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Equity Method Investment in Related Party | 12 Months Ended
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Dec. 31, 2021
Equity Method Investment In Related Party |
Equity Method Investment in Related Party | 10. Equity Method Investment in Related Party On November 16, 2021, the Company entered into an agreement with Tigress, a Delaware limited liability company. As part of the agreement, (i) Tigress transferred to the Company limited liability company membership interests representing twenty-four percent (24%) of the outstanding membership interests in Tigress; and (ii) the Company transferred to Tigress limited liability company membership interests representing twenty-four percent (24%) of the outstanding membership interests of RISE, and 1,449,525 shares of the Company’s common stock. The value of the shares of the Company’s common stock was determined using a 60-day average of the Company’s common stock price as reported by the NASDAQ Capital Market. The common stock was issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Company’s ownership in Tigress is accounted for under the equity method of accounting. In determining whether the investment in Tigress should be accounted for under the equity method of accounting, the Company considered the guidance under ASC 323, Investments – Equity Method and Joint Ventures. The Company maintains 24% ownership interest in Tigress, which represents a significant ownership level, the Company and Tigress have common representation on their respective board of directors, and certain employees of Tigress are employees of RISE. Based on these criteria, the Company determined that it was able to exercise significant influence of Tigress, and therefore the equity method of accounting was used for this transaction. This investment is reported in the equity method investment in related party in the statements of financial condition. Under the equity method, the Company recognizes its share of Tigress’ income or loss in the earnings of equity method investment in related party line item on the statements of income. The Company has elected to classify distributions received from equity method investees using the cumulative earnings approach. For the year ended December 31, 2021, the earnings recognized from the Company’s investment in Tigress was $172,000 and the Company did not receive any cash distributions. As of December 31, 2021, the carrying amount of the investment in Tigress was $8,156,000. The Company evaluates its equity method investments for impairment when events or changes indicate the carrying value may not be recoverable. If the impairment is determined to be other-than-temporary, the Company will recognize an impairment loss equal to the difference between the expected realizable value and the carrying value of the investment. As of December 31, 2021, the fair value of the investment in Tigress is not estimated because there were no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment and thus, no impairment was recorded. Siebert 2021 Form-10K 58 Below is a table showing the summary from the consolidated statements of operations and financial condition for Tigress for the periods indicated (unaudited):
| Year Ended December 31,
|  |  | 2021 |  |  | 2020
Revenue |  | $ | 15,000,000 |  | $ | 9,900,000 |
Operating income |  | $ | 4,800,000 |  | $ | 3,100,000 |
| As of December 31,
|  |  | 2021 |  |  | 2020
Assets |  | $ | 28,400,000 |  | $ | 22,200,000 |
Liabilities |  | $ | 6,100,000 |  | $ | 5,800,000 |
Stockholders’ Equity |  | $ | 22,300,000 |  | $ | 16,400,000 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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