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Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | 17. Subsequent Events The Company has evaluated events that have occurred subsequent to March 31, 2020 and through May 28, 2020, the date of the filing of this report. Agreement with InvestCloud, Inc. On April 21, 2020, MSCO entered into a Master Services Agreement (the “MSA”), with InvestCloud, Inc. (“InvestCloud”). Pursuant to the MSA, InvestCloud agreed to provide MSCO with the InvestCloud System Platform and related functionalities and MSCO agreed to pay InvestCloud as consideration therefore during the initial three (3) year term an annual license fee of $600,000 and a service fee of $1,000,000. Following the initial three (3) year term, the MSA will automatically renew for additional one-year terms unless terminated by MSCO upon 120 days’ notice. In connection with the MSA, InvestCloud entered into a Side Letter Agreement (the “Side Letter”) with the Company pursuant to which InvestCloud acquired 193,906 shares of the Company’s restricted common stock (the “Shares”) at a price of $7.22 per share (the Company’s share price as of the close of March 31, 2020), for a total purchase price of $1,400,000. As consideration for the Shares, InvestCloud agreed to provide MSCO with research and development services valued at $1,400,000, which will be applied as a credit to the fees payable to InvestCloud under the MSA. The Shares were issued to InvestCloud on May 12, 2020 without registration under the Securities Act of 1933 in reliance upon the exemption provided in Section 4(a)(2) thereunder. The costs incurred by the Company in relation to this agreement that qualify as relating to the implementation of a cloud computing arrangement will be capitalized and amortized over the life of the contract in accordance with ASU 2018-15. WP Name Change Pursuant to the Company’s agreement with the original owners of WP, the Company agreed to discontinue using the name of Weeden Prime Services, LLC and filed to change it to WPS Prime Services, LLC in May 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 financial statements as of March 31, 2020.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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