Investors
Balance Sheet
CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in
thousands, except share and per share amounts)
|
June 30,
2010
(Unaudited)
|
December 31,
2009
|
|||||||
|
ASSETS
|
||||||||
|
Cash
and cash equivalents
|
$ | 5,973 | $ | 5,702 | ||||
|
Securities
owned at fair value
|
3,297 | 2,209 | ||||||
|
Receivables
from clearing brokers
|
13,329 | 13,406 | ||||||
|
Receivables
from other broker-dealers
|
1,102 | 329 | ||||||
|
Other
receivables, net
|
5,443 | 6,203 | ||||||
|
Furniture,
equipment and leasehold improvements, net
|
2,788 | 3,154 | ||||||
|
Restricted
assets
|
200 | 350 | ||||||
|
Intangible
assets, net
|
26,994 | 28,509 | ||||||
|
Goodwill
|
29,739 | 29,739 | ||||||
|
Unamortized
debt issue cost
|
1,738 | 1,879 | ||||||
|
Other
assets
|
2,733 | 3,157 | ||||||
|
Total
assets
|
$ | 93,336 | $ | 94,637 | ||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Securities
sold, but not yet purchased, at market value
|
$ | 9 | $ | 9 | ||||
|
Accrued
compensation
|
4,216 | 4,299 | ||||||
|
Commissions
and fees payable
|
5,589 | 5,957 | ||||||
|
Accounts
payable and accrued liabilities
|
4,339 | 5,671 | ||||||
|
Deferred
rent
|
3,170 | 3,378 | ||||||
|
Deferred
income taxes
|
2,092 | 1,726 | ||||||
|
Accrued
interest
|
634 | 365 | ||||||
|
Notes
payable
|
25,511 | 35,438 | ||||||
|
Total
liabilities
|
$ | 45,560 | $ | 56,843 | ||||
|
Commitments
and contingencies (Note 6)
|
||||||||
|
Shareholders’
equity:
|
||||||||
|
Preferred
stock, $.0001 par value; 2,000,000 shares authorized; none
issued
|
— | — | ||||||
|
Common
stock, $.0001 par value; 400,000,000 shares authorized; shares issued and
outstanding, 181,326,987 in 2010 and 167,907,038 in
2009
|
18 | 17 | ||||||
|
Additional
paid-in capital
|
187,962 | 171,349 | ||||||
|
Accumulated
deficit
|
(140,204 | ) | (133,572 | ) | ||||
|
Total
shareholders’ equity
|
47,776 | 37,794 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 93,336 | $ | 94,637 | ||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except share and per share amounts)
| December 31, | ||||||||
| 2009 | 2008 | |||||||
|
ASSETS
|
||||||||
|
Cash and cash equivalents
|
$ | 5,702 | $ | 6,621 | ||||
|
Securities owned, at fair value
|
2,209 | 4,828 | ||||||
|
Receivables from clearing brokers
|
13,406 | 14,558 | ||||||
|
Receivables from other broker-dealers
|
329 | — | ||||||
|
Other receivables, net
|
6,203 | 4,423 | ||||||
|
Furniture, equipment and leasehold improvements, net
|
3,154 | 3,714 | ||||||
|
Restricted assets
|
350 | 701 | ||||||
|
Intangible assets, net
|
28,509 | 31,625 | ||||||
|
Goodwill
|
29,739 | 29,739 | ||||||
|
Unamortized debt issue cost
|
1,879 | 2,400 | ||||||
|
Other assets
|
3,157 | 3,059 | ||||||
|
Total assets
|
$ | 94,637 | $ | 101,668 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
|
Securities sold, but not yet purchased, at fair value
|
$ | 9 | $ | 91 | ||||
|
Accrued compensation
|
4,299 | 3,661 | ||||||
|
Commissions and fees payable
|
5,957 | 5,203 | ||||||
|
Accounts payable and accrued liabilities
|
5,671 | 5,653 | ||||||
|
Deferred rent
|
3,378 | 3,863 | ||||||
|
Deferred income taxes
|
1,726 | 780 | ||||||
|
Accrued interest
|
365 | 193 | ||||||
|
Notes payable
|
35,438 | 30,934 | ||||||
|
Total liabilities
|
56,843 | 50,378 | ||||||
|
Commitments and contingencies (Notes 3 and 11)
|
||||||||
|
Shareholders’ equity:
|
||||||||
|
Preferred stock, $.0001 par value; 2,000,000 shares authorized; none issued
|
— | — | ||||||
|
Common stock, $.0001 par value; 400,000,000 shares authorized; shares issued and outstanding, 167,907,038 in 2009 and 171,715,514 in 2008
|
17 | 17 | ||||||
|
Additional paid-in capital
|
171,349 | 166,172 | ||||||
|
Accumulated deficit
|
(133,572 | ) | (114,899 | ) | ||||
|
Total shareholders’ equity
|
37,794 | 51,290 | ||||||
|
Total liabilities and shareholders’ equity
|
$ | 94,637 | $ | 101,668 | ||||
