SIEBERT FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 22, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 22, 2024
SIEB$1.810.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Operating Activities | ||
| Net income | $3,687,000 | $3,215,000 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Deferred income tax expense | 384,000 | 248,000 |
| Depreciation and amortization | 255,000 | 190,000 |
| Earnings of equity method investment in related party | — | (38,000) |
| Share-based compensation | 85,000 | — |
| Interest related to contract termination liability payment | 10,000 | — |
| Changes in | ||
| Receivables from customers | (1,904,000) | 188,000 |
| Receivables from non-customers | (405,000) | (46,000) |
| Receivables from and deposits with broker-dealers and clearing organizations | (5,458,000) | (1,123,000) |
| Securities borrowed | 11,039,000 | (78,419,000) |
| Securities owned, at fair value | (1,232,000) | (4,405,000) |
| Prepaid expenses and other assets | (328,000) | (789,000) |
| Payables to customers | (41,438,000) | (32,645,000) |
| Payables to non-customers | 36,000 | (7,995,000) |
| Drafts payable | 108,000 | (291,000) |
| Payables to broker-dealers and clearing organizations | 1,522,000 | 2,984,000 |
| Accounts payable and accrued liabilities | 1,227,000 | 353,000 |
| Securities loaned | (29,959,000) | 78,907,000 |
| Securities sold, not yet purchased, at fair value | (1,000) | — |
| Net lease liabilities | 15,000 | (21,000) |
| Taxes payable | 1,029,000 | 886,000 |
| Deferred contract incentive | (213,000) | (213,000) |
| Contract termination liability payment | (500,000) | — |
| Net cash used in operating activities | (62,041,000) | (39,014,000) |
| Cash Flows From Investing Activities | ||
| Purchase of office facilities and equipment | (791,000) | (75,000) |
| Purchase of software | (877,000) | (377,000) |
| Build out of property | (58,000) | (565,000) |
| Transaction with J2 Financial | (35,000) | — |
| Net cash used in investing activities | (1,761,000) | (1,017,000) |
| Cash Flows From Financing Activities | ||
| Draws on bank loans | 4,800,000 | — |
| Repayments of long-term debt | (21,000) | (263,000) |
| Net cash provided by / (used in) financing activities | 4,779,000 | (263,000) |
| Net change in cash and cash equivalents, and cash and securities segregated for regulatory purposes | (59,023,000) | (40,294,000) |
| Cash and cash equivalents, and cash and securities segregated for regulatory purposes - beginning of year | 280,052,000 | 299,838,000 |
| Cash and cash equivalents, and cash and securities segregated for regulatory purposes - end of period | $221,029,000 | $259,544,000 |
| Reconciliation of cash, cash equivalents, and cash and securities segregated for regulatory purposes | ||
| Cash and cash equivalents - end of period | $2,856,000 | $3,927,000 |
| Cash and securities segregated for regulatory purposes - end of period | 218,173,000 | 255,617,000 |
| Cash and cash equivalents, and cash and securities segregated for regulatory purposes - end of period | $221,029,000 | $259,544,000 |
| Supplemental cash flow information | ||
| Cash paid during the period for income taxes | $2,000 | $9,000 |
| Cash paid during the period for interest | $41,000 | $88,000 |
| Non-cash investing and financing activities | ||
| Transaction with J2 Financial (1) | $350,000 | $— |
| (1) | Refer to Note 9 – Software, net for further detail. |
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