Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Allocation of Purchase Price

The Company acquired various assets and assumed liabilities from StockCross which were recorded at their historical carrying amounts and summarized below:

	Historical Carrying Value
Assets acquired
Cash and cash equivalents	$	1,588,000
Cash and securities segregated for regulatory purposes		224,814,000
Receivables from customers		86,331,000
Receivables from broker-dealers and clearing organizations		3,105,000
Other receivables		627,000
Prepaid expenses and other assets		346,000
Securities borrowed		193,529,000
Securities owned, at fair value		3,018,000
Furniture, equipment, and leasehold improvements, net		19,000
Lease right-of-use assets		1,141,000
Deferred tax assets		407,000
Total Assets acquired		514,925,000
Liabilities assumed
Payables to customers		308,091,000
Payables to non-customers		9,151,000
Drafts payable		2,834,000
Payables to broker-dealers and clearing organizations		1,406,000
Accounts payable and accrued liabilities		963,000
Securities loaned		170,443,000
Securities sold, not yet purchased, at fair value		28,000
Notes payable – related party		5,000,000
Lease liabilities		1,295,000
Total Liabilities assumed		499,211,000
Net Assets acquired	$	15,714,000

Schedule of Revenues and Net Income from Continuing Operations

The following table summarizes the revenue and net income from operations of WPS included in the Company’s statement of income for the year ended December 31, 2019 since the date of acquisition (for the 31-day period ended December 31, 2019):

	Year Ended December 31, 2019
Revenue	$	968,000
Net income	$	203,000

Schedule of Pro Forma Consolidated Information

Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.

	Year Ended December 31, 2019
Revenue	$	53,938,000
Net income	$	1,704,000

StockCross [Member]

Schedule of Allocation of Purchase Price

The following table summarizes the Company’s allocation of the purchase price as of the date of acquisition:

	Estimated Fair Value
Cash and cash equivalents	$	301,000
Cash segregated for regulatory purpose		152,000
Receivables from broker-dealers and clearing organizations		4,616,000
Furniture, equipment, and leasehold improvements, net		41,000
Software, net		51,000
Intangible assets, net		1,057,000
Lease right-of-use assets		214,000
Prepaid expenses and other assets		271,000
Total Assets acquired		6,703,000
Accounts payable and accrued liabilities		1,353,000
Lease liabilities		214,000
Total Liabilities assumed		1,567,000
Net Assets acquired		5,136,000
Goodwill		1,989,000
Purchase price	$	7,125,000