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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Schedule of Allocation of Purchase Price | The Company acquired various assets and assumed liabilities from StockCross which were recorded at their historical carrying amounts and summarized below:
|  | Historical Carrying Value |
Assets acquired |  |  |
Cash and cash equivalents |  | $ | 1,588,000 |
Cash and securities segregated for regulatory purposes |  |  | 224,814,000 |
Receivables from customers |  |  | 86,331,000 |
Receivables from broker-dealers and clearing organizations |  |  | 3,105,000 |
Other receivables |  |  | 627,000 |
Prepaid expenses and other assets |  |  | 346,000 |
Securities borrowed |  |  | 193,529,000 |
Securities owned, at fair value |  |  | 3,018,000 |
Furniture, equipment, and leasehold improvements, net |  |  | 19,000 |
Lease right-of-use assets |  |  | 1,141,000 |
Deferred tax assets |  |  | 407,000 |
Total Assets acquired |  |  | 514,925,000 |
Liabilities assumed |  |  |  |
Payables to customers |  |  | 308,091,000 |
Payables to non-customers |  |  | 9,151,000 |
Drafts payable |  |  | 2,834,000 |
Payables to broker-dealers and clearing organizations |  |  | 1,406,000 |
Accounts payable and accrued liabilities |  |  | 963,000 |
Securities loaned |  |  | 170,443,000 |
Securities sold, not yet purchased, at fair value |  |  | 28,000 |
Notes payable – related party |  |  | 5,000,000 |
Lease liabilities |  |  | 1,295,000 |
Total Liabilities assumed |  |  | 499,211,000 |
Net Assets acquired |  | $ | 15,714,000
Schedule of Revenues and Net Income from Continuing Operations | The following table summarizes the revenue and net income from operations of WPS included in the Company’s statement of income for the year ended December 31, 2019 since the date of acquisition (for the 31-day period ended December 31, 2019):
|  | Year Ended December 31, 2019 |
Revenue |  | $ | 968,000 |
Net income |  | $ | 203,000
Schedule of Pro Forma Consolidated Information | Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.
|  | Year Ended December 31, 2019 |
Revenue |  | $ | 53,938,000 |
Net income |  | $ | 1,704,000
StockCross [Member] |
Schedule of Allocation of Purchase Price | The following table summarizes the Company’s allocation of the purchase price as of the date of acquisition:
|  | Estimated Fair Value |
Cash and cash equivalents |  | $ | 301,000 |
Cash segregated for regulatory purpose |  |  | 152,000 |
Receivables from broker-dealers and clearing organizations |  |  | 4,616,000 |
Furniture, equipment, and leasehold improvements, net |  |  | 41,000 |
Software, net |  |  | 51,000 |
Intangible assets, net |  |  | 1,057,000 |
Lease right-of-use assets |  |  | 214,000 |
Prepaid expenses and other assets |  |  | 271,000 |
Total Assets acquired |  |  | 6,703,000 |
Accounts payable and accrued liabilities |  |  | 1,353,000 |
Lease liabilities |  |  | 214,000 |
Total Liabilities assumed |  |  | 1,567,000 |
Net Assets acquired |  |  | 5,136,000 |
Goodwill |  |  | 1,989,000 |
Purchase price |  | $ | 7,125,000 |

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