XML 23 R14.htm IDEA: XBRL DOCUMENT
v3.22.1

Equity Method Investment in Related Party | 3 Months Ended
--- | ---
Mar. 31, 2022
Equity Method Investment In Related Party |
Equity Method Investment in Related Party | 8. Equity Method Investment in Related Party Transaction with Tigress On November 16, 2021, the Company entered into an agreement with Tigress Holdings, LLC, (“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 in the statements of operations. The Company has elected to classify distributions received from equity method investees using the cumulative earnings approach. For the three months ended March 31, 2022 and 2021, the earnings recognized from the Company’s investment in Tigress was $165,000 and $0, respectively. The Company has not received any cash distributions from Tigress for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, the carrying amount of the investment in Tigress was $8,165,000 and $8,156,000, respectively. 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. There were no events or circumstances suggesting the carrying amount of the investment may be impaired as of March 31, 2022 and December 31, 2021. Below is a table showing the summary from the consolidated statements of operations and financial condition for Tigress for the periods indicated (unaudited):
|  | Three Months Ended March 31, |
|  | 2022 |  | 2021 |
Revenue |  | 3,399,000 |  | 4,052,000 |
Operating income |  | 689,000 |  | 1,710,000 |
Net income |  | 689,000 |  | 1,710,000 |
|  | As of |
|  | March 31, 2022 |  | December 31, 2021 |
Assets |  | 11,316,000 |  | 10,793,000 |
Liabilities |  | 5,925,000 |  | 6,096,000 |
Stockholders’ Equity |  | 5,391,000 |  | 4,697,000 |

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

X
- 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 https://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration