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Equity Method Investments in Related Parties | 6 Months Ended
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Jun. 30, 2022
Equity Method Investments In Related Parties |
Equity Method Investments in Related Parties | 8. Equity Method Investments in Related Parties Transaction with Tigress On November 16, 2021, the Company entered into an agreement with Tigress Holdings, LLC, (“Tigress”), a Delaware limited liability company. Refer to Note 10 – Equity Method Investment in Related Party in the Company’s 2021 Form 10-K for further information regarding the material terms of this agreement and the corresponding accounting treatment. For the three months ended June 30, 2022 and 2021, the earnings recognized from the Company’s investment in Tigress was $33,000 and $0, respectively. For the six months ended June 30, 2022 and 2021, the earnings recognized from the Company’s investment in Tigress was $198,000 and $0, respectively. For the three and six months ended June 30, 2022, the Company received cash distributions from Tigress of $172,000. The Company did not receive any cash distributions from Tigress in 2021; however, RISE made a distribution of $ 156,000 to SFC in 2021 in lieu of a corresponding distribution from Tigress. As of June 30, 2022 and December 31, 2021, the carrying amount of the investment in Tigress was $8,025,000 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 June 30, 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 June 30, |  |  | Six Months Ended June 30,
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenue | $ | 2,333,000 |  | $ | 3,269,000 |  | $ | 5,732,000 |  | $ | 7,321,000 |
Operating income | $ | 134,000 |  | $ | 914,000 |  | $ | 823,000 |  | $ | 2,624,000 |
Net income | $ | 134,000 |  | $ | 914,000 |  | $ | 823,000 |  | $ | 2,624,000 |
|  |  | As of |
|  | June 30, 2022 |  | December 31, 2021 |
Assets |  | $ | 10,893,000 |  | $ | 10,793,000 |
Liabilities |  | $ | 5,359,000 |  | $ | 6,096,000 |
Stockholders’ Equity |  | $ | 5,534,000 |  | $ | 4,697,000 |
Transaction with Hedge Connection On January 21, 2022, RISE entered into an agreement to acquire a minority stake in Hedge Connection, a Florida corporation and a woman-owned fintech company founded by Lisa Vioni that provides capital introduction software solutions for the prime brokerage industry. Refer to Note 25 – Subsequent Events in the Company’s 2021 Form 10-K for additional details. For the three months ended June 30, 2022 and 2021, the loss recognized from the Company’s investment in Hedge Connection was $19,000 and $0, respectively. For the six months ended June 30, 2022 and 2021, the earnings recognized from the Company’s investment in Hedge Connection was $17,000 and $0, respectively. The Company has not received any cash distributions from Hedge Connection for the three and six months ended June 30, 2022 and 2021. As of June 30, 2022 and December 31, 2021, the carrying amount of the investment in Hedge Connection was $1,017,000 and $0, 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 June 30, 2022. The Company incurred expenses from Hedge Connection for licensing and consulting fees in an aggregate amount of $103,000 and $0, for the three months ended June 30, 2022 and 2021, respectively. The Company incurred expenses from Hedge Connection for licensing and consulting fees in an aggregate amount of $171,000 and $0, for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the Company had a future commitment to Hedge Connection for consulting fees and the notes payable to Hedge Connection. This commitment was in aggregate $340,000, $180,000, and $15,000 for the years ended 2022, 2023, and 2024, respectively.

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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 https://asc.fasb.org/topic&trid=2196965 + Details
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