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Delaware |
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6189 |
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47-2060259 |
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(State or other jurisdiction of incorporation or organization) |
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(Primary Standard Industrial Classification Code Number) |
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(I.R.S. Employer Identification Number) |
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Anna T. Pinedo, Esq. James R. Tanenbaum, Esq. Morrison & Foerster LLP 250 West 55th Street New York, NY 10019 Tel: (212) 468-8000 Fax: (212) 468-7900 |
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Mark R. Diamond, Esq. Francis V. Vargas, III Esq. Rimon, P.C. One Embarcadero Center, Suite 400 San Francisco, CA 94111 Tel: (415) 683-5472 Fax: (800) 930-7271 |
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Large accelerated filer ☐ |
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Accelerated filer ☐ |
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Non-accelerated filer ☐ (Do not check if a smaller reporting company) |
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Smaller reporting company ☒ |
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Title of Each Class of Securities to be Registered |
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Proposed Maximum Aggregate Offering Price(1) |
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Amount of Registration Fee |
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Common stock $0.001 par value per share |
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$ |
35,000,000.00 |
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$ |
4,067.00 |
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Per Share |
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Total |
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Initial Public Offering Price(1) |
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$ |
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$ |
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Underwriting Discount and Commissions(2) |
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$ |
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$ |
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Net Proceeds (Before Expenses)(3) |
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$ |
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$ |
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Sidoti & Company, Inc. |
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For the Year Ended December 31, |
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For the Six Months Ended June 30, |
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(unaudited) |
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2012 |
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2013 |
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2013 |
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2014 |
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Statement of Operations Data: |
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Revenues: |
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Commissions |
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$ |
19,216,613 |
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$ |
19,467,968 |
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$ |
9,652,084 |
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$ |
9,258,689 |
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Research income |
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8,568,574 |
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8,070,258 |
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3,606,980 |
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3,528,870 |
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Investment banking income |
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730,518 |
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1,654,058 |
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1,175,599 |
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551,977 |
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Seminar and conference fee income |
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947,242 |
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882,960 |
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882,960 |
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640,077 |
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Other income |
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296,774 |
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211,464 |
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87,969 |
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83,175 |
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Total revenues |
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$ |
29,759,721 |
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$ |
30,286,708 |
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$ |
15,405,592 |
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$ |
14,062,788 |
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Expenses: |
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Employee compensation and benefits |
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$ |
21,596,246 |
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$ |
22,578,681 |
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$ |
10,987,438 |
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$ |
9,116,927 |
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Floor brokerage, exchange and clearance fees |
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1,660,173 |
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1,467,156 |
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710,050 |
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788,915 |
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Occupancy |
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1,675,623 |
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1,455,454 |
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753,104 |
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717,781 |
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Seminar and conferences |
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1,107,823 |
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1,034,623 |
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1,033,267 |
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1,114,626 |
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Travel and entertainment |
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1,110,280 |
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1,179,410 |
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611,295 |
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630,215 |
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Quotes and research |
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521,985 |
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484,684 |
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252,996 |
