Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

The Company has evaluated events that have occurred subsequent to December 31, 2019 and through March 27, 2020, the date of the filing of this report.

As previously disclosed in a Current Report on Form 8-K, filed on January 7, 2020, the Company entered into an Agreement and Plan of Merger by and between the Company, MSCO, StockCross and Michael J. Colombino, on behalf of himself and as representative of the other StockCross shareholders, pursuant to which the Company acquired, from the StockCross shareholders, all of the shares of StockCross owned by the shareholders  in exchange for a total of 3,298,774 shares of the Company’s restricted Common Stock and StockCross was merged with and into MSCO (the “Merger”). The Merger was effective on January 1, 2020. Prior to the Merger, the Company owned 15% of the issued and outstanding common stock of StockCross, and the Company and StockCross were affiliated entities through common ownership. As of January 1, 2020, all clearing services provided by StockCross are now performed by MSCO.

On January 27, 2020, the Company filed an Information Statement Pursuant to Section 14(c) of the Exchange Act to inform shareholders that holders of 71.4% of the Company’s outstanding Common Stock, acting by written consent, approved an amendment to the Company’s Restated Certificate of Incorporation, as amended (the “Amendment”) to increase the total shares of Common Stock the Company is authorized to issue to 100,000,0000 shares. The Amendment was filed with the New York Department of State on February 21, 2020.

Other than the events described above, there have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the consolidated financial statements as of December 31, 2019.