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Equity Method Investment in Related Party | 6 Months Ended
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Jun. 30, 2023
Equity Method Investment in Related Party [Abstract] |
Equity Method Investment in Related Party | 12. Equity Method Investment in Related Party Transaction with Tigress On November 16, 2021, the Company entered into an agreement with Tigress and a subsequent reorganization agreement with Tigress on October 18, 2022. Refer to Note 3 – Transactions with Tigress and Hedge Connection in the Company’s 2022 Form 10-K for further detail. As a result of the reorganization agreement with Tigress on October 18, 2022, the Company’s ownership interest of Tigress decreased from 24% to 17%, and the Company reassessed whether it had significant influence over Tigress. Based on the level of the Company’s ownership of Tigress, the Company concluded that it was still able to exercise significant influence over Tigress through June 30, 2023. Therefore, the Company continued to account for this investment under the equity method of accounting as of June 30, 2023. For the three months ended June 30, 2023 and 2022, the earnings recognized from the Company’s investment in Tigress were $73,000 and $33,000, respectively. For the six months ended June 30, 2023 and 2022, the earnings recognized from the Company’s investment in Tigress were $111,000 and $198,000, respectively. For both the three and six months ended June 30, 2022, the Company received cash distributions from Tigress of $172,000. As of June 30, 2023 and December 31, 2022, the carrying amount of the investment in Tigress was $2,510,000 and $2,584,000, respectively. Following the impairment of the Company’s investment in Tigress detailed in Note 8 – Fair Value Measurements, there were no events or circumstances suggesting the carrying amount of the investment may be impaired as of June 30, 2023 and December 31, 2022. 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | 2,180,000 |  |  | $ | 2,333,000 |  |  | $ | 4,025,000 |  |  | $ | 5,732,000 |
Operating income |  | $ | 429,000 |  |  | $ | 134,000 |  |  | $ | 650,000 |  |  | $ | 823,000 |
Net income |  | $ | 429,000 |  |  | $ | 134,000 |  |  | $ | 650,000 |  |  | $ | 823,000 |
|  | As of |
|  | June 30, 2023 |  |  | December 31, 2022 |
Assets |  | $ | 8,795,000 |  |  | $ | 8,169,000 |
Liabilities |  | $ | 5,821,000 |  |  | $ | 5,301,000 |
Stockholders’ Equity |  | $ | 2,974,000 |  |  | $ | 2,868,000 |

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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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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