0001019056-17-000666.txt : 20170814 0001019056-17-000666.hdr.sgml : 20170814 20170814104219 ACCESSION NUMBER: 0001019056-17-000666 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 32 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170814 DATE AS OF CHANGE: 20170814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIEBERT FINANCIAL CORP CENTRAL INDEX KEY: 0000065596 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 111796714 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05703 FILM NUMBER: 171028109 BUSINESS ADDRESS: STREET 1: 120 WALL STREET STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-644-2400 MAIL ADDRESS: STREET 1: 120 WALL STREET STREET 2: 25TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: MICHAELS J INC DATE OF NAME CHANGE: 19950221 10-Q 1 siebert_2q17.htm FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended	June 30, 2017

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from ____________________________ to __________________________

	Commission file number	0-5703

Siebert Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

New York		11-1796714
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

120 Wall Street, New York, NY 10005

(Address of Principal Executive Offices) (Zip Code)

(212) 644-2400

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer o	Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller Reporting Company x
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: As of August 11, 2017, there were 22,085,126 shares of Common Stock, par value $.01 per share outstanding.

Unless expressly indicated or the context requires otherwise, the terms “SFC,” “Company,” “we,” “us,” and “our” in this document refer to Siebert Financial Corp., a New York corporation, and, where appropriate, its wholly owned subsidiaries, the term “MSC” shall refer to Muriel Siebert & Co., Inc., a Delaware corporation and a registered broker-dealer, and the term “SIA” shall refer to Siebert Investment Advisors, Inc., a New York corporation registered with the Securities and Exchange Commission as an investment advisor. MSC and SIA are wholly-owned subsidiaries of the Company.

Special Note Regarding Forward-Looking Statements

Certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” below and elsewhere in this report, as well as oral statements that may be made by us or by our officers, directors or employees acting on our behalf, that are not statements of historical or current fact constitute “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and known and unknown factors that could cause our actual results to be materially different from our historical results or from any future results expressed or implied by such forward looking statements, including, without limitation: changes in general economic and market conditions; changes and prospects for changes in interest rates; fluctuations in volume and prices of securities; changes in demand for brokerage services; competition within and without the brokerage business, including the offer of broader services; competition from electronic discount brokerage firms offering greater discounts on commissions than we offer; the prevalence of a flat fee environment; our customer’s methods of placing trades; computer and telephone system failures; our level of spending on advertising and promotion; trading errors and the possibility of losses from customer non-payment of amounts due; other increases in expenses and changes in net capital or other regulatory requirements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date when such statements were made or to reflect the occurrence of unanticipated events. An investment in us involves various risks, including those mentioned above and those which are detailed from time to time in our Securities and Exchange Commission filings.

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Siebert Financial Corp. & Subsidiaries

Condensed Consolidated Statements of Financial Condition

	June 30,
	2017			December 31,
	(unaudited)			2016
ASSETS

Cash and cash equivalents	$	2,264,000		$	2,730,000
Receivable from brokers		896,000			606,000
Securities owned, at fair value		—			92,000
Furniture, equipment and leasehold improvements, net		243,000			46,000
Prepaid expenses		281,000			342,000
Other assets		125,000			—

	$	3,809,000		$	3,816,000

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts payable and accrued liabilities	$	329,000		$	738,000
Accrued settlement liability		—			825,000
		329,000			1,563,000

Commitments and Contingencies

Stockholders’ equity:

Common stock, $.01 par value; 49,000,000 shares authorized, 22,085,126 shares issued and outstanding as of June 30, 2017 and 22,085,126 shares issued and outstanding as of December 31, 2016		221,000			221,000
Additional paid-in capital		7,692,000			6,889,000
(Accumulated deficit)		(4,433,000	)		(4,857,000	)

		3,480,000			2,253,000

	$	3,809,000		$	3,816,000

See notes to condensed consolidated financial statements.

Siebert Financial Corp. & Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2017		2016			2017		2016

Revenues:
Commissions and fees	$	1,037,000	$	1,231,000		$	2,219,000	$	2,441,000
Margin interest, marketing and distribution fees		1,545,000		957,000			2,626,000		1,825,000
Investment banking		6,000		11,000			12,000		23,000
Trading profits		98,000		125,000			206,000		390,000
Interest and dividends		3,000		138,000			5,000		281,000
		2,689,000		2,462,000			5,068,000		4,960,000

Expenses:
Employee compensation and benefits		1,000,000		1,200,000			2,038,000		2,487,000
Clearing fees, including floor brokerage		304,000		236,000			568,000		474,000
Professional fees		468,000		915,000			893,000		1,585,000
Advertising and promotion		25,000		67,000			45,000		133,000
Communications		55,000		132,000			135,000		262,000
Occupancy		79,000		197,000			221,000		379,000
Other general and administrative		393,000		443,000			744,000		869,000
		2,324,000		3,190,000			4,644,000		6,189,000

Net income (loss)	$	365,000	$	(728,000	)	$	424,000	$	(1,229,000	)

Net income (loss) per share of common stock –

Continuing operations	$	.02	$	(.03	)	$	.02	$	(.06	)
Basic and diluted	$	.02	$	(.03	)	$	.02	$	(.06	)

Weighted average shares outstanding -
Basic		22,085,126		22,085,126			22,085,126		22,085,126
Diluted		22,085,126		22,085,126			22,085,126		22,085,126

See notes to condensed consolidated financial statements.

Siebert Financial Corp. & Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)


	Six Months Ended June 30,
	2017			2016
Cash Flows From Operating Activities:

Net income (loss)	$	424,000		$	(1,229,000	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		71,000			136,000
Interest accrued on note receivable from business sold to former affiliate		—			(274,000	)
Changes in:
Securities Sold		92,000			—
Securities Purchased		—			(67,000	)
Advance to former affiliate		—			(10,000	)
Receivable from brokers		(290,000	)		82,000
Prepaid expenses and other assets		61,000			114,000
Other assets		(125,000	)		—
Accounts payable and accrued liabilities		(431,000	)		(784,000	)

Net cash used in operating activities		(198,000	)		(2,032,000	)


Purchase of furniture, equipment and leasehold improvements		(268,000	)		(30,000	)
Collection of receivable from former affiliate		—			493,000
Net cash (used in) provided by investing activities		(268,000	)		463,000

Net decrease in cash and cash equivalents		(466,000	)		(1,569,000	)
Cash and cash equivalents - beginning of period		2,730,000			9,420,000

Cash and cash equivalents - end of period	$	2,264,000		$	7,851,000

Supplemental Schedule Of Non-Cash Financing Activities:

Payment by parent of expenses	$	803,000			—

See notes to condensed consolidated financial statements.

Siebert Financial Corp. & Subsidiaries
Notes to Condensed Consolidated Financial Statements
Six Months Ended June 30, 2017 and 2016
(Unaudited)

1.	Business and Basis of Presentation:

Siebert Financial Corp. (“SFC”), a New York corporation, incorporated in 1934, is a holding company that conducts its retail discount brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co., Inc., (“MSC”) a Delaware corporation and a registered broker-dealer, and its investment advisory business through its wholly-owned subsidiary Siebert Investment Advisors, Inc. (“SIA”) a New York corporation which is registered with the Securities and Exchange Commission as a Registered Investment Advisor (“RIA”). For purposes of this Quarterly Report on Form 10-Q, the terms “Siebert,” “Company,” “we,” “us” and “our” refer to Siebert Financial Corp., MSC and SIA collectively, unless the context otherwise requires.

Our principal offices are located at 120 Wall Street, New York, New York 10005, and our phone number is (212) 644-2400. Our Internet address is www.siebertnet.com. Our SEC filings are available through our website at www.siebertnet.com, where you are able to obtain copies of the Company’s public filings free of charge. Our common stock, par value $.01 per share (the “Common Stock”) trades on the NASDAQ Capital Market under the symbol “SIEB.”

The condensed consolidated interim financial statements presented herein are unaudited and include all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations of the interim periods pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”) have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The balance sheet at December 31, 2016 has been derived from the audited consolidated statement of financial condition at that date, but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016. Because of the nature of our business, the results of operations for the six months ended June 30, 2017 are not necessarily indicative of operating results for the full year.

Certain reclassifications have been made to the 2016 balances to conform to the presentation used in 2017. These reclassifications had no effect on operating results previously reported.

2.	Securities:

Securities owned are carried at fair value with realized and unrealized gains and losses reflected in trading profits. MSC clears all its security transactions through an unaffiliated clearing firm on a fully disclosed basis. Accordingly, MSC does not hold funds or securities for, or owe funds or securities to, its customers. Those functions are performed by its clearing firm.

3.	Fair Value of Financial Instruments:

Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices that are observable, either directly or indirectly, and reasonably available.

Level 3 – Unobservable inputs, which reflect the assumptions that management develops based on available information about the assumptions market participants would use in valuing the asset or liability.

The Company estimates that fair value approximates carrying value for cash and cash equivalents, receivable from broker, and accounts payable and accrued liabilities due to the relatively short maturity of the instruments.

4.	Per Share Data:

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average outstanding common shares during the period. Diluted earnings per share is calculated by dividing net income by the number of shares outstanding under the basic calculation and adding all dilutive securities, which consist of options. The Company had income of $424,000 for the six months ended June 30, 2017 and incurred a net loss of ($1,229,000) for the six months ended June 30, 2016 respectively. Basic and diluted net loss per common share are the same during 2016 as the effect of stock options is anti-dilutive. There were no options outstanding in 2017 that would result in any dilutive effect. Shares underlying stock options not included in the diluted computation amounted to 0 in 2017 and 265,000 in 2016.

5.	Net Capital:

MSC is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital. Siebert has elected to use the alternative method, permitted by the Rule, which requires that MSC maintain minimum net capital, as defined, equal to the greater of $250,000 or two percent of aggregate debit balances arising from customer transactions, as defined. The Net Capital Rule of the New Stock Exchange also provides that equity capital may not be withdrawn or cash dividends paid if resulting net capital would be less than 5% of aggregate debits. As of June 30, 2017, Siebert had net capital of approximately $2,900,000 as compared with net capital requirements of $250,000. Siebert claims exemption from the reserve requirement under section 15c3-3(k)(2)(ii).

6.	Other Assets:

The Company incurred $125,000 in professional fees in connection with a potential transaction with an affiliate. These costs will be deferred until which point that the transaction is consummated.

7.	Revenue:

Commission revenues, margin interest, marketing and distribution fees and related clearing expenses are recorded on a trade-date basis. Fees, consisting principally of revenue participation with the Company’s clearing broker in distribution fees, and interest are recorded as earned.

Investment banking revenue includes advisory fees charged clients thru SIA. Revenues are earned typically on a monthly or quarterly basis in accordance with terms of the contract.

Trading profits are also recorded on a trade-date basis and principally represent riskless principal transactions in which the Company, after receiving an order, buys or sells securities as principal and at the same time sells or buys the securities with a markup or markdown to satisfy the order.

Interest is recorded on an accrual basis and dividends are recorded on the ex-dividend date.

8.	Capital Transactions:

SFC’s control entity, Kennedy Cabot Acquisition, LLC made a net payment of $803,000 to satisfy certain obligations of the Company. This amount is treated as a capital contribution.

9.	Contingencies and Commitments:

Retail customer transactions are cleared through a clearing broker on a fully disclosed basis. If customers do not fulfill their contractual obligations, the clearing broker may charge MSC for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy the customer obligations. MSC regularly monitors the activity in its customer accounts for compliance with its margin requirements. MSC is exposed to the risk of loss on unsettled customer transactions if customers fail to fulfill their contractual obligations. There were no material losses for unsettled customer transactions for the three months and six months ended June 30, 2017 and 2016.