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253,696 |
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Communications and data processing |
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135,411 |
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184,010 |
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75,307 |
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74,963 |
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Other expenses |
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1,065,507 |
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1,024,445 |
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488,745 |
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1,029,521 |
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Total expenses |
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$ |
28,873,048 |
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$ |
29,408,463 |
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$ |
14,912,202 |
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$ |
13,726,644 |
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Income before local income taxes |
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$ |
886,673 |
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$ |
878,245 |
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$ |
493,390 |
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$ |
336,144 |
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Local income taxes |
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57,864 |
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52,563 |
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29,617 |
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21,078 |
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Net income |
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$ |
828,809 |
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$ |
825,682 |
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$ |
463,773 |
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$ |
315,066 |
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Balance Sheet Data: |
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December 31, |
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June 30, |
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(unaudited) |
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2012 |
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2013 |
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2013 |
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2014 |
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Assets: |
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Cash and cash equivalents |
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$ |
7,182,818 |
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$ |
7,362,636 |
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$ |
6,892,840 |
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$ |
4,892,820 |
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Receivables from clearing brokers |
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1,984,727 |
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2,015,739 |
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1,965,018 |
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1,762,679 |
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Investment banking fees receivable |
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79,497 |
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418,887 |
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297,097 |
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210,917 |
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Research fees receivable |
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362,900 |
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398,391 |
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383,472 |
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565,939 |
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Prepaid expenses and other assets |
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309,694 |
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285,841 |
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262,264 |
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480,631 |
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Total current assets |
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$ |
9,919,636 |
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$ |
10,481,494 |
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$ |
9,800,691 |
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$ |
7,912,986 |
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Non-current assets: |
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Property and equipment, net |
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$ |
155,166 |
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$ |
121,618 |
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$ |
154,976 |
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$ |
96,644 |
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Security deposits |
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137,365 |
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137,365 |
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137,365 |
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137,365 |
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Total non-current assets |
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292,531 |
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258,983 |
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292,341 |
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|
234,009 |
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Total assets |
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$ |
10,212,167 |
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$ |
10,740,477 |
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$ |
10,093,032 |
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$ |
8,146,995 |
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Liabilities: |
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Current liabilities: |
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Bonuses payable |
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$ |
2,276,000 |
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$ |
3,150,000 |
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$ |
2,500,000 |
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$ |
529,000 |
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Commissions payable |
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436,405 |
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541,336 |
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|
479,579 |
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360,926 |
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Payables to clearing brokers |
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11,160 |
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1,692 |
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1,350 |
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4,035 |
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Accounts payable and accrued expenses |
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1,295,326 |
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829,449 |
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859,856 |
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1,303,596 |
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Total liabilities |
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$ |
4,018,891 |
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$ |
4,522,477 |
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$ |
3,840,785 |
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$ |
2,197,557 |
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Total Member’s Equity: |
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6,193,276 |
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6,218,000 |
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6,252,247 |
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5,949,438 |
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Total liabilities and member’s equity |
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$ |
10,212,167 |
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$ |
10,740,477 |
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$ |
10,093,032 |
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$ |
8,146,995 |
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Number of Shares of Common Stock and % of Total Outstanding |
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Date Available for Sale into Public Market |
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or % |
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Immediately after completion of this offering |
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or % |
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180 days after the date of this prospectus |
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or % |
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From time to time after the date 180 days after the date of this prospectus |
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As of June 30, 2014 |
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Actual |
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Pro Forma as Adjusted for Reorganization |
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Pro Forma as Adjusted for the Offering(1) |
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(in thousands, except share and per share data) |
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Capital member interests |
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$ |
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$ |
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Minority interest |
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Member’s equity and stockholders’ equity |
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Capital member interests |
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Employee interests |
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Common stock, $0.001 par value per share; shares authorized; shares issued and outstanding on a pro forma basis, and shares issued and outstanding on a pro forma basis adjusted for this offering |
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Additional paid-in capital |
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Retained earnings |
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Total member’s equity |
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5,949,438 |
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Total capitalization |
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$ |
5,949,438 |
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$ |
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Assumed initial public offering price per share of common stock |
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$ |
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Net tangible book value per share as of June 30, 2014, before giving effect to this offering |
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$ |
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Increase in net tangible book value per share attributable to investors purchasing shares in this offering |
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$ |
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Pro forma as adjusted net tangible book value per share after giving effect to this offering |
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$ |
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Dilution in pro forma net tangible book value per share to investors purchasing common stock in this offering |
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$ |
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Shares Purchased |
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Total Consideration |
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Average Price Per Share |
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Number |
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Percent |
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Amount |
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Percent |
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Existing stockholders |
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% |
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$ |
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% |
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$ |
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New investors |
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$ |
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Total |
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100.0 |
% |
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$ |
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100.0 |
% |
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$ |
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Unaudited Pro Forma Condensed Consolidated Statement of Operations for the Year Ended December 31, 2013 |
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Sidoti & Company, LLC Historical |
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Pro Forma Adjustments |
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Sidoti & Company, LLC Pro Forma |
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Total income |
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$ |
30,286,708 |
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|
|
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|
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Compensation and benefits |
|
|
|
|
22,578,681 |
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|
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|
|
|
|
|
|
|
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Non-compensation expense |
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|
|
6,829,782 |
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|
|
|
|
|
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|
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|
| |||||
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Total expenses |
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|
|
$ |
29,408,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
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Income before income taxes |
|
|
|
|
878,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
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Provision for income taxes |
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|
|
|
52,563 |
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|
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|
|
(a) |
|
|
|
|
|
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| |||
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Net income |
|
|
|
$ |
825,682 |
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|
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|
| |||
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Weighted average shares outstanding |
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|
|
|
|
|
|
|
|
|
|
|
| |||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
|
Net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
| | | | | | | | | | | |
|
|
|
|
Unaudited Pro Forma Condensed Consolidated Statement of Operations for the Six Months Ended June 30, 2014 |
| ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Sidoti & Company, LLC Historical |
|
|
Pro Forma Adjustments |
|
|
Sidoti & Company, LLC Pro Forma |
| ||||||||||||
|
Total income |
|
|
|
$ |
14,062,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Compensation and benefits |
|
|
|
|
9,116,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Non-compensation expense |
|
|
|
|
4,609,717 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total expenses |
|
|
|
$ |
13,726,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Income before income taxes |
|
|
|
|
336,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Provision for income taxes |
|
|
|
|
21,078 |
|
|
|
|
|
(a) |
|
|
|
|
|
|
|
| |||
|
Net income |
|
|
|
$ |
315,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
|
Net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
| |||
| | | | | | | | | | | |
|
|
|
|
Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition as of June 30, 2014 |
| ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Sidoti & Company, LLC Historical |
|
|
Pro Forma Adjustments |
|
|
Sidoti & Company, LLC Pro Forma |
| ||||||||||||
|
Cash and cash equivalents |
|
|
|
$ |
4,892,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Receivables from clearing brokers |
|
|
|
|
1,762,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Investment banking fees receivable |
|
|
|
|
210,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Research fees receivable |
|
|
|
|
565,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Prepaid expenses and other assets |
|
|
|
|
480,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Property and equipment, net |
|
|
|
|
96,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Security deposits |
|
|
|
|
137,365 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total assets |
|
|
|
$ |
8,146,995 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Bonuses payable |
|
|
|
$ |
529,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Commissions payable |
|
|
|
|
360,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Payables to clearing brokers |
|
|
|
|
4,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Accounts payable and accrued expenses |
|
|
|
|
1,303,596 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total liabilities |
|
|
|
|
2,197,557 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total member’s equity |
|
|
|
|
5,949,438 |
|
|
|
|
|
(a) |
|
|
|
|
|
|
| ||||
|
Total liabilities and member’s equity |
|
|
|
$ |
8,146,995 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
| | | | | | | | | | | |
|
|
|
|
For the Year Ended December 31, |
|
|
For the Six Months Ended June 30, |
| ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
(unaudited) |
| |||||||||||||||||||||
|
|
|
|
2012 |
|
|
2013 |
|
|
2013 |
|
|
2014 |
| ||||||||||||||||
|
Statement of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Commissions |
|
|
|
$ |
19,216,613 |
|
|
|
|
$ |
19,467,968 |
|
|
|
|
$ |
9,652,084 |
|
|
|
|
$ |
9,258,689 |
|
| ||||
|
Research income |
|
|
|
|
8,568,574 |
|
|
|
|
|
8,070,258 |
|
|
|
|
|
3,606,980 |
|
|
|
|
|
3,528,870 |
|
| ||||
|
Investment banking income |
|
|
|
|
730,518 |
|
|
|
|
|
1,654,058 |
|
|
|
|
|
1,175,599 |
|
|
|
|
|
551,977 |
|
| ||||
|
Seminar and conference fee income |
|
|
|
|
947,242 |
|
|
|
|
|
882,960 |
|
|
|
|
|
882,960 |
|
|
|
|
|
640,077 |
|
| ||||
|
Other income |
|
|
|
|
296,774 |
|
|
|
|
|
211,464 |
|
|
|
|
|
87,969 |
|
|
|
|
|
83,175 |
|
| ||||
|
Total revenues |
|
|
|
$ |
29,759,721 |
|
|
|
|
$ |
30,286,708 |
|
|
|
|
$ |
15,405,592 |
|
|
|
|
$ |
14,062,788 |
|
| ||||
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Employee compensation and benefits |
|
|
|
$ |
21,596,246 |
|
|
|
|
$ |
22,578,681 |
|
|
|
|
$ |
10,987,438 |
|
|
|
|
$ |
9,116,927 |
|
| ||||
|
Floor brokerage, exchange and clearance fees |
|
|
|
|
1,660,173 |
|
|
|
|
|
1,467,156 |
|
|
|
|
|
710,050 |
|
|
|
|
|
788,915 |
|
| ||||
|
Occupancy |
|
|
|
|
1,675,623 |
|
|
|
|
|
1,455,454 |
|
|
|
|
|
753,104 |
|
|
|
|
|
717,781 |
|
| ||||
|
Seminar and conferences |
|
|
|
|
1,107,823 |
|
|
|
|
|
1,034,623 |
|
|
|
|
|
1,033,267 |
|
|
|
|
|
1,114,626 |
|
| ||||
|
Travel and entertainment |
|
|
|
|
1,110,280 |
|
|
|
|
|
1,179,410 |
|
|
|
|
|
611,295 |
|
|
|
|
|
630,215 |
|
| ||||
|
Quotes and research |
|
|
|
|
521,985 |
|
|
|
|
|
484,684 |
|
|
|
|
|
252,996 |
|
|
|
|
|
253,696 |
|
| ||||
|
Communications and data processing |
|
|
|
|
135,411 |
|
|
|
|
|
184,010 |
|
|
|
|
|
75,307 |
|
|
|
|
|
74,963 |
|
| ||||
|
Other expenses |
|
|
|
|
1,065,507 |
|
|
|
|
|
1,024,445 |
|
|
|
|
|
488,745 |
|
|
|
|
|
1,029,521 |
|
| ||||
|
Total expenses |
|
|
|
$ |
28,873,048 |
|
|
|
|
$ |
29,408,463 |
|
|
|
|
$ |
14,912,202 |
|
|
|
|
$ |
13,726,644 |
|
| ||||
|
Income before local income taxes |
|
|
|
$ |
886,673 |
|
|
|
|
$ |
878,245 |
|
|
|
|
$ |
493,390 |
|
|
|
|
$ |
336,144 |
|
| ||||
|
Local income taxes |
|
|
|
|
57,864 |
|
|
|
|
|
52,563 |
|
|
|
|
|
29,617 |
|
|
|
|
|
21,078 |
|
| ||||
|
Net income |
|
|
|
$ |
828,809 |
|
|
|
|
$ |
825,682 |
|
|
|
|
$ |
463,773 |
|
|
|
|
$ |
315,066 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
December 31, |
|
|
June 30, |
| ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
(unaudited) |
| |||||||||||||||||||||
|
|
|
|
2012 |
|
|
2013 |
|
|
2013 |
|
|
2014 |
| ||||||||||||||||
|
Assets: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents |
|
|
|
$ |
7,182,818 |
|
|
|
|
$ |
7,362,636 |
|
|
|
|
$ |
6,892,840 |
|
|
|
|
$ |
4,892,820 |
|
| ||||
|
Receivables from clearing brokers |
|
|
|
|
1,984,727 |
|
|
|
|
|
2,015,739 |
|
|
|
|
|
1,965,018 |
|
|
|
|
|
1,762,679 |
|
| ||||
|
Investment banking fees receivable |
|
|
|
|
79,497 |
|
|
|
|
|
418,887 |
|
|
|
|
|
297,097 |
|
|
|
|
|
210,917 |
|
| ||||
|
Research fees receivable |
|
|
|
|
362,900 |
|
|
|
|
|
398,391 |
|
|
|
|
|
383,472 |
|
|
|
|
|
565,939 |
|
| ||||
|
Prepaid expenses and other assets |
|
|
|
|
309,694 |
|
|
|
|
|
285,841 |
|
|
|
|
|
262,264 |
|
|
|
|
|
480,631 |
|
| ||||
|
Total current assets |
|
|
|
$ |
9,919,636 |
|
|
|
|
$ |
10,481,494 |
|
|
|
|
$ |
9,800,691 |
|
|
|
|
$ |
7,912,986 |
|
| ||||
|
Non-current assets: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Property and equipment, net |
|
|
|
$ |
155,166 |
|
|
|
|
$ |
121,618 |
|
|
|
|
$ |
154,976 |
|
|
|
|
$ |
96,644 |
|
| ||||
|
Security deposits |
|
|
|
|
137,365 |
|
|
|
|
|
137,365 |
|
|
|
|
|
137,365 |
|
|
|
|
|
137,365 |
|
| ||||
|
Total non-current assets |
|
|
|
|
292,531 |
|
|
|
|
|
258,983 |
|
|
|
|
|
292,341 |
|
|
|
|
|
234,009 |
|
| ||||
|
Total assets |
|
|
|
$ |
10,212,167 |
|
|
|
|
$ |
10,740,477 |
|
|
|
|
$ |
10,093,032 |
|
|
|
|
$ |
8,146,995 |
|
| ||||
|
Liabilities: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Current liabilities: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Bonuses payable |
|
|
|
$ |
2,276,000 |
|
|
|
|
$ |
3,150,000 |
|
|
|
|
$ |
2,500,000 |
|
|
|
|
$ |
529,000 |
|
| ||||
|
Commissions payable |
|
|
|
|
436,405 |
|
|
|
|
|
541,336 |
|
|
|
|
|
479,579 |
|
|
|
|
|
360,926 |
|
| ||||
|
Payables to clearing brokers |
|
|
|
|
11,160 |
|
|
|
|
|
1,692 |
|
|
|
|
|
1,350 |
|
|
|
|
|
4,035 |
|
| ||||
|
Accounts payable and accrued expenses |
|
|
|
|
1,295,326 |
|
|
|
|
|
829,449 |
|
|
|
|
|
859,856 |
|
|
|
|
|
1,303,596 |
|
| ||||
|
Total liabilities |
|
|
|
$ |
4,018,891 |
|
|
|
|
$ |
4,522,477 |
|
|
|
|
$ |
3,840,785 |
|
|
|
|
$ |
2,197,557 |
|
| ||||
|
Total Member’s Equity: |
|
|
|
|
6,193,276 |
|
|
|
|
|
6,218,000 |
|
|
|
|
|
6,252,247 |
|
|
|
|
|
5,949,438 |
|
| ||||
|
Total liabilities and member’s equity |
|
|
|
$ |
10,212,167 |
|
|
|
|
$ |
10,740,477 |
|
|
|
|
$ |
10,093,032 |
|
|
|
|
$ |
8,146,995 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
For the Three Months Ended |
| |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
March 31, 2012 |
|
|
June 30, 2012 |
|
|
September 30, 2012 |
|
|
December 31, 2012 |
| ||||||||||||||||
|
Revenues: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commissions |
|
|
|
$ |
4,943,485 |
|
|
|
|
$ |
5,122,812 |
|
|
|
|
$ |
4,408,909 |
|
|
|
|
$ |
4,741,406 |
|
| ||||
|
Research income |
|
|
|
|
2,023,075 |
|
|
|
|
|
2,224,626 |
|
|
|
|
|
1,621,263 |
|
|
|
|
|
2,699,611 |
|
| ||||
|
Investment banking income |
|
|
|
|
38,197 |
|
|
|
|
|
520,825 |
|
|
|
|
|
91,999 |
|
|
|
|
|
79,497 |
|
| ||||
|
Seminar and conference fee income |
|
|
|
|
574,300 |
|
|
|
|
|
366,942 |
|
|
|
|
|
6,000 |
|
|
|
|
|
— |
|
| ||||
|
Other income |
|
|
|
|
60,593 |
|
|
|
|
|
60,006 |
|
|
|
|
|
45,208 |
|
|
|
|
|
130,967 |
|
| ||||
|
Total revenues |
|
|
|
|
7,639,650 |
|
|
|
|
|
8,295,211 |
|
|
|
|
|
6,173,379 |
|
|
|
|
|
7,651,481 |
|
| ||||
|
Expenses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Employee compensation and benefits |
|
|
|
|
5,231,020 |
|
|
|
|
|
5,873,454 |
|
|
|
|
|
4,643,733 |
|
|
|
|
|
5,848,041 |
|
| ||||
|
Floor brokerage, exchange and clearance fees |
|
|
|
|
439,919 |
|
|
|
|
|
453,545 |
|
|
|
|
|
361,185 |
|
|
|
|
|
405,524 |
|
| ||||
|
Occupancy |
|
|
|
|
435,273 |
|
|
|
|
|
430,518 |
|
|
|
|
|
429,153 |
|
|
|
|
|
380,682 |
|
| ||||
|
Seminar and conferences |
|
|
|
|
670,389 |
|
|
|
|
|
253,766 |
|
|
|
|
|
56,995 |
|
|
|
|
|
126,673 |
|
| ||||
|
Travel and entertainment |
|
|
|
|
243,248 |
|
|
|
|
|
329,676 |
|
|
|
|
|
273,622 |
|
|
|
|
|
263,818 |
|
| ||||
|
Quotes and research |
|
|
|
|
99,387 |
|
|
|
|
|
142,555 |
|
|
|
|
|
136,683 |
|
|
|
|
|
143,360 |
|
| ||||
|
Communications and data processing |
|
|
|
|
31,873 |
|
|
|
|
|
35,015 |
|
|
|
|
|
34,220 |
|
|
|
|
|
34,303 |
|
| ||||
|
Other expenses |
|
|
|
|
251,363 |
|
|
|
|
|
348,822 |
|
|
|
|
|
205,456 |
|
|
|
|
|
250,977 |
|
| ||||
|
Total expenses |
|
|
|
|
7,402,472 |
|
|
|
|
|
7,876,351 |
|
|
|
|
|
6,141,047 |
|
|
|
|
|
7,453,378 |
|
| ||||
|
Income before local income taxes |
|
|
|
|
237,178 |
|
|
|
|
|
427,860 |
|
|
|
|
|
32,332 |
|
|
|
|
|
198,103 |
|
| ||||
|
Local income taxes |
|
|
|
|
12,060 |
|
|
|
|
|
30,983 |
|
|
|
|
|
11,824 |
|
|
|
|
|
11,798 |
|
| ||||
|
Net Income |
|
|
|
$ |
225,118 |
|
|
|
|
$ |
396,877 |
|
|
|
|
$ |
20,508 |
|
|
|
|
$ |
186,305 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
For the Three Months Ended |
| |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
March 31, 2013 |
|
|
June 30, 2013 |
|
|
September 30, 2013 |
|
|
December 31, 2013 |
| ||||||||||||||||
|
Revenues: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commissions |
|
|
|
$ |
4,493,389 |
|
|
|
|
$ |
5,158,695 |
|
|
|
|
$ |
4,792,658 |
|
|
|
|
$ |
5,023,226 |
|
| ||||
|
Research income |
|
|
|
|
1,644,812 |
|
|
|
|
|
1,962,168 |
|
|
|
|
|
1,865,897 |
|
|
|
|
|
2,597,381 |
|
| ||||
|
Investment banking income |
|
|
|
|
452,194 |
|
|
|
|
|
723,405 |
|
|
|
|
|
129,059 |
|
|
|
|
|
349,400 |
|
| ||||
|
Seminar and conference fee income |
|
|
|
|
501,000 |
|
|
|
|
|
381,960 |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
| ||||
|
Other income |
|
|
|
|
46,485 |
|
|
|
|
|
41,484 |
|
|
|
|
|
60,096 |
|
|
|
|
|
63,399 |
|
| ||||
|
Total revenues |
|
|
|
|
7,137,880 |
|
|
|
|
|
8,267,712 |
|
|
|
|
|
6,847,710 |
|
|
|
|
|
8,033,406 |
|
| ||||
|
Expenses: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Employee compensation and benefits |
|
|
|
|
4,843,754 |
|
|
|
|
|
6,143,684 |
|
|
|
|
|
5,276,801 |
|
|
|
|
|
6,314,440 |
|
| ||||
|
Floor brokerage, exchange and clearance fees |
|
|
|
|
313,820 |
|
|
|
|
|
396,230 |
|
|
|
|
|
378,006 |
|
|
|
|
|
379,100 |
|
| ||||
|
Occupancy |
|
|
|
|
380,808 |
|
|
|
|
|
372,295 |
|
|
|
|
|
368,197 |
|
|
|
|
|
334,154 |
|
| ||||
|
Seminar and conferences |
|
|
|
|
717,662 |
|
|
|
|
|
315,605 |
|
|
|
|
|
272 |
|
|
|
|
|
1,084 |
|
| ||||
|
Travel and entertainment |
|
|
|
|
250,344 |
|
|
|
|
|
359,753 |
|
|
|
|
|
293,590 |
|
|
|
|
|
274,527 |
|
| ||||
|
Quotes and research |
|
|
|
|
129,098 |
|
|
|
|
|
123,898 |
|
|
|
|
|
124,357 |
|
|
|
|
|
107,331 |
|
| ||||
|
Communications and data processing |
|
|
|
|
35,454 |
|
|
|
|
|
39,853 |
|
|
|
|
|
53,705 |
|
|
|
|
|
54,998 |
|
| ||||
|
Other expenses |
|
|
|
|
204,373 |
|
|
|
|
|
281,373 |
|
|
|
|
|
220,900 |
|
|
|
|
|
311,567 |
|
| ||||
|
Total expenses |
|
|
|
|
6,875,313 |
|
|
|
|
|
8,032,691 |
|
|
|
|
|
6,715,828 |
|
|
|
|
|
7,777,201 |
|
| ||||
|
Income before local income taxes |
|
|
|
|
262,567 |
|
|
|
|
|
235,201 |
|
|
|
|
|
131,882 |
|
|
|
|
|
256,205 |
|
| ||||
|
Local income taxes |
|
|
|
|
19,939 |
|
|
|
|
|
13,877 |
|
|
|
|
|
13,056 |
|
|
|
|
|
13,121 |
|
| ||||
|
Net Income |
|
|
|
$ |
242,628 |
|
|
|
|
$ |
221,144 |
|
|
|
|
$ |
118,826 |
|
|
|
|
$ |
243,084 |
|
| ||||
| | | | | | | | | | | | | | |
|
|
|
|
For the Three Months Ended |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
March 31, 2014 |
|
|
June 30, 2014 |
| ||||||||
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
| ||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Commissions |
|
|
|
$ |
4,915,810 |
|
|
|
|
$ |
4,342,879 |
|
| ||
|
Research income |
|
|
|
|
1,997,524 |
|
|
|
|
|
1,531,346 |
|
| ||
|
Investment banking income |
|
|
|
|
268,642 |
|
|
|
|
|
283,335 |
|
| ||
|
Seminar and conference fee income |
|
|
|
|
355,980 |
|
|
|
|
|
284,097 |
|
| ||
|
Other income |
|
|
|
|
68,932 |
|
|
|
|
|
14,243 |
|
| ||
|
Total revenues |
|
|
|
|
7,606,888 |
|
|
|
|
|
6,455,900 |
|
| ||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Employee compensation and benefits |
|
|
|
|
4,878,219 |
|
|
|
|
|
4,238,708 |
|
| ||
|
Floor brokerage, exchange and clearance fees |
|
|
|
|
396,318 |
|
|
|
|
|
392,597 |
|
| ||
|
Occupancy |
|
|
|
|
339,533 |
|
|
|
|
|
378,248 |
|
| ||
|
Seminar and conferences |
|
|
|
|
947,371 |
|
|
|
|
|
167,255 |
|
| ||
|
Travel and entertainment |
|
|
|
|
288,982 |
|
|
|
|
|
341,233 |
|
| ||
|
Quotes and research |
|
|
|
|
131,375 |
|
|
|
|
|
122,321 |
|
| ||
|
Communications and data processing |
|
|
|
|
36,437 |
|
|
|
|
|
38,526 |
|
| ||
|
Other expenses |
|
|
|
|
397,748 |
|
|
|
|
|
631,773 |
|
| ||
|
Total expenses |
|
|
|
|
7,415,983 |
|
|
|
|
|
6,310,661 |
|
| ||
|
Income before local income taxes |
|
|
|
|
190,905 |
|
|
|
|
|
145,239 |
|
| ||
|
Local income taxes |
|
|
|
|
9,916 |
|
|
|
|
|
11,162 |
|
| ||
|
Net income |
|
|
|
$ |
180,989 |
|
|
|
|
$ |
134,077 |
|
| ||
| | | | | | | | |
|
|
|
|
Total |
|
|
Less than 1 Year |
|
|
1 – 3 Years |
|
|
3 – 5 Years |
|
|
More than 5 Years |
| ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Operating lease obligations(1)(2) |
|
|
|
$ |
3,146,808 |
|
|
|
|
$ |
1,070,356 |
|
|
|
|
$ |
2,076,452 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Other contractual obligations |
|
|
|
$ |
583,387 |
|
|
|
|
$ |
313,570 |
|
|
|
|
$ |
269,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total |
|
|
|
$ |
3,730,195 |
|
|
|
|
$ |
1,383,926 |
|
|
|
|
$ |
2,346,269 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| | | | | | | | | | | | | | | | | |
|
Name |
|
|
Age |
|
|
Position |
|
---|---|---|---|---|---|---|---|---|
|
Peter T. Sidoti |
|
|
57 |
|
|
Chairman and Chief Executive Officer |
|
|
Marie Conway |
|
|
67 |
|
|
Director and President |
|
|
Gary Jacobs |
|
|
57 |
|
|
Director of Trading |
|
|
Seymour G. Siegel |
|
|
72 |
|
|
Director nominee |
|
|
Dr. Michael R. Cunningham |
|
|
55 |
|
|
Director nominee |
|
|
John M. Gibbons |
|
|
66 |
|
|
Director nominee |
|
| | | | | |
|
Name and Principal Position |
|
|
Year |
|
|
Salary ($) |
|
|
Bonus & Commission ($) |
|
|
Option Awards ($) |
|
|
Non-Equity Incentive Plan Compensation ($) |
|
|
All Other Compensation(1) ($) |
|
|
Total ($) |
| ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Peter T. Sidoti Chairman and Chief Executive Officer |
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
839,648 |
|
|
|
|
$ |
839,648 |
|
| |||||||
|
Marie Conway Director and President |
|
|
|
|
2013 |
|
|
|
|
$ |
300,000 |
|
|
|
|
$ |
719,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,019,000 |
|
| |||||||
|
Gary Jacobs Director of Trading |
|
|
|
|
2013 |
|
|
|
|
$ |
250,000 |
|
|
|
|
$ |
550,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
800,025 |
|
| |||||||
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
Shares Beneficially Owned Prior to the Offering |
|
|
Shares Beneficially Owned After the Offering |
| ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Name and Address of Beneficial Owner |
|
|
Shares (#) |
|
|
Percentage (%) |
|
|
Shares (#) |
|
|
Percentage (%) |
|
|
5% Stockholders: |
| | | | | | | | | | | | |
|
Peter T. Sidoti |
| | | | | | | | | | | | |
|
Sidoti Family Trust |
| | | | | | | | | | | | |
|
Marie Conway |
| | | | | | | | | | | | |
|
Directors and Named Executive Officers: |
| | | | | | | | | | | | |
|
Peter T. Sidoti |
| | | | | | | | | | | | |
|
Marie Conway |
| | | | | | | | | | | | |
|
Gary Jacobs |
| | | | | | | | | | | | |
|
Seymour G. Siegel (Director nominee) |
|
|
|
| | | | | | | | | |
|
Dr. Michael R. Cunningham (Director nominee) |
|
|
|
| | | | | | | | | |
|
John M. Gibbons (Director nominee) |
|
|
|
| | | | | | | | | |
|
All current directors and executive officers as a group (6 persons) |
| | | | | | | | | | | | |
| | | | | | | | | |
|
Date |
|
|
Number of Shares |
|
---|---|---|---|---|---|
|
On the date of this prospectus |
| | | |
|
At various times beginning more than 180 days (subject to extension) after the date of this prospectus |
| | | |
| | | |
|
Underwriters |
|
|
Number of Shares |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
WR Hambrecht + Co, LLC |
|
|
|
|
|
|
| |
|
Sidoti & Company, LLC |
|
|
|
|
|
| ||
|
Total |
|
|
|
|
|
|
| |
| | | | |
|
|
|
|
Per Share |
|
|
Assuming Minimum Proceeds Raised |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Public Offering Price |
|
|
|
$ |
|
|
|
|
$ |
|
| ||||
|
Total Underwriting Discount and Commissions(1) |
|
|
|
$ |
|
|
|
|
$ |
|
| ||||
| | | | | | | |
|
|
|
|
At December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2012 |
|
|
2013 |
| ||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Cash and cash equivalents |
|
|
|
$ |
7,182,818 |
|
|
|
|
$ |
7,362,636 |
|
| ||
|
Receivable from clearing brokers |
|
|
|
|
1,984,727 |
|
|
|
|
|
2,015,739 |
|
| ||
|
Investment banking fees receivable |
|
|
|
|
79,497 |
|
|
|
|
|
418,887 |
|
| ||
|
Research fees receivable |
|
|
|
|
362,900 |
|
|
|
|
|
398,391 |
|
| ||
|
Prepaid expenses and other assets |
|
|
|
|
309,694 |
|
|
|
|
|
285,841 |
|
| ||
|
Total Current Assets |
|
|
|
$ |
9,919,636 |
|
|
|
|
$ |
10,481,494 |
|
| ||
|
Non-Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Property and equipment, net |
|
|
|
|
155,166 |
|
|
|
|
|
121,618 |
|
| ||
|
Security deposits |
|
|
|
|
137,365 |
|
|
|
|
|
137,365 |
|
| ||
|
Total Non-Current Assets |
|
|
|
$ |
292,531 |
|
|
|
|
$ |
258,983 |
|
| ||
|
Total Assets |
|
|
|
$ |
10,212,167 |
|
|
|
|
$ |
10,740,477 |
|
| ||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Bonuses payable |
|
|
|
$ |
2,276,000 |
|
|
|
|
$ |
3,150,000 |
|
| ||
|
Commissions payable |
|
|
|
|
436,405 |
|
|
|
|
|
541,336 |
|
| ||
|
Payables to clearing brokers |
|
|
|
|
11,160 |
|
|
|
|
|
1,692 |
|
| ||
|
Accounts payable and accrued expenses |
|
|
|
|
1,295,326 |
|
|
|
|
|
829,449 |
|
| ||
|
Total Current Liabilities |
|
|
|
$ |
4,018,891 |
|
|
|
|
$ |
4,522,477 |
|
| ||
|
Member’s Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Total Member’s Equity |
|
|
|
|
6,193,276 |
|
|
|
|
|
6,218,000 |
|
| ||
|
Total Liabilities and Member’s Equity |
|
|
|
$ |
10,212,167 |
|
|
|
|
$ |
10,740,477 |
|
| ||
| | | | | | | | |
|
|
|
|
Years Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2012 |
|
|
2013 |
| ||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Commissions |
|
|
|
$ |
19,216,613 |
|
|
|
|
$ |
19,467,968 |
|
| ||
|
Research income |
|
|
|
|
8,568,574 |
|
|
|
|
|
8,070,258 |
|
| ||
|
Investment banking income |
|
|
|
|
730,518 |
|
|
|
|
|
1,654,058 |
|
| ||
|
Seminar and conference fee income |
|
|
|
|
947,242 |
|
|
|
|
|
882,960 |
|
| ||
|
Other income |
|
|
|
|
296,774 |
|
|
|
|
|
211,464 |
|
| ||
|
Total revenues |
|
|
|
|
29,759,721 |
|
|
|
|
|
30,286,708 |
|
| ||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Employee compensation and benefits |
|
|
|
|
21,596,246 |
|
|
|
|
|
22,578,681 |
|
| ||
|
Floor brokerage, exchange and clearance fees |
|
|
|
|
1,660,173 |
|
|
|
|
|
1,467,156 |
|
| ||
|
Occupancy |
|
|
|
|
1,675,623 |
|
|
|
|
|
1,455,454 |
|
| ||
|
Seminar and conferences |
|
|
|
|
1,107,823 |
|
|
|
|
|
1,034,623 |
|
| ||
|
Travel and entertainment |
|
|
|
|
1,110,280 |
|
|
|
|
|
1,179,410 |
|
| ||
|
Quotes and research |
|
|
|
|
521,985 |
|
|
|
|
|
484,684 |
|
| ||
|
Communications and data processing |
|
|
|
|
135,411 |
|
|
|
|
|
184,010 |
|
| ||
|
Other expenses |
|
|
|
|
1,065,507 |
|
|
|
|
|
1,024,445 |
|
| ||
|
Total expenses |
|
|
|
|
28,873,048 |
|
|
|
|
|
29,408,463 |
|
| ||
|
Income before local income taxes |
|
|
|
|
886,673 |
|
|
|
|
|
878,245 |
|
| ||
|
Local income taxes |
|
|
|
