Acquisition of Management Company (Tables)

12 Months Ended

Dec. 31, 2018

Acquisition of Management Company [Abstract]

Assets and Liabilities Assumed as a Result of the Merger and Calculation of Settlement Loss

The following table shows the allocation of the purchase price paid by the Company for its acquisition of JHC, the assets and liabilities that were assumed as a result of the Merger and calculation of the settlement loss.

Consideration paid in the merger:
Cash consideration	$	2,915,000
ACY stock consideration		2,003,000
		4,918,000
Fair value of assets acquired/(liabilities assumed):
Cash		40,000
Securities		121,000
Accounts & note receivable		28,000
Prepaid expenses		157,000
Property, equipment and furnishings		79,000
Office leasehold		925,000
Accounts payable		(85,000	)
Accrued vacation		(93,000	)
Taxes payable		(722,000	)
Deferred taxes		(138,000	)
		312,000
Excess of consideration paid over net assets acquired		4,606,000
Waiver of JMC Margin payable		(1,517,000	)
Settlement of payable to JMC		(562,000	)
Settlement Loss on Management Agreement with JMC	$	2,527,000