In December 2015, a former employee of MSC commenced an arbitration before FINRA against MSC, alleging a single cause of action for employment retaliation under the Sarbanes-Oxley Act of 2002. In February 2016, the employee amended his claim to replace the Sarbanes-Oxley claim with a substantially identical claim arising under the Dodd-Frank Act of 2010. The matter was settled for $825,000 in February 2017 which was paid by the Company’s control entity Kennedy Cabot Acquisitions LLC.

10.

Income Taxes:

As of December 31, 2016 and June 30, 2017, the Company had approximately $24,223,000 and $23,799,000 of remaining net operating loss carryforwards which management had fully reserved against based on a history of unprofitable operations. Based on a change in control during December 2016, management concluded that they would be limited to utilizing net operating loss carryforwards of $895,000 per year until the balance is utilized. During the three and six months ended June 30, 2017, the Company utilized net operating losses of $365,000 and $424,000 to offset its net income earned during this period. The utilization of these credits resulted in a reduction of current tax expense and an offsetting increase in the deferred tax benefit of $146,000 and $169,000 for the three and six months ended, respectively. No tax benefit has been recognized related to the net loss in the three and six months ended June 30, 2016 as the Company has recorded a full valuation allowance against these credits.

11.

Non Recurring Changes:

Included in the second-quarter net income is approximately $110,000 of non-recurring expenses. Included in the six months net income is approximately $342,000 of non-recurring expenses. These expenses were primarily due to relocating the firm’s call center and costs affiliated with staff reductions.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This discussion should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2016, and our unaudited condensed consolidated financial statements and the notes thereto contained elsewhere in this Quarterly Report.

Business Environment

Our cash is invested primarily in bank accounts with large financial institutions. Our cash and working capital is sufficient to service the firm’s operations.

The following table sets forth certain metrics as of and for the six months ended June 30, 2017 and 2016, respectively, which we use in evaluating our business.


	For the Three Months ended June 30,				For the Six Months ended June 30,
Retail Customer Activity:	2017*		2016		2017*		2016
Total retail trades:		50,769		49,316		110,139		102,013
Average commission per retail trade:	$	19.56	$	25.57	$	19.80	$	23.56

	As of June 30,
	2017		2016
Retail customer balances:
Retail customer net worth (in billions):	$	7.3	$	6.8
Retail customer money market fund value (in billions):	$	.7	$	.9
Retail free credit balances (in billions)		.3		—
Retail customer margin debit balances (in millions):	$	224.0	$	254.2
Retail customer accounts with positions:		28,953		29,968

* Based on new management analysis

Description:

	·	Total retail trades represent retail trades that generate commissions.
	·	Average commission per retail trade represents the average commission generated for all types of retail customer trades.
	·	Retail customer net worth represents the total value of securities and cash in the retail customer accounts before deducting margin debits.
	·	Retail customer money market fund value represents all retail customers accounts invested in money market funds.
	·	Retail customer margin debit balances represent credit extended to our customers to finance their purchases against current positions.
	·	Retail customer accounts with positions represent retail customers with cash and/or securities in their accounts. We, like other securities firms, are directly affected by general economic and market conditions including fluctuations in volume and prices of securities, changes and prospects for changes in interest rates and demand for brokerage and investment banking services, all of which can affect our relative profitability. In periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, portions of communications costs and occupancy expenses. Accordingly, earnings or loss for any period should not be considered representative of any other period.

Critical Accounting Policies

We generally follow accounting policies standard in the brokerage industry and believe that our policies appropriately reflect our financial position and results of operations. Our management makes significant estimates that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosure of contingent assets and liabilities included in the financial statements. The estimates relate primarily to revenue and expense items in the normal course of business as to which we receive no confirmations, invoices, or other documentation at the time the books are closed for a period. We use our best judgment, based on our knowledge of these revenue transactions and expenses incurred, to estimate the amount of such revenue and expense. We are not aware of any material differences between the estimates used in closing our books for the last five years and the actual amounts of revenue and expenses incurred when we subsequently receive the actual confirmations, invoices or other documentation. Estimates are also used in determining the useful lives of intangible assets, and the fair market value of intangible assets. Our management believes that its estimates are reasonable.

Results of Operations

Three Months Ended June 30, 2017 Compared to Three Months Ended June 30, 2016

There were no material changes in the Company’s customer base and the firm streamlined operations in the first six months of 2017.

We had a net income of $365,000 and a net loss of $728,000 for the three months ended June 30, 2017 and 2016, respectively. Included in the second quarter net income is approximately $110,000 of non-recurring expenses primarily due to relocating the firm’s call center and costs associated with staff reductions.

Total revenues for the three months ended June 30, 2017 were $2.7 million, a $227,000 increase or 9.2% from the same corresponding period in 2016 primarily due to increase in interest income.

Commission and fee income for the three months ended June 30, 2017 was $1.0 million, a decrease of $194,000 or 15.8% from the same corresponding period in 2016 primarily due to a reduction in commissions per trade.

Margin interest, marketing and distribution fees for the three months ended June 30, 2017, was $1,545,000, an increase of $588,000 or 61.4% primarily due to rising interest rates and match funding margin debits and free credit balances.

Investment banking revenues for the three months ended June 30, 2017 was $6,000, a $5,000 decrease from the same corresponding period in 2016.

Trading profits were $98,000 for the three months ended June 30, 2017, a decrease of $27,000 or 21.6% from the same corresponding period in 2016 due to an overall decrease in customer trading volume in the debt markets.

Income from interest and dividends for the three months ended June 30, 2017 were $3,000, a decrease of $135,000 or 97.8% from the same corresponding period due to the distribution of the subordinated notes and capital market notes in 2016 to the former majority shareholder.

Total expenses for the three months ended June 30, 2017 were $2.3 million, a decrease of $866,000 or 27.1% from the same corresponding period in 2016 due to streamlining the firm’s operations.

