Quarterly report pursuant to Section 13 or 15(d)

National Holdings Corporation (Tables)

v3.7.0.1
National Holdings Corporation (Tables)
3 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Schedule fair value of assets acquired and liabilities assumed at the date of the acquisition
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed at the date of the acquisition:
 
($ in thousands)
 
 
 
Assets
 
 
 
 
Cash and cash equivalents
 
$
27,498
 
Accounts receivable
 
 
4,889
 
Cash deposits with clearing organizations
 
 
1,030
 
Receivable from brokers, dealers and clearing agencies
 
 
1,607
 
Securities owned, at fair value
 
 
2,178
 
Prepaid expenses and other current assets
 
 
1,985
 
Property and equipment
 
 
1,132
 
Restricted cash
 
 
353
 
Intangible assets - trademark
 
 
3,000
 
Intangible assets - customer list
 
 
13,500
 
Goodwill
 
 
18,645
 
Total assets
 
 
75,817
 
 
 
 
 
 
Liabilities
 
 
 
 
Accrued compensation payable
 
$
14,029
 
Accounts payable and accrued expenses
 
 
6,079
 
Deferred clearing and marketing credits
 
 
1,007
 
Warrants issuable
 
 
13,406
 
Other current liabilities
 
 
707
 
Total liabilities assumed
 
 
35,228
 
Non-controlling interests
 
 
17,717
 
Net assets acquired
 
$
22,872
 
 
 
 
 
 
Cash and cash equivalents from National
 
$
27,498
 
Cash to NHLD Shareholders (Tender Offer)
 
 
22,872
 
Net cash acquired in acquisition of National
 
$
4,626
 
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
Amortization is calculated using the straight-line and accelerated methods over the following estimated useful lives:
 
 
 
Useful life
 
Trademark
 
10 years
 
Customer lists
 
10 years
 
Schedule of Finite-Lived Intangible Assets
The gross carrying amounts related to acquired intangible assets as of March 31, 2017 are as follows ($ in thousands):
 
Intangible assets at December 31, 2016
 
$
15,991
 
Amortization expense
 
 
(408)
 
Intangible assets at March 31, 2017
 
$
15,583
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The future amortization of these intangible assets is as follows ($ in thousands):
 
 
 
 
 
 
 
Total
 
Nine Months Ended December 31, 2017
 
 
 
 
 
 
 
$
1,242
 
Year Ended December 31, 2018
 
 
 
 
 
 
 
 
1,649
 
Year Ended December 31, 2019
 
 
 
 
 
 
 
 
1,649
 
Year Ended December 31, 2020
 
 
 
 
 
 
 
 
1,654
 
Year Ended December 31, 2021
 
 
 
 
 
 
 
 
1,649
 
Thereafter
 
 
 
 
 
 
 
 
7,740
 
Total
 
 
 
 
 
 
 
$
15,583