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Acquisitions | 6 Months Ended
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Jun. 30, 2021
Acquisitions Abstract |
Acquisitions | 3. Acquisitions StockCross Overview of Acquisition Established in 1971, StockCross was one of the largest privately-owned brokerage firms in the nation and its operations consisted primarily of market making, fixed-income products distribution, online or broker-assisted equity trading, securities lending, and equity stock plan services. Prior to being acquired by the Company, StockCross and the Company were affiliated entities through common ownership and had various related party transactions. In January 2019, the Company acquired approximately 15% ownership of StockCross. Effective January 1, 2020, the Company acquired the remaining 85% of StockCross’ outstanding shares and StockCross was merged with and into MSCO. The purchase price paid was approximately $29,750,000 or 3,298,774 shares of the Company’s common stock which was issued in connection with the acquisition. The acquisition of StockCross added incremental business lines, revenue streams, cost synergies and additional experienced management team members to MSCO. Accounting for Acquisition Prior to and as of the date of the acquisition, the Company and StockCross were entities under common control of the Gebbia Family. As such, the acquisition was accounted for as a transaction between entities under common control. The acquisition represented a change in reporting entity. As such, upon the closing of the acquisition, the net assets of the Company were combined with those of StockCross at their historical carrying amounts and no goodwill was recorded as part of the transaction. The Company acquired various assets and liabilities from StockCross which were recorded at their historical carrying amounts and summarized below: -8-
|  | 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

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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