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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of condensed consolidated statement of cash flows | The following tables present the corrections by financial statement line item within the condensed consolidated statement of operations for all periods presented:
| Three Months Ended June 30, 2022
| As Previously Reported |  | Restatement Adjustments |  | Restatement Reference |  | As Restated
Statement of Operations |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Services and fees | $ | 200,905 |  |  | $ | (9,243) |  |  | (a) |  | $ | 191,662 |
Trading (loss) income and fair value adjustments on loans | (223,927) |  |  | 106,164 |  |  | (b) |  | (117,763) |
Interest income - Loans and securities lending | 63,835 |  |  | — |  |  |  |  | 63,835 |
Sale of goods | 1,887 |  |  | — |  |  |  |  | 1,887 |
Total revenues | 42,700 |  |  | 96,921 |  |  |  |  | 139,621 |
Operating expenses: |  |  |  |  |  |  |
Direct cost of services | 17,785 |  |  | — |  |  |  |  | 17,785 |
Cost of goods sold | 1,994 |  |  | — |  |  |  |  | 1,994 |
Selling, general and administrative expenses | 167,136 |  |  | — |  |  |  |  | 167,136 |
Interest expense - Securities lending and loan participations sold | 14,544 |  |  | — |  |  |  |  | 14,544 |
Total operating expenses | 201,459 |  |  | — |  |  |  |  | 201,459 |
Operating (loss) income | (158,759) |  |  | 96,921 |  |  |  |  | (61,838) |
Other income (expense): |  |  |  |  |  |  |
Interest income | 500 |  |  | — |  |  |  |  | 500 |
Dividend income | — |  |  | 9,243 |  |  | (a) |  | 9,243 |
Realized and unrealized gains (losses) on investments | — |  |  | (106,164) |  |  | (b) |  | (106,164) |
Change in fair value of financial instruments and other | 4,321 |  |  | — |  |  |  |  | 4,321 |
Income from equity method investments | (3,399) |  |  | — |  |  |  |  | (3,399) |
Interest expense | (31,764) |  |  | — |  |  |  |  | (31,764) |
Loss before income taxes | (189,101) |  |  | — |  |  |  |  | (189,101) |
Provision for income taxes | 52,513 |  |  | — |  |  |  |  | 52,513 |
Net loss | (136,588) |  |  | — |  |  |  |  | (136,588) |
Net income attributable to noncontrolling interests and redeemable noncontrolling interests | 3,571 |  |  | — |  |  |  |  | 3,571 |
Net loss attributable to B. Riley Financial, Inc. | (140,159) |  |  | — |  |  |  |  | (140,159) |
Preferred stock dividends | 2,002 |  |  | — |  |  |  |  | 2,002 |
Net loss available to common shareholders | $ | (142,161) |  |  | $ | — |  |  |  |  | $ | (142,161) |
Basic loss per common share | $ | (5.07) |  |  |  |  |  |  | $ | (5.07) |
Diluted loss per common share | $ | (5.07) |  |  |  |  |  |  | $ | (5.07) |
Weighted average basic common shares outstanding | 28,051,570 |  |  |  |  |  |  | 28,051,570 |
Weighted average diluted common shares outstanding | 28,051,570 |  |  |  |  |  |  | 28,051,570 |
(a) To reclassify dividends received from investments from Services and fees to Dividend income. (b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.
| Six Months Ended June 30, 2022
| As Previously Reported |  | Restatement Adjustments |  | Restatement Reference |  | As Restated
Statement of Operations |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Services and fees | $ | 411,580 |  |  | $ | (17,104) |  |  | (a) |  | $ | 394,476 |
Trading (loss) income and fair value adjustments on loans | (292,317) |  |  | 155,276 |  |  | (b) |  | (137,041) |
Interest income - Loans and securities lending | 125,261 |  |  | — |  |  |  |  | 125,261 |
Sale of goods | 3,765 |  |  | — |  |  |  |  | 3,765 |
Total revenues | 248,289 |  |  | 138,172 |  |  |  |  | 386,461 |
Operating expenses: |  |  |  |  |  |  |
Direct cost of services | 29,436 |  |  | — |  |  |  |  | 29,436 |
Cost of goods sold | 4,245 |  |  | — |  |  |  |  | 4,245 |
Selling, general and administrative expenses | 342,335 |  |  | — |  |  |  |  | 342,335 |
Interest expense - Securities lending and loan participations sold | 26,310 |  |  | — |  |  |  |  | 26,310 |
Total operating expenses | 402,326 |  |  | — |  |  |  |  | 402,326 |
Operating (loss) income | (154,037) |  |  | 138,172 |  |  |  |  | (15,865) |
Other income (expense): |  |  |  |  |  |  |
Interest income | 567 |  |  | — |  |  |  |  | 567 |
Dividend income | — |  |  | 17,104 |  |  | (a) |  | 17,104 |
Realized and unrealized gains (losses) on investments | — |  |  | (155,276) |  |  | (b) |  | (155,276) |
Change in fair value of financial instruments and other | 10,302 |  |  | — |  |  |  |  | 10,302 |
Income from equity method investments | 3,376 |  |  | — |  |  |  |  | 3,376 |
Interest expense | (62,200) |  |  | — |  |  |  |  | (62,200) |
Loss before income taxes | (201,992) |  |  | — |  |  |  |  | (201,992) |
Provision for income taxes | 56,208 |  |  | — |  |  |  |  | 56,208 |
Net loss | (145,784) |  |  | — |  |  |  |  | (145,784) |
Net income attributable to noncontrolling interests and redeemable noncontrolling interests | 4,437 |  |  | — |  |  |  |  | 4,437 |
Net loss attributable to B. Riley Financial, Inc. | (150,221) |  |  | — |  |  |  |  | (150,221) |
Preferred stock dividends | 4,004 |  |  | — |  |  |  |  | 4,004 |
Net loss available to common shareholders | $ | (154,225) |  |  | $ | — |  |  |  |  | $ | (154,225) |
Basic loss per common share | $ | (5.52) |  |  |  |  |  |  | $ | (5.52) |
Diluted loss per common share | $ | (5.52) |  |  |  |  |  |  | $ | (5.52) |
Weighted average basic common shares outstanding | 27,953,845 |  |  |  |  |  |  | 27,953,845 |
Weighted average diluted common shares outstanding | 27,953,845 |  |  |  |  |  |  | 27,953,845 |
(a) To reclassify dividends received from investments from Services and fees to Dividend income. (b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
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