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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2024
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

19. Employee Benefit Plans

 

The Company sponsors a defined-contribution retirement plan under Section 401(k) of the Internal Revenue Code that covers substantially all employees (“401(k) plan”). Participant contributions to the 401(k) plan are voluntary and are subject to certain limitations. The Company may also make discretionary contributions to the plan. For 401(k) employee contribution matching, the Company incurred $28,000 and $109,000 of expense for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred $163,000 and $109,000 of expenses, respectively.

 

On September 17, 2021, the Company’s shareholders approved the Siebert Financial Corp. 2021 Equity Incentive Plan (the “Plan”). The Plan provides for the grant of stock options, restricted stock, and other equity awards of the Company’s common stock to employees, officers, consultants, directors, affiliates and other service providers of the Company. There were 3 million shares reserved under the Plan and 2,384,000 and 2,704,000 and shares remained as of June 30, 2024 and December 31, 2023, respectively.

 

On February 22, 2024, the Company granted 150,000 shares of restricted common stock at a price per share valuation of $1.65 to consultants of the Company, which are vested over the vesting period subject to certain conditions. The Company recognized equity stock compensation expense of $56,000, which was fully capitalized and included within the line item “Software, net” on the statements of financial condition for both the three and six months ended June 30, 2024, respectively. As of June 30, 2024, there was approximately $191,000 of unrecognized compensation costs related to restricted common stock that will be recognized over the remaining period of 1.6 years.

 

On May 1, 2024, the Company granted 50,000 shares of restricted common stock at a price per share valuation of $1.97 to a consultant of the Company. These shares were fully vested upon grant date and the Company recognized equity stock compensation expense of $99,000 in the line item “Employee compensation and benefits” on the statements of operations for both the three and six months ended June 30, 2024, respectively.

 

On May 28, 2024, the Company granted 70,000 shares of restricted common stock at a price per share valuation of $2.07 to a consultant of the Company. These shares were fully vested upon grant date and the Company recognized equity stock compensation expense of $145,000, which was fully capitalized and included within the line item “Software, net” on the statements of financial condition for both the three and six months ended June 30, 2024, respectively.

 

The Company did not issue any share-based compensation for the year ended December 31, 2023.