XML 46 R34.htm IDEA: XBRL DOCUMENT v3.23.3

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2022
			As Previously Reported						Restatement Adjustments						Restatement Reference						As Restated
Statement of Operations
Revenues:
Services and fees			$	266,485					$	(9,175)					(a)						$	257,310
Trading income (loss) and fair value adjustments on loans			12,154						(19,071)						(b)						(6,917)
Interest income - Loans and securities lending			57,594						—												57,594
Sale of goods			4,130						—												4,130
Total revenues			340,363						(28,246)												312,117
Operating expenses:
Direct cost of services			44,523						—												44,523
Cost of goods sold			3,089						—												3,089
Selling, general and administrative expenses			163,727						—												163,727
Restructuring charge			8,016						—												8,016
Interest expense - Securities lending and loan participations sold			17,447						—												17,447
Total operating expenses			236,802						—												236,802
Operating income (loss)			103,561						(28,246)												75,315
Other income (expense):
Interest income			686						—												686
Dividend income			—						9,175						(a)						9,175
Realized and unrealized gains on investments			—						19,071						(b)						19,071
Change in fair value of financial instruments and other			(574)						—												(574)
Loss from equity method investments			(91)						—												(91)
Interest expense			(34,587)						—												(34,587)
Income before income taxes			68,995						—												68,995
Provision for income taxes			(16,350)						—												(16,350)
Net income			52,645						—												52,645
Net income attributable to noncontrolling interests and redeemable noncontrolling interests			4,808						—												4,808
Net income attributable to B. Riley Financial, Inc.			47,837						—												47,837
Preferred stock dividends			2,002						—												2,002
Net income available to common shareholders			$	45,835					$	—											$	45,835
Basic income per common share			$	1.62																	$	1.62
Diluted income per common share			$	1.53																	$	1.53
Weighted average basic common shares outstanding			28,293,064																		28,293,064
Weighted average diluted common shares outstanding			29,968,417																		29,968,417

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains on investments.

			Nine Months Ended September 30, 2022
			As Previously Reported						Restatement Adjustments						Restatement Reference						As Restated
Statement of Operations
Revenues:
Services and fees			$	678,065					$	(26,279)					(a)						$	651,786
Trading (loss) income and fair value adjustments on loans			(280,163)						136,205						(b)						(143,958)
Interest income - Loans and securities lending			182,855						—												182,855
Sale of goods			7,895						—												7,895
Total revenues			588,652						109,926												698,578
Operating expenses:
Direct cost of services			73,959						—												73,959
Cost of goods sold			7,334						—												7,334
Selling, general and administrative expenses			506,062						—												506,062
Restructuring charge			8,016						—												8,016
Interest expense - Securities lending and loan participations sold			43,757						—												43,757
Total operating expenses			639,128						—												639,128
Operating (loss) income			(50,476)						109,926												59,450
Other income (expense):
Interest income			1,253						—												1,253
Dividend income			—						26,279						(a)						26,279
Realized and unrealized losses on investments			—						(136,205)						(b)						(136,205)
Change in fair value of financial instruments and other			9,728						—												9,728
Income from equity method investments			3,285						—												3,285
Interest expense			(96,787)						—												(96,787)
Loss before income taxes			(132,997)						—												(132,997)
Benefit from income taxes			39,858						—												39,858
Net loss			(93,139)						—												(93,139)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests			9,245						—												9,245
Net loss attributable to B. Riley Financial, Inc.			(102,384)						—												(102,384)
Preferred stock dividends			6,006						—												6,006
Net loss available to common shareholders			$	(108,390)					$	—											$	(108,390)
Basic loss per common share			$	(3.86)																	$	(3.86)
Diluted loss per common share			$	(3.86)																	$	(3.86)
Weighted average basic common shares outstanding			28,068,160																		28,068,160
Weighted average diluted common shares outstanding			28,068,160																		28,068,160

(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.

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration