Binah Capital Group 10-Q: Liabilities and Preferred Stock Details

TL;DR

Binah Capital Group's Q1 2024 10-Q shows $1.66M in payables & accrued expenses, with Series A preferred stock terms detailed.

AI Summary

Binah Capital Group, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported Accounts Payable and Accrued Expenses and Other Liabilities totaling $1,656,588. The filing also references Series A Redeemable Convertible Preferred Stock with various redemption and liquidation conditions tied to anniversaries of funding dates, including March 15, 2024.

Why It Matters

This filing provides insight into Binah Capital Group's short-term obligations and the complex terms surrounding its preferred stock, which can impact future financial flexibility and shareholder value.

Risk Assessment

Risk Level: medium — The details on redeemable preferred stock and associated redemption/liquidation clauses introduce financial risk and complexity.

Key Numbers

• $1.66M — Accounts Payable and Accrued Expenses and Other Liabilities (Represents short-term obligations as of March 31, 2024.)
• Series A Redeemable Convertible Preferred Stock — Preferred Stock Details (Specific redemption and liquidation terms are outlined, impacting potential future cash outflows.)

Key Players & Entities

• Binah Capital Group, Inc. (company) — Filer of the 10-Q
• March 31, 2024 (date) — End of reporting period
• $1,656,588 (dollar_amount) — Total Accounts Payable and Accrued Expenses and Other Liabilities
• Series A Redeemable Convertible Preferred Stock (company) — Type of stock with specific redemption terms
• March 15, 2024 (date) — Reference date for preferred stock terms

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share BCG The Nasdaq Stock Mark
• $11.50 — of Common Stock at an exercise price of $11.50 per share BCGWW The Nasdaq Stock Ma

Filing Documents

• tmb-20240331x10q.htm (10-Q) — 1128KB
• tmb-20240331xex31d1.htm (EX-31.1) — 12KB
• tmb-20240331xex31d2.htm (EX-31.2) — 11KB
• tmb-20240331xex32d1.htm (EX-32.1) — 6KB
• tmb-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001410578-24-000959.txt ( ) — 4439KB
• tmb-20240331.xsd (EX-101.SCH) — 41KB
• tmb-20240331_cal.xml (EX-101.CAL) — 36KB
• tmb-20240331_def.xml (EX-101.DEF) — 118KB
• tmb-20240331_lab.xml (EX-101.LAB) — 319KB
• tmb-20240331_pre.xml (EX-101.PRE) — 225KB
• tmb-20240331x10q_htm.xml (XML) — 436KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Statements of Financial Condition as of March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. BINAH CAPITAL GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands except for share and per share amounts) Unaudited March 31, 2024 December 31, 2023 ASSETS Assets: Cash, cash equivalents and restricted cash $ 6,180 $ 7,621 Receivables: Commission receivable 8,554 8,220 Due from clearing broker 515 631 Other 1,532 1,587 Property and equipment, net 854 974 Right of use asset 4,184 4,332 Intangible assets, net 1,436 1,580 Goodwill 39,839 39,839 Other assets 2,741 2,626 TOTAL ASSETS $ 65,835 $ 67,410 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable, accrued expenses and other liabilities $ 8,452 $ 9,082 Commissions payable 9,718 10,676 Operating lease liability 4,243 4,381 Notes payable, net of unamortized debt issuance costs of $ 619 and $ 645 as of March 31, 2024 and December 31, 2023, respectively 20,266 20,822 Promissory notes-affiliates 5,335 12,177 Due to members — 5,169 TOTAL LIABILITIES 48,014 62,307 Mezzanine Equity: Redeemable Series A Convertible Preferred Stock, par value $ 0.0001 , 2,000,000 shares authorized, 1,500,000 shares outstanding at March 31, 2024 14,400 — Stockholders' Equity and Members' Equity: Common stock, $ 0.0001 par value, 55,000,000 authorized, 16,565,885 issued and outstanding at March 31, 2024 — — Additional paid-in-capital 23,693 — Accumulated deficit ( 20,272 ) — Members' Equity attributed to Legacy Wentworth Management Services LLC — 5,103 Total Stockholders' Equity, Mezzanine Equity and Members' Equity Attributable to Wentworth Management Services LLC 17,821 5,103 TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY $ 65,835 $ 67,410 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 Table of Contents BINAH CAPITAL GROUP, INC. CONDENSED CONSOLIDATED

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View this 10-Q filing on SEC EDGAR