Employee compensation and benefit costs for the three months ended June 30, 2017 was $1.0 million, a decrease of $200,000 or 16.7% from the same corresponding period in 2016 due to a lower head count and lower benefit expenses.

Clearing and floor brokerage costs for the three months ended June 30, 2017 were $304,000, an increase of $68,000 or 28.8% from the same corresponding period in 2016 primarily due to increased retail customer trading volumes.

Professional fees were $468,000 for the three months ended June 30, 2017, a decrease of $447,000, or 48.9% from the same corresponding period in 2016 primarily due to a decrease in legal fees and consulting fees.

Advertising and promotion expenses for the three months ended June 30, 2017 were $25,000, a decrease of $42,000 or 62.7% from the same corresponding period in 2016 due to a reduction in overall advertising.

Communications expense for the three months ended June 30, 2017 was $55,000, a decrease of $77,000 or 58.3% from the same corresponding period in 2016 primarily due to savings in streamlining operations and moving to Jersey City from New York.

Occupancy costs for the three months ended June 30, 2017 were $79,000, a decrease of $118,000 or 59.9% from the same corresponding period in 2016 due to moving the firm’s call center.

Other general and administrative expenses were $393,000, a decrease of $50,000 or 11.3% from the same corresponding period in 2016 due to streamlining the firm’s operations.

No tax benefit related to the pre-tax gain loss was recorded for the three months ended June 30, 2017 and June 30, 2016 due to the recording of a full valuation allowance to offset deferred tax assets based on recent losses and the likelihood of realization of such assets.

Six Months Ended June 30, 2017 Compared to Six Months Ended June 30, 2016

We had net income of $424,000 and a net loss of $1,229,000 for the six months ended June 30, 2017 and 2016, respectively.

Total revenues for the six months ended June 30, 2017 were $5.1 million, an increase of $108,000 or 2.2% from the same period in 2016.

Commission and fee income for the six months ended June 30, 2017 was $2.2 million, a decrease of $222,000 or 9.1% from the same period in 2016 primarily due to our average commission per trade being down 16% from last year.

Margin interest, marketing, and distribution fees for the six months ended June 30, 2017, was $2.6 million, an increase of $801,000 or 43.8% primarily due to rising interest rates and match funding of margin debits and free credit balances.

Investment banking revenues for the six months ended June 30, 2017 were $12,000, a decrease of $11,000 or 47.8% from the same period in 2016 due to a decline in customer activity.

Trading profits were $206,000 for the six months ended June 30, 2017, a decrease of $184,000 or 47.1% from the same period in 2016 due to a decline in customer trading volume in the debt markets.

Interest and dividends were $5,000 for the six months ended June 30, 2017, a decrease of $276,000 or 98.2% from the same corresponding period in 2016 primarily due to the distribution of the subordinated notes and capital market notes in 2016 to the former majority shareholder.

Total expenses for the six months ended June 30, 2017 were $4.6 million, a decrease of $1,545,000 or 24.9% from the same period in 2016.

Employee compensation and benefit costs for the six months ended June 30, 2017 were $2.0 million, a decrease of $449,000 or 18.0% from the same period in 2016 due to a lower head count and lower benefit expenses.

Clearing and floor brokerage costs for the six months ended June 30, 2017 were $568,000, an increase of $94,000 or 19.8% from the same period in 2016 primarily due to higher retail customer trading volumes and increased usage of a variety of clearing services.

Professional fees for the six months ended June 30, 2017 were $893,000, a decrease of $692,000 or 43.7% from the same period in 2016 primarily due to a decrease in legal and consulting fees.

Advertising and promotion expenses for the six months ended June 30, 2017 were $45,000, a decrease of $88,000 or 66.1% from the same period in 2016 primarily due to a decline in overall advertising.

Communications expense for the six months ended June 30, 2017 were $135,000, a decrease of $127,000 or 48.4% from the same period in 2016 primarily due to savings in streamlining operations and moving to Jersey City from New York.

Occupancy costs for the six months ended June 30, 2017 were $221,000, a decrease of $158,000 or 41.6% from the same period in 2016 due to moving the firm’s call center.

Other general and administrative expenses for the six months ended June 30, 2017 were $744,000, a decrease of $125,000 or 14.4% from the same period in 2016 due to streamlining the firm’s operations.

No tax benefit related to the pre-tax loss was recorded for the six months ended June 30, 2017 and June 30, 2016 due to the recording of a full valuation allowance to offset deferred tax assets based on recent losses and the likelihood of realization of such assets.

Liquidity and Capital Resources

Our working capital is invested in cash and money market funds. Our total assets at June 30, 2017 were $3.8 million, of which we regarded $2.3 million, or 59.4%, as highly liquid.

MSC is subject to the net capital requirements of the SEC, the NYSE and other regulatory authorities. At June 30, 2017, MSC’s regulatory net capital was $2.9 million, which was $2.6 million in excess of its minimum capital requirement of $250,000.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Working capital is generally invested temporarily in dollar denominated money market funds. These investments are not subject to material changes in value due to interest rate movements.

Retail customer transactions are cleared through clearing brokers on a fully disclosed basis. If customers do not fulfill their contractual obligations, the clearing broker may charge MSC for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy the customers’ obligations. MSC regularly monitors the activity in its customer accounts for compliance with its margin requirements. MSC is exposed to the risk of loss on unsettled customer transactions if customers and other counterparties are unable to fulfill their contractual obligations. There were no material losses for unsettled customer transactions as of June 30, 2017.

Item 4. Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of management, including our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(e) or Rule 15d-15(e) of the Securities Exchange Act of 1934, as amended. Based on that evaluation, our management, including the Chief Financial Officer, concluded that our disclosure controls and procedures are effective to ensure that the information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and to ensure that information required to be disclosed is accumulated and communicated to our management, including our Chief Financial Officer, to allow timely decisions regarding timely disclosure.

There were no changes in our internal control over financial reporting during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II - OTHER INFORMATION

Item 1. Legal Proceedings

The Company is party to certain claims, suits and complaints arising in the ordinary course of business. In the opinion of management, all such matters are without merit, or involve amounts which would not have a significant effect on the financial position of the Company.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016, which could materially affect our business, financial position and results of operations. There are no material changes from the risk factors set forth in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	SIEBERT FINANCIAL CORP.

	By:	/s/ Andrew H. Reich
		Andrew H. Reich
		Executive Vice President, Chief Operating Officer,
		Chief Financial Officer and Secretary
		(Principal executive, financial and accounting officer)

	Dated: August 14, 2017

Item 5. Exhibits

Exhibit No.		Description Of Document

31.1		Certification of Andrew H. Reich pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Andrew H. Reich of Periodic Financial Report under Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

101.LAB		XBRL Taxonomy Extension Label Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION
PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I Andrew H. Reich, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Siebert Financial Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Andrew H. Reich		Date: August 14, 2017
Andrew H. Reich
Executive Vice President, Chief Operating Officer, Chief Financial Officer and Secretary
(principal executive, financial and accounting officer)

EX-32.1 3 ex32_1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Siebert Financial Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew H. Reich, in my capacity as Executive Vice President, Chief Operating Officer, Chief Financial Officer and Secretary hereby certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) of the Securities and Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition of the Company at the end of the period covered by the Report and the results of operations of the Company for the period covered by the Report.

/s/ Andrew H. Reich		Date: August 14, 2017
Andrew H. Reich
Executive Vice President, Chief Operating Officer,
Chief Financial Officer and Secretary
(principal executive, financial and accounting officer)

A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by section 906, has been provided to Siebert Financial Corp. and will be retained by Siebert Financial Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 4 sieb-20170630.xml XBRL INSTANCE FILE 0000065596 2017-01-01 2017-06-30 0000065596 2016-12-31 0000065596 2016-01-01 2016-06-30 0000065596 2017-06-30 0000065596 2016-06-30 0000065596 2015-12-31 0000065596 2017-04-01 2017-06-30 0000065596 2016-04-01 2016-06-30 0000065596 2017-08-11 iso4217:USD xbrli:shares iso4217:USD xbrli:shares Siebert Financial Corp 0000065596 10-Q 2017-06-30 false --12-31 No No Yes Smaller Reporting Company 2017

0.01

49000000

606000

896000

2730000

2264000

92000

342000

281000

46000

243000

3816000

3809000

738000

329000

1563000

329000

825000

-4857000

-4433000

6889000

7692000

221000

2253000

3480000

3816000

3809000

22085126

2730000

2264000

7851000

9420000

22085126

125000

5068000

4960000

2689000

2462000

5000

281000

3000

138000

206000

390000

98000

125000

12000

23000

6000

11000

2626000

1825000

1545000

957000

2219000

2441000

1037000

1231000

4644000

6189000

2324000

3190000

744000

869000

393000

443000

221000

379000

79000

197000

135000

262000

55000

132000

45000

133000

25000

67000

893000

1585000

468000

915000

568000

474000

304000

236000

2038000

2487000

1000000

1200000

424000

-1229000

365000

-728000

22085126

-0.02

0.06

-0.02

.03

-0.02

0.06

-0.02

.03

274000

71000

136000

0 -10000

290000

-82000

-61000

-114000

-431000

-784000

-125000

-198000

-2032000

-268000

463000

0 -493000

268000

30000

-466000

-1569000

803000 0

92000

-67000

Siebert Financial Corp. (“SFC”), a New York corporation, incorporated in 1934, is a holding company that conducts its retail discount brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co., Inc., (“MSC”) a Delaware corporation and a registered broker-dealer, and its investment advisory business through its wholly-owned subsidiary Siebert Investment Advisors, Inc. (“SIA”) a New York corporation which is registered with the Securities and Exchange Commission as a Registered Investment Advisor (“RIA”). For purposes of this Quarterly Report on Form 10-Q, the terms “Siebert,” “Company,” “we,” “us” and “our” refer to Siebert Financial Corp., MSC and SIA collectively, unless the context otherwise requires.   Our principal offices are located at 120 Wall Street, New York, New York 10005, and our phone number is (212) 644-2400. Our Internet address is www.siebertnet.com. Our SEC filings are available through our website at www.siebertnet.com, where you are able to obtain copies of the Company’s public filings free of charge. Our common stock, par value $.01 per share (the “Common Stock”) trades on the NASDAQ Capital Market under the symbol “SIEB.”   The condensed consolidated interim financial statements presented herein are unaudited and include all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations of the interim periods pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”) have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The balance sheet at December 31, 2016 has been derived from the audited consolidated statement of financial condition at that date, but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016. Because of the nature of our business, the results of operations for the six months ended June 30, 2017 are not necessarily indicative of operating results for the full year.   Certain reclassifications have been made to the 2016 balances to conform to the presentation used in 2017. These reclassifications had no effect on operating results previously reported.

Securities owned are carried at fair value with realized and unrealized gains and losses reflected in trading profits. MSC clears all its security transactions through an unaffiliated clearing firm on a fully disclosed basis. Accordingly, MSC does not hold funds or securities for, or owe funds or securities to, its customers. Those functions are performed by its clearing firm.

Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:   Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.   Level 2 – Inputs, other than quoted prices that are observable, either directly or indirectly, and reasonably available.   Level 3 – Unobservable inputs, which reflect the assumptions that management develops based on available information about the assumptions market participants would use in valuing the asset or liability.   The Company estimates that fair value approximates carrying value for cash and cash equivalents, receivable from broker, and accounts payable and accrued liabilities due to the relatively short maturity of the instruments.

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average outstanding common shares during the period. Diluted earnings per share is calculated by dividing net income by the number of shares outstanding under the basic calculation and adding all dilutive securities, which consist of options. The Company had income of $424,000 for the six months ended June 30, 2017 and incurred a net loss of ($1,229,000) for the six months ended June 30, 2016 respectively. Basic and diluted net loss per common share are the same during 2016 as the effect of stock options is anti-dilutive. There were no options outstanding in 2017 that would result in any dilutive effect. Shares underlying stock options not included in the diluted computation amounted to 0 in 2017 and 265,000 in 2016.

MSC is subject to the SEC’s Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital. Siebert has elected to use the alternative method, permitted by the Rule, which requires that MSC maintain minimum net capital, as defined, equal to the greater of $250,000 or two percent of aggregate debit balances arising from customer transactions, as defined. The Net Capital Rule of the New Stock Exchange also provides that equity capital may not be withdrawn or cash dividends paid if resulting net capital would be less than 5% of aggregate debits. As of June 30, 2017, Siebert had net capital of approximately $2,900,000 as compared with net capital requirements of $250,000. Siebert claims exemption from the reserve requirement under section 15c3-3(k)(2)(ii).

The Company incurred $125,000 in professional fees in connection with a potential transaction with an affiliate. These costs will be deferred until which point that the transaction is consummated.

Commission revenues, margin interest, marketing and distribution fees and related clearing expenses are recorded on a trade-date basis. Fees, consisting principally of revenue participation with the Company’s clearing broker in distribution fees, and interest are recorded as earned.   Investment banking revenue includes advisory fees charged clients thru SIA. Revenues are earned typically on a monthly or quarterly basis in accordance with terms of the contract.   Trading profits are also recorded on a trade-date basis and principally represent riskless principal transactions in which the Company, after receiving an order, buys or sells securities as principal and at the same time sells or buys the securities with a markup or markdown to satisfy the order.   Interest is recorded on an accrual basis and dividends are recorded on the ex-dividend date.   SFC’s control entity, Kennedy Cabot Acquisition, LLC made a net payment of $803,000 to satisfy certain obligations of the Company. This amount is treated as a capital contribution.

Retail customer transactions are cleared through a clearing broker on a fully disclosed basis. If customers do not fulfill their contractual obligations, the clearing broker may charge MSC for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy the customer obligations. MSC regularly monitors the activity in its customer accounts for compliance with its margin requirements. MSC is exposed to the risk of loss on unsettled customer transactions if customers fail to fulfill their contractual obligations. There were no material losses for unsettled customer transactions for the three months and six months ended June 30, 2017 and 2016.   In December 2015, a former employee of MSC commenced an arbitration before FINRA against MSC, alleging a single cause of action for employment retaliation under the Sarbanes-Oxley Act of 2002. In February 2016, the employee amended his claim to replace the Sarbanes-Oxley claim with a substantially identical claim arising under the Dodd-Frank Act of 2010. The matter was settled for $825,000 in February 2017 which was paid by the Company’s control entity Kennedy Cabot Acquisitions LLC.

As of December 31, 2016 and June 30, 2017, the Company had approximately $24,223,000 and $23,799,000 of remaining net operating loss carryforwards which management had fully reserved against based on a history of unprofitable operations. Based on a change in control during December 2016, management concluded that they would be limited to utilizing net operating loss carryforwards of $895,000 per year until the balance is utilized. During the three and six months ended June 30, 2017, the Company utilized net operating losses of $365,000 and $424,000 to offset its net income earned during this period. The utilization of these credits resulted in a reduction of current tax expense and an offsetting increase in the deferred tax benefit of $146,000 and $169,000 for the three and six months ended, respectively. No tax benefit has been recognized related to the net loss in the three and six months ended June 30, 2016 as the Company has recorded a full valuation allowance against these credits.

Included in the second-quarter net income is approximately $110,000 of non-recurring expenses. Included in the six months net income is approximately $342,000 of non-recurring expenses. These expenses were primarily due to relocating the firm’s call center and costs affiliated with staff reductions.

265000

2900000

250000

EX-101.SCH 5 sieb-20170630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Statements of Financial Condition (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - 1. Business and Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - 2. Securities link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - 3. Fair Value of Financial Instruments link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - 4. Per Share Data link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - 5. Net Capital link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - 6. Other Assets link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - 7. Revenue link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - 8. Capital Transactions link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - 9. Contingencies and Commitments link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - 10. Income Taxes link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - 11. Non Recurring Changes link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - 4. Per Share Data (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - 5. Net Capital (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 sieb-20170630_cal.xml XBRL CALCULATION FILE EX-101.DEF 7 sieb-20170630_def.xml XBRL DEFINITION FILE EX-101.LAB 8 sieb-20170630_lab.xml XBRL LABEL FILE Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Consolidated Statements Of Financial Condition ASSETS Cash and cash equivalents Receivable from brokers Securities owned, at fair value Furniture, equipment and leasehold improvements, net Prepaid expenses Other assets Total LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable and accrued liabilities Accrued settlement liability Total Commitments and contingent liabilities Stockholders' equity: Common stock, $.01 par value; 49,000,000 shares authorized, 22,085,126 shares issued and outstanding as of June 30, 2017 and 22,085,126 shares issued and outstanding as of December 31, 2016 Additional paid-in capital (Accumulated deficit) Less: 1,126,720 shares of treasury stock, at cost at September 30, 2016 and December 31, 2015, respectively Total Total Consolidated Statements Of Financial Condition Parenthetical Stockholder's equity: Common stock, par value Common stock, authorized shares Common stock, issued shares Common stock, outstanding shares Consolidated Statements Of Operations Revenues: Commissions and fees Margin interest, marketing and distribution fees Investment banking Trading profits Interest and dividends Total Expenses: Employee compensation and benefits Clearing fees, including floor brokerage Professional fees Advertising and promotion Communications Occupancy Other general and administrative Total Net income (loss) Net loss per share of common stock Continuing operations Net loss per share of common stock - Basic and diluted Weighted average shares outstanding - Basic Weighted average shares outstanding - Diluted Consolidated Statements Of Cash Flows Cash flows from operating activities: Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Interest accrued on note receivable from business sold to former affiliate Changes in: Securities Sold Securities Purchased Securities owned, at fair value Advance to former affiliate Receivable from brokers Prepaid expenses and other assets Other assets Accounts payable and accrued liabilities Net cash used in operating activities Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements Collection of receivable from former affiliate Net cash (used in) provided by investing activities Net decrease in cash and cash equivalents Cash and cash equivalents - beginning of period Cash and cash equivalents - end of period Supplemental Schedule Of Non-Cash Financing Activities: Payment by parent of expenses Notes to Financial Statements 1. Business and Basis of Presentation: 2. Securities 3. Fair Value of Financial Instruments 4. Per Share Data 5. Net Capital Other Assets [Abstract] 6. Other Assets 7. Revenue 8. Capital Transactions 9. Contingencies and Commitments 10. Income Taxes Non Recurring Changes 11. Non Recurring Changes Shares underlying stock options not included in the diluted computation Net capital Net capital requirements Custom Element. Custom element. Custom element. Custom element. Custom Element. Custom element. Custom Element. Custom Element. Custom element. Assets Liabilities Treasury Stock, Value Stockholders' Equity Attributable to Parent Revenues Operating Expenses Income (Loss) from Continuing Operations, Per Basic and Diluted Share Earnings Per Share, Basic and Diluted Payments to Acquire Notes Receivable Increase (Decrease) in Securities Borrowed Increase (Decrease) in Receivables from Brokers-Dealers and Clearing Organizations Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Intangible Assets, Current Increase (Decrease) in Accounts Payable and Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment AdvancesToEquityInvestees Cash and Cash Equivalents, Period Increase (Decrease) Cash EX-101.PRE 9 sieb-20170630_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Aug. 11, 2017
Document And Entity Information
Entity Registrant Name	Siebert Financial Corp
Entity Central Index Key	0000065596
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,085,126
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2017

XML 11 R2.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Financial Condition (Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 2,264,000	$ 2,730,000
Receivable from brokers	896,000	606,000
Securities owned, at fair value	0	92,000
Furniture, equipment and leasehold improvements, net	243,000	46,000
Prepaid expenses	281,000	342,000
Other assets	125,000	0
Total	3,809,000	3,816,000
Liabilities:
Accounts payable and accrued liabilities	329,000	738,000
Accrued settlement liability	0	825,000
Total	329,000	1,563,000
Commitments and contingent liabilities
Stockholders' equity:
Common stock, $.01 par value; 49,000,000 shares authorized, 22,085,126 shares issued and outstanding as of June 30, 2017 and 22,085,126 shares issued and outstanding as of December 31, 2016	221,000	221,000
Additional paid-in capital	7,692,000	6,889,000
(Accumulated deficit)	(4,433,000)	(4,857,000)
Total	3,480,000	2,253,000
Total	$ 3,809,000	$ 3,816,000

XML 12 R3.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Stockholder's equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	49,000,000	49,000,000
Common stock, issued shares	22,085,126	22,085,126
Common stock, outstanding shares	22,085,126	22,085,126

XML 13 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Commissions and fees	$ 1,037,000	$ 1,231,000	$ 2,219,000	$ 2,441,000
Margin interest, marketing and distribution fees	1,545,000	957,000	2,626,000	1,825,000
Investment banking	6,000	11,000	12,000	23,000
Trading profits	98,000	125,000	206,000	390,000
Interest and dividends	3,000	138,000	5,000	281,000
Total	2,689,000	2,462,000	5,068,000	4,960,000
Expenses:
Employee compensation and benefits	1,000,000	1,200,000	2,038,000	2,487,000
Clearing fees, including floor brokerage	304,000	236,000	568,000	474,000
Professional fees	468,000	915,000	893,000	1,585,000
Advertising and promotion	25,000	67,000	45,000	133,000
Communications	55,000	132,000	135,000	262,000
Occupancy	79,000	197,000	221,000	379,000
Other general and administrative	393,000	443,000	744,000	869,000
Total	2,324,000	3,190,000	4,644,000	6,189,000
Net income (loss)	$ 365,000	$ (728,000)	$ 424,000	$ (1,229,000)
Net loss per share of common stock Continuing operations	$ 0.02	$ (.03)	$ 0.02	$ (0.06)
Net loss per share of common stock - Basic and diluted	$ 0.02	$ (.03)	$ 0.02	$ (0.06)
Weighted average shares outstanding - Basic	22,085,126	22,085,126	22,085,126	22,085,126
Weighted average shares outstanding - Diluted	22,085,126	22,085,126	22,085,126	22,085,126

XML 14 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ 424,000	$ (1,229,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	71,000	136,000
Interest accrued on note receivable from business sold to former affiliate	0	(274,000)
Changes in:
Securities Sold	92,000	0
Securities Purchased	0	(67,000)
Advance to former affiliate	0	(10,000)
Receivable from brokers	(290,000)	82,000
Prepaid expenses and other assets	61,000	114,000
Other assets	(125,000)	0
Accounts payable and accrued liabilities	(431,000)	(784,000)
Net cash used in operating activities	(198,000)	(2,032,000)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements	(268,000)	(30,000)
Collection of receivable from former affiliate	0	493,000
Net cash (used in) provided by investing activities	(268,000)	463,000
Net decrease in cash and cash equivalents	(466,000)	(1,569,000)
Cash and cash equivalents - beginning of period	2,730,000	9,420,000
Cash and cash equivalents - end of period	2,264,000	7,851,000
Supplemental Schedule Of Non-Cash Financing Activities:
Payment by parent of expenses	$ 803,000	$ 0

XML 15 R6.htm IDEA: XBRL DOCUMENT

1. Business and Basis of Presentation

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

1. Business and Basis of Presentation:

Certain reclassifications have been made to the 2016 balances to conform to the presentation used in 2017. These reclassifications had no effect on operating results previously reported.

XML 16 R7.htm IDEA: XBRL DOCUMENT

2. Securities

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

2. Securities

XML 17 R8.htm IDEA: XBRL DOCUMENT

3. Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

3. Fair Value of Financial Instruments

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs, other than quoted prices that are observable, either directly or indirectly, and reasonably available.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 18 R9.htm IDEA: XBRL DOCUMENT

4. Per Share Data

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

4. Per Share Data

XML 19 R10.htm IDEA: XBRL DOCUMENT

5. Net Capital

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

5. Net Capital

XML 20 R11.htm IDEA: XBRL DOCUMENT

6. Other Assets

6 Months Ended

Jun. 30, 2017

Other Assets [Abstract]

6. Other Assets

The Company incurred $125,000 in professional fees in connection with a potential transaction with an affiliate. These costs will be deferred until which point that the transaction is consummated.

XML 21 R12.htm IDEA: XBRL DOCUMENT

7. Revenue

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

7. Revenue

Investment banking revenue includes advisory fees charged clients thru SIA. Revenues are earned typically on a monthly or quarterly basis in accordance with terms of the contract.

Interest is recorded on an accrual basis and dividends are recorded on the ex-dividend date.

XML 22 R13.htm IDEA: XBRL DOCUMENT

8. Capital Transactions

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

8. Capital Transactions

SFC’s control entity, Kennedy Cabot Acquisition, LLC made a net payment of $803,000 to satisfy certain obligations of the Company. This amount is treated as a capital contribution.

XML 23 R14.htm IDEA: XBRL DOCUMENT

9. Contingencies and Commitments

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

9. Contingencies and Commitments

XML 24 R15.htm IDEA: XBRL DOCUMENT

10. Income Taxes

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

10. Income Taxes

XML 25 R16.htm IDEA: XBRL DOCUMENT

11. Non Recurring Changes

6 Months Ended

Jun. 30, 2017

Non Recurring Changes

11. Non Recurring Changes

XML 26 R17.htm IDEA: XBRL DOCUMENT

4. Per Share Data (Details Narrative) - shares	3 Months Ended
4. Per Share Data (Details Narrative) - shares	Jun. 30, 2017	Jun. 30, 2016
Notes to Financial Statements
Shares underlying stock options not included in the diluted computation	0	265,000

XML 27 R18.htm IDEA: XBRL DOCUMENT

5. Net Capital (Details Narrative)	Jun. 30, 2017 USD ($)
Notes to Financial Statements
Net capital	$ 2,900,000
Net capital requirements	$ 250,000

EXCEL 28 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 29 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 30 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 32 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 9 82 1 false 0 0 false 3 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://siebertnet.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Consolidated Statements of Financial Condition (Unaudited) Sheet http://siebertnet.com/role/StatementsOfFinancialCondition Consolidated Statements of Financial Condition (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) Sheet http://siebertnet.com/role/StatementsOfFinancialConditionParenthetical Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Consolidated Statements of Operations (Unaudited) Sheet http://siebertnet.com/role/StatementsOfOperations Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://siebertnet.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - 1. Business and Basis of Presentation Sheet http://siebertnet.com/role/BusinessAndBasisOfPresentation 1. Business and Basis of Presentation Notes 6 false false R7.htm 00000007 - Disclosure - 2. Securities Sheet http://siebertnet.com/role/Securities 2. Securities Notes 7 false false R8.htm 00000008 - Disclosure - 3. Fair Value of Financial Instruments Sheet http://siebertnet.com/role/FairValueOfFinancialInstruments 3. Fair Value of Financial Instruments Notes 8 false false R9.htm 00000009 - Disclosure - 4. Per Share Data Sheet http://siebertnet.com/role/PerShareData 4. Per Share Data Notes 9 false false R10.htm 00000010 - Disclosure - 5. Net Capital Sheet http://siebertnet.com/role/NetCapital 5. Net Capital Notes 10 false false R11.htm 00000011 - Disclosure - 6. Other Assets Sheet http://siebertnet.com/role/OtherAssets 6. Other Assets Notes 11 false false R12.htm 00000012 - Disclosure - 7. Revenue Sheet http://siebertnet.com/role/Revenue 7. Revenue Notes 12 false false R13.htm 00000013 - Disclosure - 8. Capital Transactions Sheet http://siebertnet.com/role/CapitalTransactions 8. Capital Transactions Notes 13 false false R14.htm 00000014 - Disclosure - 9. Contingencies and Commitments Sheet http://siebertnet.com/role/ContingenciesAndCommitments 9. Contingencies and Commitments Notes 14 false false R15.htm 00000015 - Disclosure - 10. Income Taxes Sheet http://siebertnet.com/role/IncomeTaxes 10. Income Taxes Notes 15 false false R16.htm 00000016 - Disclosure - 11. Non Recurring Changes Sheet http://siebertnet.com/role/NonRecurringChanges 11. Non Recurring Changes Notes 16 false false R17.htm 00000017 - Disclosure - 4. Per Share Data (Details Narrative) Sheet http://siebertnet.com/role/PerShareDataDetailsNarrative 4. Per Share Data (Details Narrative) Details http://siebertnet.com/role/PerShareData 17 false false R18.htm 00000018 - Disclosure - 5. Net Capital (Details Narrative) Sheet http://siebertnet.com/role/NetCapitalDetailsNarrative 5. Net Capital (Details Narrative) Details http://siebertnet.com/role/NetCapital 18 false false All Reports Book All Reports sieb-20170630.xml sieb-20170630.xsd sieb-20170630_cal.xml sieb-20170630_def.xml sieb-20170630_lab.xml sieb-20170630_pre.xml true true ZIP 34 0001019056-17-000666-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001019056-17-000666-xbrl.zip M4$L#!!0 ( &%5#DM/Z]);9!X $6Z 1 <_0]:)M,G.<2*;*[]_G!O M9'6'_6ZO:^];=O?77N=A FLX=1)XC#_^M7?:'<$?=O=+MWO8[Q_V1_]3$5;B M)&F

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end