Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 29, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SANDSTON CORP | ||
Entity Central Index Key | 892,832 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 168,000 | ||
Trading Symbol | SDON | ||
Entity Common Stock, Shares Outstanding | 15,492,595 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 303 | $ 872 |
Total assets | 303 | 872 |
Current liabilities: | ||
Accounts payable | 24,543 | 22,780 |
Stockholders' equity (deficit): | ||
Common stock, no par value; 30,000,000 shares authorized; 15,185,420 and 14,661,553 shares issued and outstanding at December 31, 2016 and 2015 | 33,911,855 | 33,893,220 |
Accumulated deficit | (33,935,095) | (33,915,128) |
Total stockholders' equity (deficit) | (24,240) | (21,908) |
Total liabilities and stockholders' equity | $ 303 | $ 872 |
Balance Sheets _Parenthetical_
Balance Sheets [Parenthetical] - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 15,185,420 | 14,661,553 |
Common stock, shares, outstanding | 15,185,420 | 14,661,553 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues | $ 0 | $ 0 |
General and administrative expenses | 20,967 | 16,926 |
Operating loss | (20,967) | (16,926) |
Income taxes | 0 | 0 |
Net loss | $ (20,967) | $ (16,926) |
Loss per share - basic and diluted (Note 2): (in dollars per share) | ||
Weighted average shares - basic and diluted (Note 2): (in shares) | 14,994,308 | 14,519,382 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2014 | $ (20,762) | $ 38,877,440 | $ (33,898,202) |
Balance (in shares) at Dec. 31, 2014 | 14,267,047 | ||
Sale of common stock | 15,780 | $ 15,780 | |
Sale of common stock (in shares) | 394,506 | ||
Net loss for the year | (16,926) | (16,926) | |
Balance at Dec. 31, 2015 | (21,908) | $ 33,893,220 | (33,915,128) |
Balance (in shares) at Dec. 31, 2015 | 14,661,553 | ||
Sale of common stock | 18,635 | $ 18,635 | |
Sale of common stock (in shares) | 523,867 | ||
Net loss for the year | (20,967) | (20,967) | |
Balance at Dec. 31, 2016 | $ (24,240) | $ 33,911,855 | $ (33,936,095) |
Balance (in shares) at Dec. 31, 2016 | 15,185,420 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (20,967) | $ (16,926) |
Change in current assets and liabilities that provided (used) cash: | ||
Accounts payable | 1,763 | (338) |
Net cash used in operating activities | (19,204) | (17,294) |
Cash flows from financing activities: | ||
Sale of common stock | 18,635 | 15,780 |
Net decrease in cash and cash equivalents | (569) | (1,484) |
Cash at beginning of year | 872 | 2,356 |
Cash at end of year | 303 | 872 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Basis of Presentation and Busin
Basis of Presentation and Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 - Basis of Presentation and Business Pursuant to a recommendation of the Company’s Board of Directors and approval by its shareholders on January 13, 2004, the Company sold to NC Acquisition Corporation (the "Purchaser") on March 31, 2004 all of its tangible and intangible assets, including its real estate, accounts, equipment, intellectual property, inventory, subsidiaries, goodwill, and other intangibles, except for $ 30,000 5,248,257 50,000 62.50 500,000 15,000 375,000 15,000 1,500,000 15,000 361,766 10,853 394,506 15,780 523,867 18,635 63.46 Effective April 1, 2004, the Company became a "public shell" corporation. The Company intends to build long-term shareholder value by acquiring and/or investing in and operating strategically positioned companies. The Company expects to target companies in multiple industry groups. The Company has yet to acquire, or enter into an agreement to acquire, any company or entity. During the period prior to the Net Asset Sale, the Company’s businesses included 1) the design, manufacture, and marketing of environmentally ruggedized computers and computer displays known as industrial workstations; 2) the design, development and marketing of software for worldwide use in factory automation and control and in test and measurement environments; and 3) providing application engineering support to customers of its own and third parties’ products. These businesses were sold on March 31, 2004 to the Purchaser. Liquidity and Management Plans The Company became a "public shell" corporation on April 1, 2004 following the Net Asset Sale and since that date its operational activities have been limited to considering sundry and various acquisition opportunities, and its financial activities have been limited to administrative activities and incurring expenditures for accounting, legal, filing, printing, office and auditing services. These expenditures have been paid with the $ 30,000 50,000 232,071 As reflected in the accompanying balance sheet at December 31, 2016, cash totals $ 303 |
Summary of Accounting Principle
Summary of Accounting Principles | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 - Summary of Accounting Principles Income taxes are accounted for under the asset-and-liability method. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. The Company's Long-Term Incentive Plan (the “Incentive Plan"), adopted in April 1999, provides for the granting of awards to purchase a total of 250,000 Loss per share is calculated using the weighted average number of common shares outstanding during the years presented. The weighted average shares outstanding used in computing loss per share was 14,994,308 14,519,382 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 3 - Taxes on Income Income tax expense is $- 0 0 0 Year Ended December 31, 2016 2015 Income tax at statutory rates (34.0) % (34.0) % Change in valuation allowance 34.0 % 34.0 % Total income tax expense rate 0.0 % 0.0 % At December 31, 2016, the Company has net operating loss carryforwards (“NOLs”) of approximately $ 366,000 125,000 2036 8,000 117,000 125,000 |
