $ 8,496.47 Schedule of Treasury Stock Treasury Shares Balance as of December 31, 2019 2,927 Purchases — Forfeitures and other — Balance as of December 31, 2020 2,927 Purchases — Forfeitures and other — Balance as of December 31, 2021 2,927 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss was $ 0.0 Details of amounts reclassified from Accumulated other comprehensive loss and the line item in our Consolidated Statement of Operations for the year ended December 31, 2020 are as follows: Schedule of Reclassification Out of Accumulated Other Comprehensive Loss Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Loss is Presented (In millions) Reclassification of pension liability, net of taxes 20.6 Other Income (Expense) Total reclassifications for the period $ 20.6 Reclassification adjustments are made to avoid double counting in comprehensive income (loss) items that are also recorded as part of net income (loss) and are presented net of taxes in the Consolidated Statements of Comprehensive Income (Loss). Non-Controlling Interest On October 1, 2019, the Company sold to Orix PTP Holdings, LLC (“Orix”), for $ 17,562,700 20.1 13,000,000 20 382 Rights Agreement On November 30, 2021, the Board of Directors adopted a rights plan intended to avoid an “ownership change” within the meaning of Section 382 of the Code, and thereby preserve the current ability of the Company to utilize certain net operating loss carryforwards and other tax benefits of the Company and its subsidiaries (the “Tax Benefits”). If the Company experiences an “ownership change,” as defined in Section 382 of Code, the Company’s ability to fully utilize the Tax Benefits on an annual basis will be substantially limited, and the timing of the usage of the Tax Benefits and such other benefits could be substantially delayed, which could therefore significantly impair the value of those assets. The rights plan is intended to act as a deterrent to any person or group acquiring “beneficial ownership” of 4.9 As part of the Rights Agreement, the Board authorized and declared a dividend distribution of one right (a Right) for each outstanding share of the Company’s common stock, to stockholders of record at the close of business on December 1, 2021. Each Right entitles the holder to purchase from the Company a unit consisting of one one-hundredth of a share (a “Unit”) of Series A Participating Preferred Stock, par value $ 0.01 1,000.00 Under the Rights Agreement, an Acquiring Person is any person or group of affiliated or associated persons (a “Person”) who is or becomes the beneficial owner of 4.9% 0.5 The Rights Agreement provides that a Person shall not become an Acquiring Person for purpose of the Rights Agreement in a transaction that the Board determines is exempt from the Rights Agreement, which determination shall be made in the sole and absolute discretion of the Board, upon request by any Person prior to the date upon which such Person would otherwise become an Acquiring Person, including, without limitation, if the Board determines that (i) neither the beneficial ownership of shares of common stock by such Person, directly or indirectly, as a result of such transaction nor any other aspect of such transaction would jeopardize or endanger the availability to the Company of the Tax Benefits or (ii) such transaction is otherwise in the best interests of the Company. Initially, the Rights will not be exercisable and will be attached to all common stock representing shares then outstanding, and no separate Rights certificates will be distributed. Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the common stock and become exercisable and a distribution date (a “Distribution Date”) will occur upon the earlier of (i) 10 business days (or such later date as the Board shall determine) following a public announcement that a Person has become an Acquiring Person or (ii) 10 business days (or such later date as the Board shall determine) following the commencement of a tender offer, exchange offer or other transaction that, upon consummation thereof, would result in a Person becoming an Acquiring Person. Until the Distribution Date, common stock held in book-entry form, or in the case of certificated shares, common stock certificates, will evidence the Rights and will contain a notation to that effect. Any transfer of shares of common stock prior to the Distribution Date will constitute a transfer of the associated Rights. After the Distribution Date, the Rights may be transferred on the books and records of the Rights Agent as provided in the Rights Agreement. If on or after the Distribution Date, a Person is or becomes an Acquiring Person, each holder of a Right, other than certain Rights including those beneficially owned by the Acquiring Person (which will have become void), will have the right to receive upon exercise common stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the Purchase Price. In the event that, at any time following the first date of a public announcement that a Person has become an Acquiring Person or that discloses information which reveals the existence of an Acquiring Person or such earlier date as a majority of the Board becomes aware of the existence of an Acquiring Person (any such date, the Stock Acquisition Date), (i) the Company engages in a merger or other business combination transaction in which the Company is not the surviving corporation, (ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and the common stock of the Company is changed or exchanged or (iii) 50 At any time following the Stock Acquisition Date and prior to an Acquiring Person obtaining shares that would lead to a more than 50 The Rights and the Rights Agreement will expire on the earliest of (i) 5:00 P.M. New York City time on December 1, 2024, (ii) the time at which the Rights are redeemed or exchanged pursuant to the Rights Agreement, (iii) the date on which the Board determines that the Rights Agreement is no longer necessary for the preservation of material valuable Tax Benefits or is no longer in the best interest of the Company and its stockholders, and (iv) the beginning of a taxable year to which the Board determines that no Tax Benefits may be carried forward. At any time until the earlier of the Distribution Date or the expiration date of the Rights, the Company may redeem the Rights in whole, but not in part, at a price of $ 0.001 0.001 |
Business Segment Information an
Business Segment Information and Geographic Data | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information and Geographic Data | Note 12 — Business Segment Information and Geographic Data The Sports Technology Platform business is presented in our Consolidated Statements of Operations as discontinued operations and is not included in segment results for all periods presented. See Note 4 - Discontinued Operations As of December 31, 2021, the asset management business is our only reportable segment. We evaluate segment performance based on revenue and operating loss. The operating loss reported in our segments excludes corporate and other unallocated amounts. Although such amounts are excluded from the business segment results, they are included in reported consolidated results. The corporate and unallocated operating loss includes costs which are not allocated to the business segments in management’s evaluation of segment performance such as litigation settlement expense, corporate expense and other expenses. Restructuring expenses of $ 0.3 Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment 2021 Years Ended December 31, 2021 2020 (In millions) Operating income (loss) from continuing operations Asset management business $ (2.0 ) $ (5.2 ) Total segment operating loss (2.0 ) (5.2 ) Corporate and unallocated (4.2 ) (1.5 ) Total operating loss (6.2 ) (6.7 ) Interest expense (2.0 ) (2.6 ) Gain on Chapter 11 reorganization 20.4 (1.9 ) Bank Loan forgiveness 0.4 (8.5 ) Realized losses on investments — (1.9 ) Defined benefit plan adjustment — (8.5 ) Other income (expense), net 0.4 0.1 Income (loss) from continuing operations before income taxes $ 13.0 $ (19.6 ) December 31, December 31, 2021 2020 (In millions) Assets Asset management business $ 13.2 $ 15.8 Total segment assets 13.2 15.8 Corporate and unallocated 4.0 1.2 Non-current assets of discontinued operations — 8.4 Total consolidated assets $ 17.2 $ 25.4 |
Litigation, Commitments and Con
Litigation, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Commitments and Contingencies | Note 13 — Litigation, Commitments and Contingencies In an action removed, on February 14, 2022, from New York Supreme Court to the Southern District of New York, Cypress Holdings, III L.P. v. Sport-BLX, Inc. et al., 1:22-cv-01243-LGS (S.D.N.Y.), plaintiff Cypress Holdings, III L.P. purports to assert claims against SportBLX, the Company, Mr. Hall, and Mr. De Perio for securities fraud, RICO and related issues and seeks compensatory damages, punitive damages and attorneys’ fees, in connection with solicitations of investments in SportBLX. We have notified the Court that we believe that the complaint, as against the Company, is legally deficient and that we intend to seek dismissal. Indemnification Obligations In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a supportable third-party claim. There have historically been no material losses related to such indemnifications. As of December 31, 2021, and 2020, estimated liability amounts associated with such indemnifications were not material. Environmental Matters Our legacy business operations and indemnification obligations resulting from our spinoff from 3M Company subject us liabilities arising from a wide range of federal, state and local environmental laws. For example, from time to time we have received correspondence from 3M notifying us that we may have a duty to defend and indemnify 3M with respect to certain environmental claims such as remediation costs. Environmental remediation costs are accrued when a probable liability has been determined and the amount of such liability has been reasonably estimated. These accruals are reviewed periodically as remediation and investigatory activities proceed and are adjusted accordingly. We did not have any environmental accruals as of December 31, 2021. Compliance with environmental regulations has not had a material adverse effect on our financial results. Operating Leases The Company does not have any long-term lease obligations as of December 31, 2021. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14 — Related Party Transactions On January 1, 2019, the Company and Clinton Group Inc. (“Clinton”) entered into a management service agreement (the “Management Service Agreement”), pursuant to which Clinton agreed to provide certain services to the Company. Prior to being appointed our Chief Executive Officer and Chief Financial Officer, respectively, Daniel A. Strauss served as our Chief Executive Officer, and Francis Ruchalski served as our Chief Financial Officer, pursuant to the terms of the Amended and Restated Services Agreement we entered into with Clinton on March 31, 2019 (the “Amended Services Agreement”). Clinton also made available other employees of Clinton as necessary to manage certain business functions as deemed necessary in the sole discretion of Clinton to provide other management services. The Amended Services Agreement was terminated effective March 31, 2020. Clinton paid Mr. Strauss and Mr. Ruchalski compensation and benefits under the Amended Services Agreement through December 15, 2019, and they became employees of the Company on December 18, 2019 and December 16, 2019, respectively. As of December 31, 2021, the Company paid Clinton $ 2,400,000 0 312,500 On June 5, 2020, SportBLX entered into a subscription agreement (the “Securities Subscription”) with Sport-BLX Securities (“S-BLX Securities”) for SportBLX’s proprietary sports-based alternative asset trading platform (the “Platform”) via which the customer, S-BLX Securities, may issue sports-related securities that are tradeable by investors. Mr. Hall and Mr. De Perio own 65.5 28.1 As consideration for the Securities Subscription, SportBLX received a one-time upfront subscription fee of $ 150,000 100,000 137,500 75,000 On June 30, 2020, SportBLX issued Demand Note-4 to CSO in the aggregate principal amount of $ 150,000 8 150,000 On June 30, 2020, SportBLX issued Demand Note-5 to Mr. De Perio in the aggregate principal amount of $ 40,000 8 40,000 On June 30, 2020, SportBLX issued Demand Note-6 to S-BLX Securities in the aggregate principal amount of $ 213,793 8 213,793 On October 1, 2019, the Company sold to Orix, for $ 17,562,700 20.1 13,000,000 1.00 1,790,000 On July 20, 2020, pursuant to a Software Assignment Agreement, AEC purchased from GEH, wholly owned by Mr. Hall, certain of that company’s quantitative trading software, for $ 1,750,000 In connection with the closing of certain transactions in the third quarter of 2020, the Company paid a $ 250,000 200,000 120,000 On August 1, 2020, the Company entered into a Management Services Agreement (“the Services Agreement”) to provide certain back office services, including accounting, treasury, payroll and benefits and other administration services to S-BLX Securities. The Services Agreement has a six month initial term and will automatically renew for successive renewal terms of three months unless either party provides notice of nonrenewal. In exchange for the services, S-BLX Securities will pay the Company at a rate of $ 15,000 On July 31, 2021, Mr. Hall and Mr. De Perio agreed to accept $ 2,354,736 1,060,264 12,116,718 5,455,782 December 12, 2022 5 12,116,718 5,455,782 Also on July 31, 2021, as part of the settlement of the Stock Purchase Agreement, the Company assigned obligations owed to it from SportBLX, totaling $ 4,176,102.11 400,000 The net gain on the settlement of the Stock Purchase Agreement and the assignment of obligations to Fintech Debt Corp. are related party gains, and, as such, were recorded as equity transactions in the Condensed Consolidated Balances Sheets, rather than recognized as income in the Condensed Consolidated Statements of Operations. On December 30, 2021, the Company completed a series of transactions for the purpose of disposing of its interest in SportBLX, described below: ● On December 21, 2021, SportBLX sold proprietary code to S-BLX Securities for $ 225,000 ● On December 24, 2021, SportBLX repurchased $ 1,500,000 126,000 ● Finally, on December 30, 2021, the Company completed the disposition of its entire interest in SportBLX, selling all of its shares to FDC for $ 137,038 During the period ended December 30, 2021, Mr. Hall advanced approximately $ 132,000 82,000 SportBLX paid $ 25,000 100 40,000 The compensation for the Board of Directors of GlassBridge for their board services totaled $ 425,000 655,000 There was no non-wage compensation for the officers of GlassBridge for the year ended December 31, 2021 and 2020, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 — Subsequent Events In an action removed, on February 14, 2022, from New York Supreme Court to the Southern District of New York, Cypress Holdings, III L.P. v. Sport-BLX, Inc. et al., 1:22-cv-01243-LGS (S.D.N.Y.), plaintiff Cypress Holdings, III L.P. purports to assert claims against SportBLX, the Company, Mr. Hall, and Mr. De Perio for securities fraud, RICO and related issues and seeks compensatory damages, punitive damages and attorneys’ fees, in connection with solicitations of investments in SportBLX. We have notified the Court that we believe that the complaint, as against the Company, is legally deficient and that we intend to seek dismissal. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
Foreign Currency | Foreign Currency |
Cash Equivalents | Cash Equivalents |
Restricted Cash | Restricted Cash 0.0 0.5 500,000 |
Investments | Investments |
Fair Value Measurements | Fair Value Measurements |
Trade Accounts Receivable and Allowances | Trade Accounts Receivable and Allowances |
Intangible Assets | Intangible Assets |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Restructuring | Restructuring |
Revenue Recognition | Revenue Recognition |
Income Taxes | Income Taxes We record income taxes using the asset and liability approach. Under this approach, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the book and tax basis of assets and liabilities. We measure deferred tax assets and liabilities using the enacted statutory tax rates that are expected to apply in the years in which the temporary differences are expected to be recovered or paid. We regularly assess the likelihood that our deferred tax assets will be recovered in the future. In accordance with accounting rules, a valuation allowance is recorded to the extent we conclude a deferred tax asset is not considered to be more-likely-than-not to be realized. We consider all positive and negative evidence related to the realization of the deferred tax assets in assessing the need for a valuation allowance. If we determine it is more-likely-than-not that we will not realize all or part of our deferred tax assets, an adjustment to the deferred tax asset will be charged to earnings in the period such determination is made. Our income tax returns are subject to review by various taxing authorities. As such, we record accruals for items that we believe may be challenged by these taxing authorities. The threshold for recognizing the benefit of a tax return position in the financial statements is that the position must be more-likely-than-not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50 percent likely to be realized. |
Treasury Stock | Treasury Stock |
Stock-Based Compensation | Stock-Based Compensation The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The assumptions used in the valuation model are supported primarily by historical indicators and current market conditions. Expected volatilities are based on historical volatility of our stock and are calculated using the historical weekly close rate for a period of time equal to the expected term. The risk-free rate for the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. We use historical data and management judgment to estimate option exercise and employee termination activity within the valuation model. The expected term of stock options granted is based on historical data and represents the period of time that stock options granted are expected to be outstanding. It is calculated on an aggregated basis and estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients’ behavior. In determining the expected term, we consider the vesting period of the awards, the contractual term of the awards, historical average holding periods, stock price history, impacts from recent restructuring initiatives and the relative weight for each of these factors. The dividend yield, if applicable, is based on the latest dividend payments made on or announced by the date of the grant. Forfeitures are estimated based on historical experience and current demographics. See Note 8 - Stock-Based Compensation |
Income (Loss) per Common Share | Income (Loss) per Common Share Diluted income (loss) per common share is computed on the basis of the weighted average basic shares outstanding plus the dilutive effect of our stock-based compensation plans using the “treasury stock” method. Since the exercise price of our stock options is greater than the average market price of the Company’s common stock for the period, we did not include dilutive common equivalent shares for these instruments in the computation of diluted income (loss) per common share because the effect would be anti-dilutive. See Note 3 - Income (Loss) per Common Share |
New Accounting Pronouncements | New Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be not applicable to the Company’s consolidated results of operations and financial condition. |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, amends, and adds disclosure requirements for fair value measurements. The amended and new disclosure requirements primarily relate to Level 3 fair value measurements. The Company adopted this ASU in the first quarter of 2020. As this ASU relates only to disclosures, there was no impact to the Company’s consolidated results of operations or financial condition. In August 2018, the FASB issued ASU No. 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans, which makes minor changes to the disclosure requirements related to defined benefit pension and other postretirement plans. The ASU requires a retrospective transition approach. For the Company, the ASU was effective as of January 1, 2021. There was no impact to the Company as it terminated and settled its only remaining plan in 2019. |
Income (Loss) per Common Share
Income (Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share | The following table sets forth the computation of the weighted average basic and diluted income (loss) per share: Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share 2021 2020 Years Ended December 31, 2021 2020 (In millions, except share and per share amounts) Numerator: Income (loss) from continuing operations $ 13.0 $ (19.6 ) Loss from discontinued operations, net of income taxes (0.7 ) (42.7 ) Gain on sale and deconsolidation of discontinued business, net of income taxes 16.7 — Net income (loss) $ 29.0 $ (62.3 ) Denominator: Weighted average number of diluted shares outstanding during the period - basic and diluted (in thousands) 25.4 25.2 Income (loss) per common share attributable to GlassBridge common shareholders — basic and diluted: Continuing operations $ 511.81 $ (782.16 ) Discontinued operations 629.92 (1,690.61 ) Net income $ 1,141.73 $ (2,472.77 ) Anti-dilutive shares excluded from calculation — — |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | As a result of these transactions, the Company recorded a net gain on the sale and deconsolidation of SportBLX of $ 16.7 million for the year ended December 31, 2021, the components of which are described in the table below. Schedule of Discontinued Operations (in millions) Sale of proprietary code to S-BLX Securities $ 0.2 Gain on repurchase of SportBLX debt from FDC 1.4 Sale of SportBLX to FDC Proceeds 0.1 Basis in SportBLX 1.3 Goodwill (8.3 ) Non-controlling interest 22.0 Net gain on the sale and deconsolidation of SportBLX 16.7 |
