Acquisition of Management Company (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Purchase price allocation

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