XML 12 R14.htm IDEA: XBRL DOCUMENT
v3.20.1

Notes Payable - Related Party | 3 Months Ended
--- | ---
Mar. 31, 2020
Notes Payable [Abstract] |
Notes Payable - Related Party | 8. Notes Payable - Related Party As of March 31, 2020, the Company had various notes payable to Gloria E. Gebbia, the Company’s principal stockholder, the details of which are presented below:
Description | Issuance Date |  | Face Amount |
4% due December 2, 2020 | December 2, 2019 |  | $ | 3,000,000 |
Subordinated to MSCO* |  |  |  |
4% due November 30, 2020** | November 30, 2018 |  | $ | 3,000,000 |
4% due September 4, 2020 | September 4, 2019 |  | $ | 2,000,000 |
|  |  |  | 5,000,000 |
Total Notes payable – related party |  |  | $ | 8,000,000 |
*The notes payable subordinated to MSCO were acquired as part of the acquisition of StockCross **This note payable was renewed on November 30, 2019 for a term of one year The interest expense incurred for the three months ended March 31, 2020 and 2019 was $76,000 and $21,000, respectively. The interest payable for these notes was $40,000 and $10,000 as of March 31, 2020 and December 31, 2019, respectively. Effective March 3, 2020, the interest rates on the loans due November 30, 2020 and September 4, 2020 were renegotiated to 4%. There was no consideration paid or received as part of this renegotiation. Notes subordinated to MSCO are subordinated to the claims of general creditors, approved by FINRA, and are included in MSCO’s calculation of net capital and the capital requirements under FINRA and SEC regulations.

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

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration