Siebert Financial Corp. Files Q1 2024 10-Q

TL;DR

Siebert Financial Corp. dropped its Q1 2024 10-Q. Check financials.

AI Summary

Siebert Financial Corp. filed its 10-Q for the quarterly period ended March 31, 2024. The filing details the company's financial performance and operations during this period. Siebert Financial Corp. is incorporated in New York and its principal executive offices are located at 120 Wall Street, New York, NY.

Why It Matters

This filing provides investors and analysts with a detailed look at Siebert Financial Corp.'s financial health and operational status for the first quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new disclosures.

Key Numbers

• 20240331 — Quarter End Date (The report covers the financial period ending on this date.)
• 0000065596 — Central Index Key (Unique identifier for Siebert Financial Corp. in SEC filings.)
• 111796714 — IRS Number (Employer Identification Number for Siebert Financial Corp.)

Key Players & Entities

• Siebert Financial Corp. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• New York (location) — State of Incorporation and Business Address City
• 120 Wall Street (location) — Business and Mail Address Street
• 0-5703 (dollar_amount) — Commission file number

FAQ

Key Financial Figures

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

Filing Documents

• ea0206436-10q_siebertfin.htm (10-Q) — 696KB
• ea020643601ex31-1_siebertfin.htm (EX-31.1) — 13KB
• ea020643601ex31-2_siebertfin.htm (EX-31.2) — 13KB
• ea020643601ex32-1_siebertfin.htm (EX-32.1) — 5KB
• ea020643601ex32-2_siebertfin.htm (EX-32.2) — 5KB
• 0001213900-24-045813.txt ( ) — 5403KB
• sieb-20240331.xsd (EX-101.SCH) — 76KB
• sieb-20240331_cal.xml (EX-101.CAL) — 56KB
• sieb-20240331_def.xml (EX-101.DEF) — 285KB
• sieb-20240331_lab.xml (EX-101.LAB) — 536KB
• sieb-20240331_pre.xml (EX-101.PRE) — 286KB
• ea0206436-10q_siebertfin_htm.xml (XML) — 556KB

- FINANCIAL

PART I - FINANCIAL INFORMATION 1

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 1 CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION 1 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 2 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 4 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 5

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26

- OTHER INFORMATION

PART II - OTHER INFORMATION 27

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 27

RISK FACTORS

ITEM 1A. RISK FACTORS 27

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 27

EXHIBITS

ITEM 6. EXHIBITS 28

SIGNATURES

SIGNATURES 29 i Forward-Looking For purposes of this Quarterly Report on Form 10-Q ("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 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 judgement 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 our Annual Report on Form 10-K for the year ended December 31, 2023, ("2023 Form 10-K"), and our other 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 e

financial statements and related disclosures as of March 31, 2024

financial statements and related disclosures as of March 31, 2024. 3. Transaction with Tigress The Company has entered into agreements and subsequent terminations with Tigress Holdings, LLC ("Tigress"). Refer to Note 3 – Transactions with Tigress and Hedge Connection in the Company's 2023 Form 10-K for more detail. Information related to transactions with Tigress that impacted the periods presented is detailed below. During the three months ended March 31, 2024 and 2023, the Company recognized $ 0 and $ 38,000 for its equity method investment in Tigress, respectively. As of both March 31, 2024 and December 31, 2023, the Company had no interest in Tigress. - 7 - 4. RISE As of both March 31, 2024 and December 31, 2023, the Company's ownership in RISE was 68 % and Siebert consolidated RISE under the voting interest model ("VOE model") . As of both March 31, 2024 and December 31, 2023, RISE reported assets of $ 1.3 million and liabilities of $ 0 . There are no restrictions on RISE's assets. 5. Kakaopay Transaction On April 27, 2023, the Company entered into a Stock Purchase Agreement with Kakaopay Corporation ("Kakaopay"), a company established under the Laws of the Republic of Korea and a fintech subsidiary of Korean-based conglomerate Kakao Corp. (the "First Tranche Stock Purchase Agreement"), pursuant to which the Company agreed to issue to Kakaopay 8,075,607 shares of the Company's common stock (the "First Tranche Shares" and, such transaction, the "First Tranche") at a per share price of Two Dollars Fifteen Cents ($ 2.15 ), which represented 19.9 % of the outstanding equity securities of the Company on a fully diluted basis (taking into account the issuance of the First Tranche Shares). The First Tranche closed on May 18, 2023. Refer to Note 5 – Kakaopay Transaction in the Company's 2023 Form 10-K for further detail. 6. Receivables From, Payables To, and Deposits With Broker-Dealers and Clearing Organizations Amounts receivable from, payables to,

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View this 10-Q filing on SEC EDGAR