Schedule of Key Components of Discontinued Operations | The key components of the results of discontinued operations were as follows: Schedule of Key Components of Discontinued Operations 2021 2020 For the Years Ended December 31, 2021 2020 (In millions) Net revenue — 0.5 Operating expenses: Selling, general and administrative 1.1 2.2 Impairment of goodwill — 42.3 Restructuring and other (0.6 ) (1.3 ) Total operating expenses 0.5 43.2 Operating loss from discontinued operations (0.5 ) (42.7 ) Other expense: Interest expense (0.2 ) — Total other expense (0.2 ) — Loss from discontinued operations, before income taxes (0.7 ) (42.7 ) Gain on sale and deconsolidation of discontinued business 16.7 — Income tax — — Income (loss) from discontinued operations, net of income taxes $ 16.0 $ (42.7 ) |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities (included as a separate line item in our Consolidated Balance Sheets) include the following: Schedule of Other Current Liabilities 2021 2020 December 31, 2021 2020 (In millions) Accrued payroll $ 0.2 $ 0.1 Other current liabilities 0.2 1.2 Total other current liabilities $ 0.4 $ 1.3 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Notes Payable | Debt and notes payable consists of the following: Schedule of Debt and Notes Payable 2021 2020 Years Ended December 31, 2021 2020 (In millions) GHI LLC note payable $ 3.4 $ — Stock purchase agreement notes payable (see Note 14 – Related Party Transactions — 17.6 ESW note payable — 11.0 Bank loan — 0.4 Other related parties notes payable — 0.2 Other liabilities 0.2 0.2 Total long term debt 3.6 29.4 |
Schedule of Long-term Debt Maturities | Scheduled maturities of the Company’s long-term debt, as they exist as of December 31, 2020, in each of the next five fiscal years and thereafter are as follows: Schedule of Long-term Debt Maturities Fiscal years ending in (in millions) 2022 $ 0.2 2023 — 2024 3.4 2025 — 2026 — 2027 and thereafter — Total 3.6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation for Continuing Operations | Stock compensation consisted of the following: Schedule of Stock-Based Compensation for Continuing Operations 2021 2020 Years Ended December 31, 2021 2020 (In millions) Stock compensation expense $ — $ — |
Summary of Stock Option Activity | The following table summarizes our stock option activity: Summary of Stock Option Activity Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding December 31, 2019 1,360 $ 106.00 9.7 Outstanding December 31, 2020 1,360 $ 106.00 8.7 Outstanding December 31, 2021 1,360 $ 106.00 7.7 Exercisable as of December 31, 2021 1,213 $ 106.00 7.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss from Continuing Operations Before Income Taxes | The components of income (loss) from continuing operations before income taxes were as follows: Schedule of Loss from Continuing Operations Before Income Taxes 2021 2020 Years Ended December 31, 2021 2020 (In millions) U.S. $ 13.0 $ (19.6 ) International — — Total $ 13.0 $ (19.6 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax (provision) benefit from continuing operations were as follows: Schedule of Components of Income Tax Expense (Benefit) 2021 2020 Years Ended December 31, 2021 2020 (In millions) Current Federal $ — $ — International — — Deferred International — — Total $ — $ — |
Schedule of Income Tax Rate Reconciliation | The income tax provision differs from the amount computed by applying the statutory United States income tax rate (21 percent) because of the following items: Schedule of Income Tax Rate Reconciliation 2021 2020 Years Ended December 31, 2021 2020 (In millions) Tax at statutory U.S. tax rate $ 6.1 $ (13.4 ) State income taxes, net of federal benefit 1.2 (2.5 ) Net effect of subsidiary deconsolidations – Adara reorganization and SportBLX sale 67.4 — Valuation allowances (74.7 ) (4.4 ) Goodwill impairment — 10.6 Pension and debt forgiveness — 9.7 Income tax (provision) benefit $ — $ — |
Schedule of Deferred Tax Assets and Liabilities | The components of net deferred tax assets and liabilities were as follows: Schedule of Deferred Tax Assets and Liabilities 2021 2020 As of December 31, 2021 2020 (In millions) Tax credit carryforwards 4.1 20.3 Net operating loss carryforwards 72.9 134.2 Accrued liabilities and other reserves — 0.1 Intangible assets and investments 0.4 — Capital losses 35.5 33.1 Other, net 44.3 44.2 Total deferred tax assets 157.2 231.9 Valuation allowance (157.2 ) (231.9 ) Net deferred tax assets — — Unremitted earnings of foreign subsidiaries (0.2 ) (0.2 ) Total deferred tax liabilities (0.2 ) (0.2 ) Valuation allowance — — Total deferred tax liabilities (0.2 ) (0.2 ) Net deferred tax liabilities $ (0.2 ) $ (0.2 ) |
Schedule of Components of Deferred Tax Balances | The table below shows the components of our deferred tax balances as they are recorded on our Consolidated Balance Sheets: Schedule of Components of Deferred Tax Balances 2021 2020 As of December 31 2021 2020 (In millions) Deferred tax liability - non-current (0.2 ) (0.2 ) Total $ (0.2 ) $ (0.2 ) |
Schedule of Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Schedule of Unrecognized Tax Benefits Reconciliation 2021 2020 (In Millions) Beginning Balance $ 0.2 $ 0.2 Additions: Additions for tax positions of current years — — Additions for tax positions of prior years — — Reductions: Reductions for tax positions of prior years — — Settlements with taxing authorities — — Reductions due to lapse of statute of limitations — — Total 0.2 0.2 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Treasury Stock | Schedule of Treasury Stock Treasury Shares Balance as of December 31, 2019 2,927 Purchases — Forfeitures and other — Balance as of December 31, 2020 2,927 Purchases — Forfeitures and other — Balance as of December 31, 2021 2,927 |
Schedule of Reclassification Out of Accumulated Other Comprehensive Loss | Details of amounts reclassified from Accumulated other comprehensive loss and the line item in our Consolidated Statement of Operations for the year ended December 31, 2020 are as follows: Schedule of Reclassification Out of Accumulated Other Comprehensive Loss Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Loss is Presented (In millions) Reclassification of pension liability, net of taxes 20.6 Other Income (Expense) Total reclassifications for the period $ 20.6 |
Business Segment Information _2
