XML 75 R17.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Notes Receivable | 12 Months Ended
--- | ---
Dec. 31, 2019
Receivables [Abstract] |
Notes Receivable | 9. Notes Receivable The following table sets forth the carrying value of the Company’s notes receivable:
|  | December 31, 2019 |  |  | December 31, 2018 |
AdvisorEngine—Unsecured non-convertible note |  | $ | 26,046 |  |  | $ | 28,722 |
AdvisorEngine—Unsecured convertible notes |  |  | 2,126 |  |  |  | — |
Subtotal |  | $ | 28,172 |  |  | $ | 28,722 |
The Company recognized interest income of $2,498 and $1,974, during the years ended December 31, 2019 and 2018, respectively. Interest income included original issue discount (“OID”) amortization and accrued paid-in-kind (“PIK”) interest. Unsecured Non-Convertible Note The Company has an outstanding unsecured promissory note from AdvisorEngine. All principal amounts under the note bear interest from the date such amounts are advanced until repaid at a rate of 5% per annum, provided that immediately upon the occurrence and during the continuance of an event of default (as defined), interest will be increased to 10% per annum. All accrued and unpaid interest is treated as PIK by capitalizing such amount and adding it to the principal amount of the original note. AdvisorEngine has the option to prepay the note, in whole or in part, at any time without premium or penalty. All borrowings under the promissory note mature on December 29, 2021. The following is a summary of the outstanding unsecured non-convertible note receivable balance:
|  | December 31, 2019 |  |  | December 31, 2018 |
Note receivable (face value) |  | $ | 30,000 |  |  | $ | 30,000 |
Less: OID, unamortized |  |  | (1,744 | ) |  |  | (2,582 | )
Plus: PIK interest |  |  | 2,928 |  |  |  | 1,304 |
Subtotal |  | $ | 31,184 |  |  | $ | 28,722 |
Impairment (1) (Note 8) |  |  | (5,138 | ) |  |  | — |
Total note receivable, net |  | $ | 26,046 |  |  | $ | 28,722 |
(1) | Includes PIK interest which has been determined to be uncollectible.
Unsecured Convertible Notes The Company participated in private convertible note financing rounds of AdvisorEngine by advancing $2,090 during the year ended December 31, 2019, in consideration for convertible notes, which were issued as part of a series of convertible notes pursuant to a Convertible Note Purchase Agreement entered into among AdvisorEngine, the Company and the other purchasers thereto. The convertible notes bear interest at a rate of 3% per annum ( with all or any unpaid portion being treated as PIK by capitalizing such amount and adding it to the principal amount outstanding ) , is unsecured, and matures on April 11, 2021. All principal , and ( at the option of AdvisorEngine if not paid in cash ) accrued interest under the convertible notes will automatically convert into a class or series of preferred stock substantially identical to that issued in a qualified financing (as defined therein), but at a price per share equal to 80% of the price per share sold in such transaction. In the event of a corporate transaction (as defined therein) the convertible notes would be repaid in cash from the proceeds of such transaction in the amount of 1.5 times the outstanding principal amount, plus any accrued and unpaid interest. If neither a qualified financing nor a corporate transaction occurs prior to the maturity date, the convertible notes are repaid at a rate of 1.25 times the outstanding principal amount, plus accrued and unpaid interest. The convertible notes may not be prepaid by AdvisorEngine without the prior consent of the requisite holders (which includes the Company). The following is a summary of the outstanding unsecured convertible notes receivable balance:
|  | December 31, 2019 |
Notes receivable (face value) |  | $ | 2,090 |
Plus: PIK interest |  |  | 36 |
Total notes receivable, net |  | $ | 2,126 |

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration