National Holdings Corporation (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Business Combinations [Abstract] |
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| 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 | |
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| 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 |
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| Schedule of Finite-Lived Intangible Assets |
The gross carrying amounts related to acquired intangible assets as of December 31, 2016 are as follows ($ in thousands): | Intangible assets at September 9, 2016 | | $ | 16,500 | | | Amortization expense | | | (509) | | | Intangible assets at December 31, 2016 | | $ | 15,991 | |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
The future amortization of these intangible assets is as follows ($ in thousands): | | | Trademark | | Customer List | | Total | | | Year Ended December 31, 2017 | | $ | 300 | | $ | 1,350 | | $ | 1,650 | | | Year Ended December 31, 2018 | | | 300 | | | 1,349 | | | 1,649 | | | Year Ended December 31, 2019 | | | 300 | | | 1,349 | | | 1,649 | | | Year Ended December 31, 2020 | | | 301 | | | 1,353 | | | 1,654 | | | Year Ended December 31, 2021 | | | 300 | | | 1,349 | | | 1,649 | | | Thereafter | | | 1,407 | | | 6,333 | | | 7,740 | | | Total | | $ | 2,908 | | $ | 13,083 | | $ | 15,991 | |
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| Schedule of pro forma financial data assumes the acquisition |
| | | Year Ended December 31, | | | | | 2016 | | 2015 | | | | | (Unaudited) | | (Unaudited) | | | Total revenues | | $ | 190,556 | | $ | 163,909 | | | Net loss attributable to common stockholders | | $ | (59,027) | | $ | (47,310) | | | Los per share: | | | | | | | | | Basic | | $ | (1.48) | | $ | (1.21) | | | Diluted | | $ | (1.48) | | $ | (1.21) | |
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