Business Segment Information and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment | Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment 2021 Years Ended December 31, 2021 2020 (In millions) Operating income (loss) from continuing operations Asset management business $ (2.0 ) $ (5.2 ) Total segment operating loss (2.0 ) (5.2 ) Corporate and unallocated (4.2 ) (1.5 ) Total operating loss (6.2 ) (6.7 ) Interest expense (2.0 ) (2.6 ) Gain on Chapter 11 reorganization 20.4 (1.9 ) Bank Loan forgiveness 0.4 (8.5 ) Realized losses on investments — (1.9 ) Defined benefit plan adjustment — (8.5 ) Other income (expense), net 0.4 0.1 Income (loss) from continuing operations before income taxes $ 13.0 $ (19.6 ) December 31, December 31, 2021 2020 (In millions) Assets Asset management business $ 13.2 $ 15.8 Total segment assets 13.2 15.8 Corporate and unallocated 4.0 1.2 Non-current assets of discontinued operations — 8.4 Total consolidated assets $ 17.2 $ 25.4 |
Background and Basis of Prese_2
Background and Basis of Presentation (Details Narrative) - USD ($) | Dec. 30, 2021 | Jun. 15, 2021 | Dec. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Proceeds from bankruptcy received | $ 2,017,238 | |||||
Proceeds from additional distribution | $ 4,577,465 | |||||
Proceeds from bankruptcy received | $ 6,594,703 | |||||
Remaining bankruptcy | $ 0 | 0 | ||||
Proceeds from sale of equity | $ 137,038 | |||||
Adara Enterprises Corp [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Sale of stock, consideration received on transaction | $ 8,500,000 | |||||
ESW Loan Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Sale of stock, consideration received on transaction | $ 8,500,000 | |||||
ESW Loan Agreement [Member] | Adara Enterprises Corp [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Debt instrument, face amount | $ 11,000,000 | |||||
Sale of stock, consideration received on transaction | $ 325,000 | $ 325,000 | ||||
SportBLX Purchase Agreement [Member] | ESW Holdings [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Ownership percentage | 30.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Restricted cash current | $ 0 | $ 500,000 |
Cash | $ 500,000 |
Schedule of computation of Weig
Schedule of computation of Weighted Average Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Income (loss) from continuing operations | $ 13 | $ (19.6) |
Loss from discontinued operations, net of income taxes | (0.7) | (42.7) |
Gain on sale and deconsolidation of discontinued business, net of income taxes | 16.7 | |
Net income (loss) | $ 29 | $ (62.3) |
Weighted average number of diluted shares outstanding during the period - basic and diluted (in thousands) | 25,400 | 25,200 |
Continuing operations | $ 511.81 | $ (782.16) |
Discontinued operations | 629.92 | (1,690.61) |
Net income | $ 1,141.73 | $ (2,472.77) |
Anti-dilutive shares excluded from calculation |
Schedule of Discontinued Operat
Schedule of Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sale of proprietary code to S-BLX Securities | $ 0.5 | |
Gain on repurchase of SportBLX debt from FDC | 1.4 | |
Net gain on the sale and deconsolidation of SportBLX | 16.7 | |
Sport BLX [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sale of proprietary code to S-BLX Securities | 0.2 | |
Proceeds | 0.1 | |
Basis in SportBLX | 1.3 | |
Goodwill | (8.3) | |
Non-controlling interest | $ 22 |
Schedule of Key Components of D
Schedule of Key Components of Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net revenue | $ 0.5 | |
Operating expenses: | ||
Selling, general and administrative | 1.1 | 2.2 |
Impairment of goodwill | 42.3 | |
Restructuring and other | (0.6) | (1.3) |
Total operating expenses | 0.5 | 43.2 |
Operating loss from discontinued operations | (0.5) | (42.7) |
Interest expense | (0.2) | |
Total other expense | (0.2) | |
Loss from discontinued operations, before income taxes | (0.7) | (42.7) |
Gain on sale and deconsolidation of discontinued business | 16.7 | |
Income tax | ||
Income (loss) from discontinued operations, net of income taxes | $ 16 | $ (42.7) |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 30, 2021 | Dec. 24, 2021 | Dec. 21, 2021 | |
Goodwill impairment | $ 42,300,000 | ||||
Restructuring and other expense | 300,000 | 0 | |||
Net cash paid for income taxes | 0 | 0 | |||
Non-current assets of discontinued operations | 8,400,000 | ||||
other current liabilities | 1,300,000 | ||||
Accounts payable trade current | 600,000 | ||||
Accrued payroll taxes | 400,000 | ||||
Notes payable related parties | 200,000 | ||||
Noncontrolling Interest [Member] | |||||
Restructuring and other expense | $ 600,000 | $ 1,300,000 | |||
Sport BLX [Member] | |||||
Securities Purchased under Agreements to Resell | $ 225,000 | ||||
Securities Sold under Agreements to Repurchase | $ 1,500,000 | ||||
Fintech Debt Corp [Member] | |||||
Securities Purchased under Agreements to Resell | $ 137,038 | ||||
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned | $ 126,000 |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll | $ 0.2 | $ 0.1 |
Other current liabilities | 0.2 | 1.2 |
Total other current liabilities | $ 0.4 | $ 1.3 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Other current assets | $ 0 | $ 1,000,000 | |
Restricted cash | 500,000 | ||
Property and equipment, net | 1,500,000 | ||
Purchased cost | 1,700,000 | ||
Accumulated depreciation | 200,000 | ||
Other assets | 200,000 | 300,000 | |
Accrued interest expense | 1,200,000 | ||
Interest expenses to related party | 100,000 | ||
Notes payable | 3,400,000 | ||
Bank Loan [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Notes payable | 400,000 | ||
George E. Hall [Member] | Stock Purchase Agreement Notes Payable [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Notes payable | 12,100,000 | ||
Joseph A. De Perio [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Notes payable | $ 5,455,782 | ||
Joseph A. De Perio [Member] | Stock Purchase Agreement Notes Payable [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Notes payable | 5,500,000 | ||
ESW Holdings [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Notes payable | 11,000,000 | ||
Arrive LLC [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Investments | $ 12,800,000 | $ 12,800,000 |
Schedule of Debt and Notes Paya
Schedule of Debt and Notes Payable (Details) - USD ($) | Dec. 31, 2021 | Jul. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | |||
Total long term debt | $ 3,600,000 | $ 12,116,718 | $ 29,400,000 |
GHILLC Note Payable [Member] | |||
Short-term Debt [Line Items] | |||
Total long term debt | 3,400,000 | ||
Stock Purchase Agreement Notes Payable [Member] | |||
Short-term Debt [Line Items] | |||
Total long term debt | 17,600,000 | ||
ESW Note Payable [Member] | |||
Short-term Debt [Line Items] | |||
Total long term debt | 11,000,000 | ||
Bank Loan [Member] | |||
Short-term Debt [Line Items] | |||
Total long term debt | 400,000 | ||
Other Related Parties Notes Payable [Member] | |||
Short-term Debt [Line Items] | |||
Total long term debt | 200,000 | ||
Other Liabilities [Member] | |||
Short-term Debt [Line Items] | |||
Total long term debt | $ 200,000 | $ 200,000 |
Schedule of Long-term Debt Matu
Schedule of Long-term Debt Maturities (Details) - USD ($) | Dec. 31, 2021 | Jul. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | |||
2022 | $ 200,000 | ||
2023 | |||
2024 | 3,400,000 | ||
2025 | |||
2026 | |||
2027 and thereafter | |||
