Siebert Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Siebert Financial Corp. has filed its 2023 10-K annual report, detailing its financial performance and corporate information.</b>

AI Summary

SIEBERT FINANCIAL CORP (SIEB) filed a Annual Report (10-K) with the SEC on May 10, 2024. Siebert Financial Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in New York and its fiscal year ends on December 31. Its common stock, par value $0.01, is traded under the symbol SIEB on The Nasdaq Capital Market. Siebert Financial Corp. is classified under SIC code 6211 for Security Brokers, Dealers & Flotation Companies. The filing indicates the company is not a well-known seasoned issuer and is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Why It Matters

For investors and stakeholders tracking SIEBERT FINANCIAL CORP, this filing contains several important signals. This filing provides a comprehensive overview of Siebert Financial Corp.'s operations and financial health for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. The report details the company's stock listing and trading information, which is essential for market participants tracking the SIEB ticker on the Nasdaq Capital Market.

Risk Assessment

Risk Level: low — SIEBERT FINANCIAL CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant new risks beyond typical disclosures for a publicly traded company in the financial services sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Siebert Financial Corp.'s performance and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the fiscal year covered by the 10-K report.)
• SIEB — Trading Symbol (Symbol under which Siebert Financial Corp. common stock trades.)
• 6211 — SIC Code (Standard Industrial Classification for Security Brokers, Dealers & Flotation Companies.)
• 0-5703 — Commission File Number (SEC file number for Siebert Financial Corp.)

Key Players & Entities

• Siebert Financial Corp. (company) — Filer of the 10-K report.
• SIEB (company) — Trading symbol for Siebert Financial Corp. common stock.
• The Nasdaq Capital Market (company) — Exchange where Siebert Financial Corp. common stock is registered.
• New York (location) — State of incorporation for Siebert Financial Corp.
• 120 Wall Street (location) — Street address for Siebert Financial Corp. in New York.
• 2023 (date) — Fiscal year end for the reported 10-K.
• 2024-05-10 (date) — Filing date of the 10-K report.

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various regulations applicable to financial services firms, including those from the SEC and FINRA.
• Market Volatility [medium — market]: The company's financial performance is subject to market fluctuations and economic conditions affecting the securities industry.
• Operational Risks [medium — operational]: Risks related to the company's operations, including technology failures, cybersecurity threats, and business continuity.

Key Dates

• 2024-05-10: 10-K Filing — Annual report submission for the fiscal year ended December 31, 2023.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Siebert Financial Corp.'s financial health and operational status for the fiscal year 2023.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock - $0.01 par value SIEB The Nasdaq Capital Marke

Filing Documents

• ea0205618-10k_siebert.htm (10-K) — 1334KB
• ea020561801ex21-1_siebert.htm (EX-21.1) — 7KB
• ea020561801ex23-1_siebert.htm (EX-23.1) — 2KB
• ea020561801ex31-1_siebert.htm (EX-31.1) — 10KB
• ea020561801ex31-2_siebert.htm (EX-31.2) — 10KB
• ea020561801ex32-1_siebert.htm (EX-32.1) — 4KB
• ea020561801ex32-2_siebert.htm (EX-32.2) — 4KB
• ea020561801ex97_siebert.htm (EX-97.1) — 33KB
• 0001213900-24-041746.txt (&nbsp;) — 8400KB
• sieb-20231231.xsd (EX-101.SCH) — 113KB
• sieb-20231231_cal.xml (EX-101.CAL) — 74KB
• sieb-20231231_def.xml (EX-101.DEF) — 424KB
• sieb-20231231_lab.xml (EX-101.LAB) — 820KB
• sieb-20231231_pre.xml (EX-101.PRE) — 427KB
• ea0205618-10k_siebert_htm.xml (XML) — 917KB

RISK FACTORS

ITEM 1A. RISK FACTORS 9

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 16

CYBERSECURITY

ITEM 1C. CYBERSECURITY 16

PROPERTIES

ITEM 2. PROPERTIES 18

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 18

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 18 PART II 19

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 19

[RESERVED]

ITEM 6. [RESERVED] 19

MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 30

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 68

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 68

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 69

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 69 PART III 70

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 70

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 76

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 78

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 79

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 80 PART IV 81

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 81

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 82

Forward-Looking Statements

Forward-Looking Statements For purposes of this Annual Report on Form 10-K ("Report"), the terms "Siebert," "Company," "we," "us" and "our" refer to Siebert Financial Corp., its wholly-owned and majority-owned subsidiaries collectively, unless the context otherwise requires. The "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking 1A "Risk Factors," and Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are

forward-looking statements

forward-looking statements. These forward-looking statements, which reflect our beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – "Risk Factors" of this Report as well as in our filings with the Securities and Exchange Commission ("SEC"). We caution that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact our business. The forward-looking statements are based upon management's beliefs and assumptions and are made as of the date of this Report. You should not place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securitie

BUSINESS

ITEM 1. BUSINESS Overview of Company Siebert Financial Corp., together with its subsidiaries, is a diversified financial services firm and provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, and corporate stock plan administration solutions. Our firm is characterized by building solid relationships with our clients through exceptional personal service and proven performance. We have a strong legacy and continue to evolve in our approach to take advantage of opportunities in the financial services industry. We conduct the following lines of business through our wholly-owned and majority-owned subsidiaries: Muriel Siebert & Co., LLC ("MSCO") provides retail brokerage services. MSCO is a Delaware corporation and broker-dealer registered with the SEC under the Securities Exchange Act of 1934 ("Exchange Act") and the Commodity Exchange Act of 1936, and member of the Financial Industry Regulatory Authority ("FINRA"), the New York Stock Exchange ("NYSE"), the Securities Investor Protection Corporation ("SIPC"), Euroclear, and the National Futures Association ("NFA"), and the Commodities Futures Trading Commission ("CFTC"). Siebert AdvisorNXT, LLC ("SNXT") provides investment advisory services. SNXT is a New York corporation registered with the SEC as a Registered Investment Advisor ("RIA") under the Investment Advisers Act of 1940 ("Advisers Act"), and the CFTC. Park Wilshire Companies, Inc. ("PW") provides insurance services. PW is a Texas corporation and licensed insurance agency. Siebert Technologies, LLC ("STCH") provides technology development. STCH is a Nevada limited liability company. RISE Financial Services, LLC, ("RISE") is a Delaware limited liability company and a broker-dealer registered with the SEC, CFTC, FINRA, SIPC and NFA. StockCross Digital Solutions, Ltd. ("STXD") is an inactive subsidiary headquartered in Bermuda. For purposes of this Annual Rep

View Full Filing

View this 10-K filing on SEC EDGAR