OTHER INVESTMENTS

12 Months Ended

Dec. 31, 2018

Investments, All Other Investments [Abstract]

Investments and Other Noncurrent Assets [Text Block]

4. OTHER INVESTMENTS

The Company’s other investments consist primarily of nominal equity interests in various privately-held entities, including limited partnerships whose purpose is to invest venture capital funds in growth-oriented enterprises. The Company does not have significant influence over any investee and the Company’s investment typically represents less than 3% of the investee’s ownership. These investments do not meet the criteria of accounting under the equity method and accordingly are carried at cost less distributions and other than temporary unrealized losses.

The Company’s portfolio of other investments consists of approximately 45 individual investments primarily in limited partnerships with varying investment objectives and focus. Management has categorized these investments by investment focus: technology and communications, diversified businesses, real estate related and other.

As of December 31, 2018, and 2017, other investments had an aggregate carrying value of $6.0 million and $6.4 million, respectively. As of December 31, 2018, the Company has committed to fund an additional $1.0 million as required by agreements with current investees or for new investments. The carrying value of these investments is equal to contributions less distributions and other than temporary impairment loss adjustments. During the years ended December 31, 2018 and 2017 the Company made cash contributions in these investments of approximately $1.4 million and $2.1 million, respectively, and received cash distributions of $1.8 million and $1.5 million, respectively.

The Company’s other investments are summarized below.

	Carrying values as of December 31,
Investment Focus	2018		2017
Technology and communications	$	150,000	$	163,000
Diversified businesses		2,372,000		2,615,000
Real estate and related		3,182,000		2,999,000
Other (private banks and insurance company)		335,000		635,000
Totals	$	6,039,000	$	6,412,000

The Company regularly reviews the underlying assets in its investment portfolio for events, including but not limited to bankruptcies, closures and declines in estimated fair value, that may indicate the investment has suffered other-than-temporary decline in value. When a decline is deemed other-than-temporary, an investment loss is recognized.

Income from other investments is summarized below (excluding other than temporary impairment loss):

	2018		2017
Income from investment in 49% owned affiliate (a)	$	74,000	$	70,000
Real estate and related (b)		217,000		224,000
Diversified businesses (c)		63,000		270,000
Other (private banks) (d)		34,000		-
Technology and related		-		27,000
Total income from other investments	$	388,000	$	591,000

(a)          This gain represents income from the Company’s 49% owned affiliate, T.G.I.F. Texas, Inc. (“TGIF”). In 2018 and 2017 TGIF declared and paid a cash dividend, the Company’s portion of which was approximately $193,000 each year. These dividends were recorded as reduction in the investment carrying value as required under the equity method of accounting for investments.

(b)          The gain in 2018 was primarily from one investment in a partnership owning rental apartments in San Antonio, Texas which were sold in March 2018 at a gain to the Company of approximately $105,000. Also included in the 2018 gain are cash distributions from investments in real estate partnerships which distributed proceeds above their carrying value. The gain in 2017 consists primarily of cash distributions from an investment in real estate partnership which distributed proceeds from sales of its real estate.

(c)          The gain in 2018 and 2017 consists of cash distributions from various investments in partnerships owning diversified businesses which made cash distributions from the sale or refinancing of operating companies and/or distributions from operating activities.

(d)       In the first quarter of 2018 the Company’s investments in two private banks experienced mergers with publicly traded larger banks and we received stock in those publicly traded banks plus approximately $34,000 in cash. The cash portion was recorded as gain from other investments. The bank securities we received from the mergers were mostly sold during 2018 at a total gain of approximately $136,000 which is included in gains from sales of marketable securities. A portion of the shares received from the mergers are being held in our marketable securities portfolio at the carrying value equal to our original investment in the private banks (with an unrealized gain of approximately $14,000 as of December 31, 2018).

Other than temporary impairment losses from other investments

For the year ended December 31, 2018 and 2017, there were no valuation losses from other than temporary impairment losses from other investments.

Net gain or loss from other investments may fluctuate significantly from period to period in the future and could have a significant impact on the Company’s net earnings. However, the amount of investment gain or loss from other investments for any given period has no predictive value and variations in amount from period to period have no practical analytical value.

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2018 and 2017, aggregated by investment category and the length of time that investments have been in a continuous loss position:

	As of December 31, 2018
	12 Months or Less					Greater than 12 Months					Total
Investment Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Partnerships owning investments in technology related industries	$	-	$	-		$	132,000	$	(18,000	)	$	132,000	$	(18,000	)
Partnerships owning investments in diversified businesses		273,000		(27,000	)		-		-			273,000		(27,000	)
Total	$	273,000	$	(27,000	)	$	132,000	$	(18,000	)	$	405,000	$	(45,000	)

	As of December 31, 2017
	12 Months or Less					Greater than 12 Months				Total
Investment Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Partnerships owning investments in technology related industries		138,000	$	(24,000	)	$	-	$	-	$	138,000	$	(24,000	)
Total	$	138,000	$	(24,000	)	$	-	$	-	$	138,000	$	(24,000	)