Total | $ 3,600,000 | $ 12,116,718 | $ 29,400,000 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | Aug. 06, 2021 | Jul. 31, 2021 | Jun. 15, 2021 | Oct. 02, 2020 | Jul. 21, 2020 | Jul. 21, 2020 | Jun. 30, 2020 | May 05, 2020 | Jul. 31, 2021 | Jan. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 20, 2021 | Jun. 05, 2020 | Mar. 31, 2020 |
Short-term Debt [Line Items] | |||||||||||||||||
Debt interest bear percentage | 5.00% | 5.00% | |||||||||||||||
Debt maturity date | Dec. 12, 2022 | ||||||||||||||||
Obligation paid | $ 5,455,782 | $ 17,600,000 | |||||||||||||||
Notes payable | $ 3,400,000 | ||||||||||||||||
Repayment of note payable | 16,000,000 | ||||||||||||||||
Cash and cash equivalents | 4,100,000 | 1,300,000 | |||||||||||||||
Assets | 17,200,000 | 25,400,000 | |||||||||||||||
Loan aggregate amount | $ 400,000 | ||||||||||||||||
Fintech Debt Corp [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Business combination, consideration transferred | $ 4,176,102.11 | ||||||||||||||||
Joseph A. De Perio and George E. Hall [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Business combination, consideration transferred | 400,000 | ||||||||||||||||
Mr. Hall [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt interest bear percentage | 100.00% | ||||||||||||||||
Obligation paid | 2,354,736 | ||||||||||||||||
Notes payable | 12,116,718 | 12,116,718 | |||||||||||||||
Joseph A. De Perio [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Obligation paid | 1,060,264 | ||||||||||||||||
Notes payable | $ 5,455,782 | $ 5,455,782 | |||||||||||||||
Lender [Member] | Paycheck Protection Program [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt interest bear percentage | 1.00% | ||||||||||||||||
Loan aggregate amount | $ 374,065 | ||||||||||||||||
Debt maturity date description | April 30, 2020, issued to the Bank, matures on April 30, 2022 and bears interest at a rate of 1.00% per annum, payable monthly commencing on November 30, 2020. | ||||||||||||||||
Other related parties notes payable | $ 200,000 | ||||||||||||||||
Orix PTP Holdings, LLC [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt interest bear percentage | 5.00% | ||||||||||||||||
Notes payable | $ 16,000,000 | ||||||||||||||||
Sale of stock, total consideration | $ 17,562,700 | ||||||||||||||||
Prior Orix PTP Holdings, LLC [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt interest bear percentage | 7.50% | 7.50% | |||||||||||||||
Notes payable | $ 13,000,000 | $ 13,000,000 | |||||||||||||||
Adara Enterprises Corp [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Sale of stock, total consideration | $ 8,500,000 | ||||||||||||||||
Clinton Special Opportunities Fund LLC [Member] | Demand Note 4 [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instrument face amount | $ 150,000 | $ 150,000 | |||||||||||||||
Debt interest bear percentage | 8.00% | ||||||||||||||||
Debt maturity date | Jul. 1, 2021 | ||||||||||||||||
GHI Loan Agreement [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Proceeds from indebtedness | $ 5,000,000 | ||||||||||||||||
Debt description | Upon the occurrence of an event of default, the loan bears interest at a rate 5% above of the then-effective interest rate and, at GHI LLC’s option, is payable either in cash or in cash and shares of Company common stock, valued at market, equal to up to 10% of the outstanding principal amount of the loan. A default fee equal to 0.5% of the outstanding principal applies if any default exists for 10 days or more. | ||||||||||||||||
GHI Loan Agreement [Member] | Gazellek Holdings I, LLC [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instrument face amount | $ 3,450,000 | ||||||||||||||||
Debt interest bear percentage | 7.00% | ||||||||||||||||
Debt maturity date | Aug. 2, 2024 | ||||||||||||||||
Stock Purchase Agreement [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt interest bear percentage | 5.00% | ||||||||||||||||
Debt maturity date | Dec. 12, 2022 | ||||||||||||||||
Credit Faciltiy Letter Agreement [Member] | Clinton Special Opportunities Fund LLC [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest rate | $ 508,000 | ||||||||||||||||
Security Termination Agreement [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest rate | 171,112 | 171,112 | |||||||||||||||
Repayment of note payable | $ 16,000,000 | ||||||||||||||||
Loan Security Agreement [Member] | ESW Holdings [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Accrued interest rate | $ 1,100,000 | ||||||||||||||||
Sales of stock transaction | $ 11,000,000 | ||||||||||||||||
Cash and cash equivalents | 500,000 | ||||||||||||||||
Insolvency obligations | 100,000 | ||||||||||||||||
Incurring judgments settlements | 100,000 | ||||||||||||||||
Assets | $ 8,500,000 | ||||||||||||||||
SportBLX Purchase Agreement [Member] | ESW Holdings [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Ownership percentage | 30.00% | ||||||||||||||||
Subscription Agreement [Member] | ESW Holdings [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Number of shares purchased | 100 | ||||||||||||||||
Value of shares purchased | $ 25,000 | ||||||||||||||||
Preferred stock liquidation preference | $ 1,500 | ||||||||||||||||
Subscription Agreement [Member] | Mr De Perio [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Ownership percentage | 28.10% | ||||||||||||||||
ESW Loan Agreement [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Sale of stock, total consideration | $ 8,500,000 | ||||||||||||||||
ESW Loan Agreement [Member] | Adara Enterprises Corp [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instrument face amount | $ 11,000,000 | ||||||||||||||||
Sale of stock, total consideration | $ 325,000 | $ 325,000 | |||||||||||||||
Sport BLX Borrowed [Member] | Demand Note 4 [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instrument face amount | 150,000 | ||||||||||||||||
Sport BLX Borrowed [Member] | Mr De Perio [Member] | Demand Note 5 [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instrument face amount | $ 40,000 | ||||||||||||||||
Debt interest bear percentage | 8.00% | ||||||||||||||||
Debt maturity date | Jul. 1, 2021 | ||||||||||||||||
Sport BLX Borrowed Demand [Member] | Demand Note 5 [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt instrument face amount | $ 40,000 |
Restructuring and Other Expen_2
Restructuring and Other Expense (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring and other expense | $ 0.3 | $ 0 |
Restructuring expense | $ 0.3 |
Schedule of Stock-Based Compens
Schedule of Stock-Based Compensation for Continuing Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock compensation expense |
Summary of Stock Option Activit
Summary of Stock Option Activity (Details) - $ / shares $ / shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Stock Options Outstanding | 1,360 | 1,360 | 1,360 |
Weighted Average Exercise Price Outstanding | $ 106 | $ 106 | $ 106 |
Weighted Average Remaining Contractual Life (Years), Outstanding | 7 years 8 months 12 days | 8 years 8 months 12 days | 9 years 8 months 12 days |
Stock Options Exercisable | 1,213 | ||
Weighted Average Exercise Price Exercisable | $ 106 | ||
Weighted Average Remaining Contractual Life (Years), Exercisable | 7 years 8 months 12 days |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding | 1,360 | 1,360 | 1,360 |
Number of options exercised | 0 | 0 | |
Number of options exercised | 1,213 | ||
Stock compensation expense | |||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 0 | $ 0 | |
2011 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized to award | 4,671 | ||
Number of shares outstanding | 1,360 | ||
Aggregate intrinsic value of outstanding stock options | $ 0 |
Retirement Plans (Details Narra
Retirement Plans (Details Narrative) | Oct. 03, 2019USD ($) |
Settlement Agreement [Member] | Pension Benefit Guaranty Corporation [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Settlement of paid in cash | $ 3,000,000 |
Schedule of Loss from Continuin
Schedule of Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
U.S. | $ 13 | $ (19.6) |
International | ||
Income (loss) from continuing operations before income taxes | $ 13 | $ (19.6) |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current | ||
Federal | ||
International | ||
Deferred | ||
International | ||
Total |
Schedule of Income Tax Rate Rec
Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory U.S. tax rate | $ 6.1 | $ (13.4) |
State income taxes, net of federal benefit | 1.2 | (2.5) |
Net effect of subsidiary deconsolidations – Adara reorganization and SportBLX sale | 67.4 | |
Valuation allowances | (74.7) | (4.4) |
Goodwill impairment | 10.6 | |
Pension and debt forgiveness | 9.7 | |
Total |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Tax credit carryforwards | $ 4.1 | $ 20.3 |
Net operating loss carryforwards | 72.9 | 134.2 |
Accrued liabilities and other reserves | 0.1 | |
Intangible assets and investments | 0.4 | |
Capital losses | 35.5 | 33.1 |
Other, net | 44.3 | 44.2 |
Total deferred tax assets | 157.2 | 231.9 |
Valuation allowance | (157.2) | (231.9) |
Net deferred tax assets | ||
Unremitted earnings of foreign subsidiaries | (0.2) | (0.2) |
Total deferred tax liabilities | (0.2) | (0.2) |
Valuation allowance | ||
Total deferred tax liabilities | (0.2) | (0.2) |
Net deferred tax liabilities | $ (0.2) | $ (0.2) |
Schedule of Components of Defer
Schedule of Components of Deferred Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred tax liability - non-current | $ (0.2) | $ (0.2) |
Net deferred tax liabilities | $ (0.2) | $ (0.2) |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning balance | $ 0.2 | $ 0.2 |
Additions for tax positions of current years | ||
Additions for tax positions of prior years | ||
Reductions for tax positions of prior years | ||
Settlements with taxing authorities | ||
Reductions due to lapse of statute of limitations | ||
Unrecognized tax benefits, ending balance | $ 0.2 | $ 0.2 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Minimum tax credit refundable | $ 2,200,000 | |||
Income tax refunds | $ 600,000 | |||
Net cash paid for income taxes | $ 0 | $ 0 | ||
Valuation allowance | 157,200,000 | $ 231,900,000 | ||
Deferred tax liability valuation allowance | 200,000 | |||
Operating loss carryforwards | $ 146 | |||
[custom:IncomeTaxExpiryDescription] | 2029 | |||
Income tax examination likelihood ownership percentage | This limitation could result if there is a more than 50 percent ownership shift in the GlassBridge shares within a three-year testing period. | |||
Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Examination, Description | The Company’s $142.1 million in federal net operating loss carryforwards generated through 2017 continue to be subject to historical tax rules that allow carryforward for 20 years from origin, with the ability to offset 100 percent of future taxable income. Subsequent year tax losses have an indefinite life. | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 303,700,000 | |||
Federal Capital [Member] | Expire Between 2022 And 2026 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 142,000,000 | |||
U.S. and Foreign Tax [Member] | Expire Between 2024 and 2032 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 3,600,000 |
Schedule of Treasury Stock (Det
Schedule of Treasury Stock (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Treasury shares, beginning balance | 2,927 | |
Treasury shares, ending balance | 2,927 | 2,927 |
Treasury Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Treasury shares, beginning balance | 2,927 | 2,927 |
Purchases | ||
Forfeitures and other | ||
Treasury shares, ending balance | 2,927 | 2,927 |
Schedule of Reclassification Ou
Schedule of Reclassification Out of Accumulated Other Comprehensive Loss (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Total reclassifications for the period | $ 20.6 |
Amortization of Net Actuarial Loss [Member] | Other Nonoperating Income (Expense) [Member] | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Total reclassifications for the period | $ 20.6 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - USD ($) | Oct. 02, 2020 | Nov. 14, 2016 | Dec. 31, 2021 | Nov. 30, 2021 | Dec. 31, 2020 | Oct. 02, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss | $ 0 | |||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||
Common stock outstanding | 0.50% | |||||
382 Rights Agreement [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Percentage transfer threshold assets, cashflow, and earning power | 50.00% | |||||
Ownership percentage for board of exchange rights | 50.00% | |||||
Right redemption price | $ 0.001 | |||||
382 Rights Agreement [Member] | Series A Participating Preferred Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Preferred stock, par value | 0.01 | |||||
Price per share | $ 1,000 | |||||
382 Rights Agreement [Member] | Wells Fargo Bank, N.A [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Ownership percentage | 4.90% | |||||
Orix PTP Holdings, LLC [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Sale of stock price | $ 17,562,700 | |||||
Stock percentage | 20.10% | |||||
Orix PTP Holdings, LLC [Member] | Stockholders Agreement [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Book value percentage | 20.00% | |||||
Orix PTP Holdings, LLC [Member] | Two Promissory Notes [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Principal amount | $ 13,000,000 | |||||
Treasury Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Purchase of treasury stock | 780 | |||||
Purchase of treasury stock, value | $ 300,000 | |||||
Additional number of shares authorized to repurchased | 1,720 | |||||
Average price per share of treasury stock acquired | $ 8,496.47 | |||||
Treasury Stock [Member] | Maximum [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of shares authorized to repurchased | 2,500 |
Schedule of Net Revenue, Operat
Schedule of Net Revenue, Operating Loss from Continuing Operations and Assets by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating income (loss) from continuing operations | ||
Total operating loss | $ (6.2) | $ (6.7) |
Interest expense | (2) | (2.6) |
Gain on Chapter 11 reorganization | 20.4 | |
Bank Loan forgiveness | 0.4 | |
Realized losses on investments | (1.9) | |
Defined benefit plan adjustment | (8.5) | |
Other income (expense), net | 0.4 | 0.1 |
Income (loss) from continuing operations before income taxes | 13 | (19.6) |
Total segment assets | 13.2 | 15.8 |
Corporate and unallocated | 4 | 1.2 |
Non-current assets of discontinued operations | 8.4 | |
Total consolidated assets | 17.2 | 25.4 |
Segment Reconciling Items [Member] | ||
Operating income (loss) from continuing operations | ||
Total segment operating loss | (2) | (5.2) |
Corporate and unallocated | (4.2) | (1.5) |
Total operating loss | (6.2) | (6.7) |
Interest expense | (2) | (2.6) |
Gain on Chapter 11 reorganization | 20.4 | (1.9) |
Bank Loan forgiveness | 0.4 | (8.5) |
Realized losses on investments | (1.9) | |
Defined benefit plan adjustment | (8.5) | |
Other income (expense), net | 0.4 | 0.1 |
Income (loss) from continuing operations before income taxes | 13 | (19.6) |
Asset Management Income [Member] | ||
Operating income (loss) from continuing operations | ||
Total segment assets | 13.2 | 15.8 |
Asset Management Income [Member] | Segment Reconciling Items [Member] | ||
Operating income (loss) from continuing operations | ||
Total segment operating loss | $ (2) | $ (5.2) |
Business Segment Information _3
Business Segment Information and Geographic Data (Details Narrative) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Segment Reporting [Abstract] | |
Restructuring expenses | $ 0.3 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jul. 31, 2021 | Aug. 01, 2020 | Jul. 20, 2020 | Jun. 30, 2020 | Jun. 05, 2020 | Oct. 01, 2019 | Dec. 31, 2021 | Jul. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 30, 2021 | Dec. 24, 2021 | Dec. 21, 2021 | Jul. 01, 2020 |
Repayments of related party debt | $ 100,000 | ||||||||||||||||
Debt interest bear percentage | 5.00% | 5.00% | |||||||||||||||
Consulting fee amount | 120,000 | ||||||||||||||||
Obligation paid | $ 5,455,782 | $ 17,600,000 | |||||||||||||||
Obligations | $ 12,116,718 | $ 3,600,000 | 12,116,718 | $ 29,400,000 | 3,600,000 | 29,400,000 | |||||||||||
Debt instrument, maturity date | Dec. 12, 2022 | ||||||||||||||||
Advances amount | 400,000 | ||||||||||||||||
Fintech Debt Corp [Member] | |||||||||||||||||
Business combination, consideration transferred | $ 4,176,102.11 | ||||||||||||||||
Mr. Hall [Member] | |||||||||||||||||
Debt interest bear percentage | 100.00% | 100.00% | |||||||||||||||
Consulting fee amount | $ 250,000 | ||||||||||||||||
Obligation paid | 2,354,736 | ||||||||||||||||
Obligations | 12,116,718 | 12,116,718 | |||||||||||||||
Alexander Fletcherl [Member] | |||||||||||||||||
Consulting fee amount | 200,000 | ||||||||||||||||
Joseph A. De Perio [Member] | |||||||||||||||||
Obligation paid | 1,060,264 | ||||||||||||||||
Obligations | 5,455,782 | $ 5,455,782 | |||||||||||||||
Joseph A. De Perio and George E. Hall [Member] | |||||||||||||||||
Business combination, consideration transferred | $ 400,000 | ||||||||||||||||
Board of Directors Chairman [Member] | |||||||||||||||||
Compensation services amount | 425,000 | 655,000 | |||||||||||||||
Sport-BLX, Inc. [Member] | |||||||||||||||||
Payments for rent | $ 25,000 | ||||||||||||||||
Sport-BLX, Inc. [Member] | Hall [Member] | |||||||||||||||||
Payments for rent | $ 40,000 | ||||||||||||||||
Sport-BLX, Inc. [Member] | Unsecured Demand Note - 4 [Member] | |||||||||||||||||
Principal amount | $ 150,000 | ||||||||||||||||
Debt interest bear percentage | 8.00% | ||||||||||||||||
Sport-BLX, Inc. [Member] | Demand Note 5 [Member] | Mr De Perio [Member] | |||||||||||||||||
Principal amount | $ 40,000 | ||||||||||||||||
Debt interest bear percentage | 8.00% | ||||||||||||||||
Sport-BLX, Inc. [Member] | Demand Note 6 [Member] | |||||||||||||||||
Principal amount | $ 213,793 | 213,793 | 213,793 | ||||||||||||||
Debt interest bear percentage | 8.00% | ||||||||||||||||
Orix [Member] | Promissory Notes [Member] | Adara Enterprises Inc [Member] | |||||||||||||||||
Principal amount | $ 13,000,000 | ||||||||||||||||
Sale of stock, total consideration | $ 17,562,700 | ||||||||||||||||
Stock percentage | 20.10% | ||||||||||||||||
GEH Sport LLC [Member] | Mr. Hall [Member] | |||||||||||||||||
Interest rate | $ 1 | ||||||||||||||||
Sports Entertainment Fund LP [Member] | Promissory Notes [Member] | |||||||||||||||||
Commodities operator registration cash | $ 1,790,000 | ||||||||||||||||
Sport BLX [Member] | |||||||||||||||||
Sale of proprietary securities | $ 225,000 | ||||||||||||||||
Repurchase of securities | $ 1,500,000 | ||||||||||||||||
Sport BLX [Member] | Mr. Hall [Member] | |||||||||||||||||
Repayments of related party debt | 82,000 | ||||||||||||||||
Advances amount | 132,000 | ||||||||||||||||
Fintech Debt Corp [Member] | |||||||||||||||||
Sale of proprietary securities | $ 137,038 | ||||||||||||||||
Repurchase of debt securities | $ 126,000 | ||||||||||||||||
Services Agreement and Management Services Agreement [Member] | |||||||||||||||||
Repayments of related party debt | 2,400,000 | ||||||||||||||||
Services Agreement and Management Services Agreement [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||||||
Expenses from transactions with related party | 0 | $ 312,500 | |||||||||||||||
Subscription Agreement [Member] | |||||||||||||||||
Subscription fee description | As consideration for the Securities Subscription, SportBLX received a one-time upfront subscription fee of $150,000 and will receive a monthly subscription fee of $100,000 during the first year of the contract. The fee increases to $137,500, monthly, for the remaining year of the initial term. Thereafter, upon renewal, SportBLX may increase the fee by an amount not to exceed five percent of the previous year’s fee. The agreement also provides fees of $75,000 for each new tradable asset listed by the customer on the Platform. The Securities Subscription is effective for a two-year term and automatically renews for consecutive one-year renewal terms unless either party provides notice to the other party of its intention not to renew prior to the end of the initial or renewal term. Either party may terminate the agreement for convenience upon 30 days’ notice to the other party | ||||||||||||||||
Upfront subscription fee | $ 150,000 | ||||||||||||||||
Monthly subscription fee | 100,000 | ||||||||||||||||
Subscription fee increases | 137,500 | ||||||||||||||||
Subscription agreement provides fees | $ 75,000 | ||||||||||||||||
Subscription Agreement [Member] | Mr. Hall [Member] | |||||||||||||||||
Ownership percentage | 65.50% | ||||||||||||||||
Subscription Agreement [Member] | Mr De Perio [Member] | |||||||||||||||||
Ownership percentage | 28.10% | ||||||||||||||||
Sport BLX Borrowed [Member] | |||||||||||||||||
Disposition interest | 137,038 | ||||||||||||||||
Sport BLX Borrowed [Member] | Demand Note 4 [Member] | |||||||||||||||||
Principal amount | 150,000 | 150,000 | |||||||||||||||
Sport BLX Borrowed [Member] | Mr De Perio [Member] | Demand Note 5 [Member] | |||||||||||||||||
Principal amount | $ 40,000 | ||||||||||||||||
Debt interest bear percentage | 8.00% | ||||||||||||||||
Debt instrument, maturity date | Jul. 1, 2021 | ||||||||||||||||
Sport BLX Borrowed Demand [Member] | Demand Note 5 [Member] | |||||||||||||||||
Principal amount | $ 40,000 | $ 40,000 | |||||||||||||||
Software Assignment Agreement [Member] | GEH Capital LLC [Member] | |||||||||||||||||
Quantitative trading software | $ 1,750,000 | ||||||||||||||||
Management Services Agreement [Member] | Sport BLX [Member] | |||||||||||||||||
Acquisition related costs | $ 15,000 |