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Subsequent Events
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12 Months Ended |
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Dec. 31, 2014
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| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
Securities Service Network, Inc. Acquisition
On January 2, 2015, the Company acquired all of the issued and outstanding capital stock of Securities Service Network, Inc. (“SSN”) and Renaissance Capital Corporation (“RCC”). SSN is a leading independent broker-dealer, registered investment advisor and insurance agency based in Knoxville, TN. At the closing of the acquisition, the Company paid approximately $45,000, consisting of $25,000 principal amount of secured short-term promissory notes, which bore interest at 0.41% per annum and were paid in full on the business day following the closing date, and $20,000 principal amount of secured four-year promissory notes, bearing interest at 1.74% per annum and payable in equal quarterly installments of principal and interest. The promissory notes are secured by a pledge of the shares of SSN and RCC pursuant to a stock pledge agreement.
As the initial accounting for the business combination is incomplete at the time of issuance of these financial statements, the allocation of the purchase price to assets acquired and liabilities assumed and certain pro-forma data have not been presented.
Preferred Stock Offerings
From January 1, 2015 through March 12, 2015, the Company sold 2,601,898 shares of Series A Preferred Stock pursuant to its “at the market” programs under Rule 415 under the Securities Act, which provided net proceeds to the Company of $61,241. See Note 15.
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