|
57,864 |
|
|
|
|
|
52,563 |
|
| ||
|
Net income |
|
|
|
$ |
828,809 |
|
|
|
|
$ |
825,682 |
|
| ||
| | | | | | | | |
|
|
|
|
Years Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2012 |
|
|
2013 |
| ||||||||
|
|
|
|
Total Member’s Equity |
|
|
Total Member’s Equity |
| ||||||||
|
Member’s equity, beginning of period |
|
|
|
$ |
5,929,071 |
|
|
|
|
$ |
6,193,276 |
|
| ||
|
Member’s distribution |
|
|
|
|
(564,604 |
) |
|
|
|
|
|
(800,958 |
) |
|
|
|
Net income |
|
|
|
|
828,809 |
|
|
|
|
|
825,682 |
|
| ||
|
Member’s equity, end of period |
|
|
|
$ |
6,193,276 |
|
|
|
|
$ |
6,218,000 |
|
| ||
| | | | | | | | |
|
|
|
|
Year Ended December 31, |
| |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2012 |
|
|
2013 |
| ||||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Net income |
|
|
|
$ |
828,809 |
|
|
|
|
$ |
825,682 |
|
| ||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Depreciation and amortization |
|
|
|
|
155,045 |
|
|
|
|
|
134,665 |
|
| ||
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Receivable from clearing brokers |
|
|
|
|
(1,510,610 |
) |
|
|
|
|
|
(31,012 |
) |
|
|
|
Investment banking fees receivable |
|
|
|
|
45,379 |
|
|
|
|
|
(339,390 |
) |
|
| |
|
Research fees receivable |
|
|
|
|
(64,461 |
) |
|
|
|
|
|
(35,491 |
) |
|
|
|
Prepaid expenses and other assets |
|
|
|
|
139,763 |
|
|
|
|
|
23,853 |
|
| ||
|
Bonuses payable |
|
|
|
|
(438,000 |
) |
|
|
|
|
|
874,000 |
|
| |
|
Commissions payable |
|
|
|
|
(332,546 |
) |
|
|
|
|
|
104,931 |
|
| |
|
Payables to clearing brokers |
|
|
|
|
(2,687 |
) |
|
|
|
|
|
(9,468 |
) |
|
|
|
Accounts payable and accrued expenses |
|
|
|
|
374,044 |
|
|
|
|
|
(465,877 |
) |
|
| |
|
Net cash provided by (used in) operating activities |
|
|
|
|
(805,264 |
) |
|
|
|
|
|
1,081,893 |
|
| |
|
Net cash used in investing activities, |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Purchases of property and equipment |
|
|
|
|
(31,577 |
) |
|
|
|
|
|
(101,117 |
) |
|
|
|
Net cash used in financing activities, |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Member’s distribution |
|
|
|
|
(564,604 |
) |
|
|
|
|
|
(800,958 |
) |
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
|
|
(1,401,445 |
) |
|
|
|
|
|
179,818 |
|
| |
|
Cash and cash equivalents, beginning of period |
|
|
|
|
8,584,263 |
|
|
|
|
|
7,182,818 |
|
| ||
|
Cash and cash equivalents, end of period |
|
|
|
$ |
7,182,818 |
|
|
|
|
$ |
7,362,636 |
|
| ||
|
Cash paid during the period for taxes |
|
|
|
$ |
48,079 |
|
|
|
|
$ |
62,368 |
|
| ||
| | | | | | | | |
|
Asset |
|
|
Estimated Useful Life |
|
---|---|---|---|---|---|
|
Office equipment and computer software costs |
|
|
3 – 5 years |
|
|
Furniture and fixtures |
|
|
7 years |
|
|
Leasehold improvements |
|
|
Lease term |
|
| | | |
|
Year ending December 31, |
|
|
| |||||
---|---|---|---|---|---|---|---|---|---|
|
2014 |
|
|
|
|
1,097,000 |
|
| |
|
2015 |
|
|
|
|
1,117,000 |
|
| |
|
2016 |
|
|
|
|
1,127,000 |
|
| |
|
2017 |
|
|
|
|
303,000 |
|
| |
|
|
|
|
|
$ |
3,644,000 |
|
| |
| | | | |
|
|
|
|
2013 |
|
|
2012 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Office equipment |
|
|
|
$ |
1,296,229 |
|
|
|
|
$ |
1,229,018 |
|
| ||
|
Furniture and fixtures |
|
|
|
|
113,219 |
|
|
|
|
|
106,253 |
|
| ||
|
Computer software |
|
|
|
|
339,967 |
|
|
|
|
|
317,389 |
|
| ||
|
Leasehold improvements |
|
|
|
|
358,004 |
|
|
|
|
|
353,642 |
|
| ||
|
|
|
|
|
|
2,107,419 |
|
|
|
|
|
2,006,302 |
|
| ||
|
Less accumulated depreciation and amortization |
|
|
|
|
1,985,801 |
|
|
|
|
|
1,851,136 |
|
| ||
|
|
|
|
|
$ |
121,618 |
|
|
|
|
$ |
155,166 |
|
| ||
| | | | | | | |
|
|
|
|
December 31, 2013 |
|
|
June 30, 2014 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
(Unaudited) |
| |||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Cash and cash equivalents |
|
|
|
$ |
7,362,636 |
|
|
|
|
$ |
4,892,820 |
|
| ||
|
Receivable from clearing brokers |
|
|
|
|
2,015,739 |
|
|
|
|
|
1,762,679 |
|
| ||
|
Investment banking fees receivable |
|
|
|
|
418,887 |
|
|
|
|
|
210,917 |
|
| ||
|
Research fees receivable |
|
|
|
|
398,391 |
|
|
|
|
|
565,939 |
|
| ||
|
Prepaid expenses and other assets |
|
|
|
|
285,841 |
|
|
|
|
|
480,631 |
|
| ||
|
Total Current Assets |
|
|
|
$ |
10,481,494 |
|
|
|
|
$ |
7,912,986 |
|
| ||
|
Non-Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Property and equipment, net |
|
|
|
|
121,618 |
|
|
|
|
|
96,644 |
|
| ||
|
Security deposits |
|
|
|
|
137,365 |
|
|
|
|
|
137,365 |
|
| ||
|
Total Non-Current Assets |
|
|
|
$ |
258,983 |
|
|
|
|
$ |
234,009 |
|
| ||
|
Total Assets |
|
|
|
$ |
10,740,477 |
|
|
|
|
$ |
8,146,995 |
|
| ||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Bonuses payable |
|
|
|
$ |
3,150,000 |
|
|
|
|
$ |
529,000 |
|
| ||
|
Commissions payable |
|
|
|
|
541,336 |
|
|
|
|
|
360,926 |
|
| ||
|
Payables to clearing brokers |
|
|
|
|
1,692 |
|
|
|
|
|
4,035 |
|
| ||
|
Accounts payable and accrued expenses |
|
|
|
|
829,449 |
|
|
|
|
|
1,303,596 |
|
| ||
|
Total Current Liabilities |
|
|
|
$ |
4,522,477 |
|
|
|
|
$ |
2,197,557 |
|
| ||
|
Member’s Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Total Member’s Equity |
|
|
|
|
6,218,000 |
|
|
|
|
|
5,949,438 |
|
| ||
|
Total liabilities and member’s equity |
|
|
|
$ |
10,740,477 |
|
|
|
|
$ |
8,146,995 |
|
| ||
| | | | | | | | |
|
|
|
|
For the Six Months Ended June 30, 2013 |
|
|
For the Six Months Ended June 30, 2014 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
| ||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Commissions |
|
|
|
$ |
9,652,084 |
|
|
|
|
$ |
9,258,689 |
|
| ||
|
Research income |
|
|
|
|
3,606,980 |
|
|
|
|
|
3,528,870 |
|
| ||
|
Investment banking income |
|
|
|
|
1,175,599 |
|
|
|
|
|
551,977 |
|
| ||
|
Seminar and conference fee income |
|
|
|
|
882,960 |
|
|
|
|
|
640,077 |
|
| ||
|
Other income |
|
|
|
|
87,969 |
|
|
|
|
|
83,175 |
|
| ||
|
Total revenues |
|
|
|
|
15,405,592 |
|
|
|
|
|
14,062,788 |
|
| ||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Employee compensation and benefits |
|
|
|
|
10,987,438 |
|
|
|
|
|
9,116,927 |
|
| ||
|
Floor brokerage, exchange and clearance fees |
|
|
|
|
710,050 |
|
|
|
|
|
788,915 |
|
| ||
|
Occupancy |
|
|
|
|
753,104 |
|
|
|
|
|
717,781 |
|
| ||
|
Seminar and conferences |
|
|
|
|
1,033,267 |
|
|
|
|
|
1,114,626 |
|
| ||
|
Travel and entertainment |
|
|
|
|
611,295 |
|
|
|
|
|
630,215 |
|
| ||
|
Quotes and research |
|
|
|
|
252,996 |
|
|
|
|
|
253,696 |
|
| ||
|
Communications and data processing |
|
|
|
|
75,307 |
|
|
|
|
|
74,963 |
|
| ||
|
Other expenses |
|
|
|
|
488,745 |
|
|
|
|
|
1,029,521 |
|
| ||
|
Total expenses |
|
|
|
|
14,912,202 |
|
|
|
|
|
13,726,644 |
|
| ||
|
Income before local income taxes |
|
|
|
|
493,390 |
|
|
|
|
|
336,144 |
|
| ||
|
Local income taxes |
|
|
|
|
29,617 |
|
|
|
|
|
21,078 |
|
| ||
|
Net income |
|
|
|
$ |
463,773 |
|
|
|
|
$ |
315,066 |
|
| ||
| | | | | | | | |
|
|
|
|
For the Six Months Ended June 30, 2013 |
|
|
For the Six Months Ended June 30, 2014 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
Total Member’s Equity |
|
|
Total Member’s Equity |
| ||||||||
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
| ||||||||
|
Member’s equity, beginning of period |
|
|
|
$ |
6,193,276 |
|
|
|
|
$ |
6,218,000 |
|
| ||
|
Member’s distribution |
|
|
|
|
(404,802 |
) |
|
|
|
|
|
(583,628 |
) |
|
|
|
Net income |
|
|
|
|
463,773 |
|
|
|
|
|
315,066 |
|
| ||
|
Member’s equity, end of period |
|
|
|
$ |
6,252,247 |
|
|
|
|
$ |
5,949,438 |
|
| ||
| | | | | | | | |
|
|
|
|
For the Six Months Ended June 30, 2013 |
|
|
For the Six Months Ended June 30, 2014 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
| ||||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Net income |
|
|
|
$ |
463,773 |
|
|
|
|
$ |
315,066 |
|
| ||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Depreciation and amortization |
|
|
|
|
70,263 |
|
|
|
|
|
34,943 |
|
| ||
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Receivable from clearing brokers |
|
|
|
|
19,709 |
|
|
|
|
|
253,060 |
|
| ||
|
Investment banking fees receivable |
|
|
|
|
(217,600 |
) |
|
|
|
|
|
207,970 |
|
| |
|
Research fees receivable |
|
|
|
|
(20,572 |
) |
|
|
|
|
|
(167,548 |
) |
|
|
|
Prepaid expenses and other assets |
|
|
|
|
47,430 |
|
|
|
|
|
(194,790 |
) |
|
| |
|
Bonuses payable |
|
|
|
|
224,000 |
|
|
|
|
|
(2,621,000 |
) |
|
| |
|
Commissions payable |
|
|
|
|
43,174 |
|
|
|
|
|
(180,410 |
) |
|
| |
|
Payables to clearing brokers |
|
|
|
|
(9,810 |
) |
|
|
|
|
|
2,343 |
|
| |
|
Accounts payable and accrued expenses |
|
|
|
|
(435,470 |
) |
|
|
|
|
|
474,147 |
|
| |
|
Net cash provided by(used in) operating activities |
|
|
|
|
184,897 |
|
|
|
|
|
(1,876,219 |
) |
|
| |
|
Net cash used in investing activities, |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Purchases of property and equipment |
|
|
|
|
(70,073 |
) |
|
|
|
|
|
(9,969 |
) |
|
|
|
Net cash used in financing activities, |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Member’s distribution |
|
|
|
|
(404,802 |
) |
|
|
|
|
|
(583,628 |
) |
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
|
|
(289,978 |
) |
|
|
|
|
|
(2,469,816 |
) |
|
|
|
Cash and cash equivalents, beginnning of period |
|
|
|
|
7,182,818 |
|
|
|
|
|
7,362,636 |
|
| ||
|
Cash and cash equivalents, end of period |
|
|
|
$ |
6,892,840 |
|
|
|
|
$ |
4,892,820 |
|
| ||
|
Cash paid during the period for taxes |
|
|
|
$ |
39,422 |
|
|
|
|
$ |
21,078 |
|
| ||
| | | | | | | | |
|
Asset |
|
|
Estimated Useful Life |
|
---|---|---|---|---|---|
|
Office equipment and computer software costs |
|
|
3 – 5 years |
|
|
Furniture and fixtures |
|
|
7 years |
|
|
Leasehold improvements |
|
|
Lease term |
|
| | | |
|
Six months ending 2014 |
|
|
|
|
600,139 |
|
| |
|
Year ending 2015 |
|
|
|
|
1,117,264 |
|
| |
|
Year ending 2016 |
|
|
|
|
1,126,692 |
|
| |
|
Year ending 2017 |
|
|
|
|
302,714 |
|
| |
|
|
|
|
|
$ |
3,146,809 |
|
| |
| | | | |
|
|
|
|
December 31, 2013 |
|
|
June 30, 2014 |
| ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Office equipment |
|
|
|
$ |
1,296,229 |
|
|
|
|
$ |
1,303,780 |
|
| ||
|
Furniture and fixtures |
|
|
|
|
113,219 |
|
|
|
|
|
113,219 |
|
| ||
|
Computer software |
|
|
|
|
339,967 |
|
|
|
|
|
342,386 |
|
| ||
|
Leasehold improvements |
|
|
|
|
358,004 |
|
|
|
|
|
358,004 |
|
| ||
|
|
|
|
|
|
2,107,419 |
|
|
|
|
|
2,117,389 |
|
| ||
|
Less accumulated depreciation |
|
|
|
|
1,985,801 |
|
|
|
|
|
2,020,745 |
|
| ||
|
|
|
|
|
$ |
121,618 |
|
|
|
|
$ |
96,644 |
|
| ||
| | | | | | | |
|
|
|
Sidoti & Company, Inc. |
| |
| | | |
|
|
|
|
Amount to be paid |
| ||||
---|---|---|---|---|---|---|---|---|---|
|
SEC Registration Fee |
|
|
|
$ |
4,067 |
|
| |
|
FINRA Filing Fee |
|
|
|
$ |
5,750 |
|
| |
|
NYSE MKT Listing Fee |
|
|
|
|
* |
|
| |
|
Legal Fees and Expenses |
|
|
|
|
* |
|
| |
|
Accounting Fees and Expenses |
|
|
|
|
* |
|
| |
|
Printing and Engraving Expenses |
|
|
|
|
* |
|
| |
|
Blue Sky Fees and Expenses |
|
|
|
|
* |
|
| |
|
Transfer Agent and Registrar Fees |
|
|
|
|
* |
|
| |
|
Miscellaneous Expenses |
|
|
|
|
* |
|
| |
|
Total |
|
|
|
$ |
* |
|
| |
| | | | |
|
Exhibit Number |
|
|
Description of Exhibit |
|
---|---|---|---|---|---|
|
1.1* |
|
|
Form of Underwriting Agreement. |
|
|
3.1.1* |
|
|
Form of Amended and Restated Certificate of Incorporation of the Registrant, to be effective upon completion of this offering. |
|
|
3.3* |
|
|
Amended and Restated Certificate of Incorporation of the Registrant. |
|
|
4.1* |
|
|
Form of common stock certificate. |
|
|
5.1* |
|
|
Opinion of Morrison & Foerster LLP. |
|
|
10.1** |
|
|
Sublease Agreement dated June 5, 2014 by and between Federal Home Loan Mortgage Corporation and Sidoti & Company, LLC. |
|
|
10.2** |
|
|
Fully Disclosed Clearing Agreement dated May 30, 2012 between Sidoti & Company, LLC and ConvergEx Execution Solutions LLC. |
|
|
10.3** |
|
|
License Agreement dated March 16, 2012 between Sidoti & Company, LLC and FlexTrade Technologies, LLC. |
|
|
10.4* |
|
|
Form of Indemnification Agreement. |
|
|
10.5** |
|
|
Loan and Security Agreement dated February 28, 2013 between Sidoti & Company, LLC and TD Bank, N.A. |
|
|
21.1** |
|
|
Subsidiary List. |
|
|
23.1** |
|
|
Consent of Independent Registered Public Accounting Firm. |
|
|
23.2* |
|
|
Consent of Morrision & Foerster LLP (included in exhibit 5.1). |
|
|
23.3** |
|
|
Consent of Seymour G. Siegel to being named as a director nominee. |
|
|
23.4** |
|
|
Consent of Dr. Michael R. Cunningham to being named as a director nominee. |
|
|
23.5** |
|
|
Consent of John M. Gibbons to being named as a director nominee. |
|
|
24.1** |
|
|
Power of Attorney (included on the signature page hereto). |
|
| | | |
|
|
|
|
SIDOTI & COMPANY, INC. |
|
|
|
|
|
/s/ Peter T. Sidoti |
|
|
|
|
|
Name: Peter T. Sidoti Title: Chairman and Chief Executive Officer |
|
| | | |
|
Signature |
|
|
Title |
|
|
Date |
|
---|---|---|---|---|---|---|---|---|
|
|
| ||||||
|
/s/ Peter T. Sidoti Peter Sidoti |
|
|
Chairman and Chief Executive Officer |
|
|
October 22, 2014 |
|
|
/s/ Marie Conway Marie Conway |
|
|
Director and President |
|
|
October 22, 2014 |
|
| | | | | |
|
Exhibit Number |
|
|
Description of Exhibit |
|
---|---|---|---|---|---|
|
1.1* |
|
|
Form of Underwriting Agreement. |
|
|
3.1.1* |
|
|
Form of Amended and Restated Certificate of Incorporation of the Registrant, to be effective upon completion of this offering. |
|
|
3.3* |
|
|
Amended and Restated Certificate of Incorporation of the Registrant. |
|
|
4.1* |
|
|
Form of common stock certificate. |
|
|
5.1* |
|
|
Opinion of Morrison & Foerster LLP. |
|
|
10.1** |
|
|
Sublease Agreement dated June 5, 2014 by and between Federal Home Loan Mortgage Corporation and Sidoti & Company, LLC. |
|
|
10.2** |
|
|
Fully Disclosed Clearing Agreement dated May 30, 2012 between Sidoti & Company, LLC and ConvergEx Execution Solutions LLC. |
|
|
10.3** |
|
|
License Agreement dated March 16, 2012 between Sidoti & Company, LLC and FlexTrade Technologies, LLC. |
|
|
10.4* |
|
|
Form of Indemnification Agreement. |
|
|
10.5** |
|
|
Loan and Security Agreement dated February 28, 2013 between Sidoti & Company, LLC and TD Bank, N.A. |
|
|
21.1** |
|
|
Subsidiary List. |
|
|
23.1** |
|
|
Consent of Independent Registered Public Accounting Firm. |
|
|
23.2* |
|
|
Consent of Morrison & Foerster (included in exhibit 5.1). |
|
|
23.3** |
|
|
Consent of Seymour G. Siegel to being named as a director nominee. |
|
|
23.4** |
|
|
Consent of Dr. Michael R. Cunningham to being named as a director nominee. |
|
|
23.5** |
|
|
Consent of John M. Gibbons to being named as a director nominee. |
|
|
24.1** |
|
|
Power of Attorney (included on the signature page hereto). |
|
| | | |