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Notes Payable - Related Party | 12 Months Ended
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Dec. 31, 2021
Notes Payable [Abstract] |
Notes Payable - Related Party | 14. Notes Payable - Related Party On December 30, 2021, Gloria E. Gebbia, the Company’s principal stockholder, entered into a note agreement to lend the Company $2 million to finance part of the purchase of the Miami office building. The annual interest rate is 4% which will be paid monthly. The note matures on 12/30/2022 and can be renewed at any time. As of December 31, 2021, the Company had various notes payable to Gloria E. Gebbia, the details of which are presented below:
Description |  | Issuance Date |  | Face Amount |  | Unpaid Principal Amount |
4.00% due December 30, 2022 |  | December 30, 2021 |  | $ | 2,000,000 |  | $ | 2,000,000 |
4.00% due June 30, 2022* |  | December 31, 2021 |  |  | 2,000,000 |  |  | 2,000,000 |
4.00% due November 30, 2022** |  | November 30, 2020 |  |  | 3,000,000 |  |  | 3,000,000 |
Total Notes payable – related party |  |  |  | $ | 7,000,000 |  | $ | 7,000,000 |
As of December 31, 2020, the Company had various notes payable to Gloria E. Gebbia, the details of which are presented below:
Description |  | Issuance Date |  | Face Amount |  | Unpaid Principal Amount |
4.00% due May 31, 2021* |  | December 1, 2020 |  | $ | 2,200,000 |  | $ | 2,200,000 |
4.00% due November 30, 2021** |  | November 30, 2020 |  |  | 3,000,000 |  |  | 3,000,000 |
Total Notes payable – related party |  |  |  | $ | 5,200,000 |  | $ | 5,200,000 |
*From May 31, 2021 to December 31, 2021, this notes payable was renewed multiple times with short term maturities. On December 31, 2021, this notes payable was renewed with a maturity of June 30, 2022 and a new face amount of $2 million. **This note payable is subordinated to MSCO and is subordinated to the claims of general creditors, approved by FINRA, and is included in MSCO’s calculation of net capital and the capital requirements under FINRA and SEC regulations. On August 17, 2021, this note payable was renewed with a maturity of November 30, 2022. The Company’s interest expense for these notes payable for the year ended December 31, 2021 and 2020 was $206,000 and $276,000, respectively. Siebert 2021 Form-10K 62 The Company’s interest payable related to these notes payable was $0 as of both December 31, 2021 and 2020.

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- 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
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