Long-Term Incentive Plan
Long-Term Incentive Plan | 12 Months Ended |
Dec. 31, 2016 | |
Long term Incentive Plan [Abstract] | |
StockIncentivePlansDisclosureTextBlock [Text Block] | Note 4 Long-Term Incentive Plan All option and share amounts reflected in the following disclosures have been adjusted for the one-for-five reverse stock split on April 1, 2004. The Company's Long-Term Incentive Plan (the “Incentive Plan"), adopted in April 1999, provides for the granting of awards to purchase a total of 250,000 The exercise price for each option granted under the Incentive Plan cannot be less than the fair market value of the common stock on the date of the grant. The Incentive Plan’s Committee has latitude in setting the vesting and exercise periods, but generally the options vest over a three-year period and had a ten-year term. The Incentive Plan authorizes the Committee to grant restricted stock awards pursuant to which shares of Common Stock will be awarded, subject to restrictions on transfer that lapse over a period of time or upon achievement of performance goals, as determined by the Committee. Participants who receive restricted stock grants are entitled to dividend and voting rights on the awarded shares prior to the lapse of restrictions on such awards. The Committee is also authorized to grant performance share awards under the Incentive Plan that are payable at the discretion of the Committee in cash, shares of Common Stock, or a combination of each, upon achievement of performance goals established by the Committee. The Committee will determine the terms and conditions of restricted stock and performance share awards, including the acceleration or lapse of any restrictions or conditions of such awards. Outstanding options under the Incentive Plan were cancelled as of March 31, 2004. There were no option grants in the years ended December 31, 2016 and 2015, and there are no outstanding options as of December 31, 2016 or 2015. |
Summary of Accounting Princip11
Summary of Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount expected to be realized. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Option Plans The Company's Long-Term Incentive Plan (the “Incentive Plan"), adopted in April 1999, provides for the granting of awards to purchase a total of 250,000 |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share Loss per share is calculated using the weighted average number of common shares outstanding during the years presented. The weighted average shares outstanding used in computing loss per share was 14,994,308 14,519,382 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of income tax expense recognized to income taxes at statutory rates is as follows: Year Ended December 31, 2016 2015 Income tax at statutory rates (34.0) % (34.0) % Change in valuation allowance 34.0 % 34.0 % Total income tax expense rate 0.0 % 0.0 % |
Basis of Presentation and Bus13
Basis of Presentation and Business (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2004 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 01, 2004 | Mar. 31, 2004 | |
Basis of Presentation [Line Items] | ||||||||||
Cash | $ 303 | $ 872 | $ 2,356 | $ 30,000 | ||||||
Sale Of Post Split Shares | 5,248,257 | |||||||||
Sale Of Post Split Shares Value | $ 50,000 | |||||||||
Proceeds From Issuance Of Common Stock | 50,000 | $ 18,635 | $ 15,780 | |||||||
Payment for Discontinued Operations, Disposal Cost | 30,000 | |||||||||
Dorman Industries [Member] | ||||||||||
Basis of Presentation [Line Items] | ||||||||||
Sale Of Post Split Shares | 523,867 | 394,506 | 733,300 | 361,766 | 1,500,000 | 375,000 | 500,000 | |||
Sale Of Post Split Shares Value | $ 18,635 | $ 15,780 | $ 21,803 | $ 10,853 | $ 15,000 | $ 15,000 | $ 15,000 | |||
Proceeds From Issuance Of Common Stock | $ 232,071 | |||||||||
Noncontrolling Interest, Ownership Percentage By Parent | 63.46% | 62.50% |
Summary of Accounting Princip14
Summary of Accounting Principles (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 250,000 | 250,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Weighted Average Number Of Shares Outstanding, Basic and Diluted | 14,994,308 | 14,519,382 |
Taxes on Income (Details)
Taxes on Income (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax at statutory rates | (34.00%) | (34.00%) |
Change in valuation allowance | 34.00% | 34.00% |
Total income tax expense rate | 0.00% | 0.00% |
Taxes on Income (Details Textua
Taxes on Income (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Current Income Tax Expense (Benefit), Total | 0 | 0 |
Deferred Income Tax Expense (Benefit) | 0 | 0 |
Operating Loss Carryforwards | 366,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Total | 125,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 8,000 | |
Deferred Tax Assets, Valuation Allowance | $ 125,000 | $ 117,000 |
Operating Loss Carry Forwards Expiration Dates 1 | 2,036 |
Long-Term Incentive Plan (Detai
Long-Term Incentive Plan (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 250,000 | 250,000 |
Share Based Compensation Award Share Purchases Limit Maximum | 100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Stockholders' Equity, Reverse Stock Split | one-for-five | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |