The following tables present the carrying values and estimated fair values at March 31, 2018 and September 30, 2017 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk.



	March 31, 2018
Assets	Carrying Value		Level 1		Level 2		Total Estimated Fair Value
Cash	$	27,211,000	$	27,211,000	$	—	$	27,211,000
Cash deposits with clearing organizations	836,000		836,000		—		836,000
Receivables from broker-dealers and clearing organizations	2,709,000		—		2,709,000		2,709,000
Forgivable loans receivable	1,598,000		—		1,598,000		1,598,000
Other Receivables, net	6,033,000		—		6,033,000		6,033,000
	$	38,387,000	$	28,047,000	$	10,340,000	$	38,387,000

Liabilities
Accrued commissions and payroll payable	$	10,652,000	$	—	$	10,652,000	$	10,652,000
Accounts payable and accrued expenses (1)	7,564,000		—		7,564,000		7,564,000
	$	18,216,000	$	—	$	18,216,000	$	18,216,000

(1) Excludes contingent consideration liabilities of $889,000.



	September 30, 2017
Assets	Carrying Value		Level 1		Level 2		Total Estimated Fair Value
Cash	$	23,508,000	$	23,508,000	$	—	$	23,508,000
Cash deposits with clearing organizations	1,041,000		1,041,000		—		1,041,000
Receivables from broker-dealers and clearing organizations	2,850,000		—		2,850,000		2,850,000
Forgivable loans receivable	1,616,000		—		1,616,000		1,616,000
Other Receivables, net	5,180,000		—		5,180,000		5,180,000
	$	34,195,000	$	24,549,000	$	9,646,000	$	34,195,000

Liabilities
Accrued commissions and payroll payable	$	10,065,000	$	—	$	10,065,000	$	10,065,000
Accounts payable and accrued expenses (1)	8,404,000		—		8,404,000		8,404,000
	$	18,469,000	$	—	$	18,469,000	$	18,469,000

(1) Excludes contingent consideration liabilities of $311,000.

The following tables present the financial assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and September 30, 2017:



	March 31, 2018
Assets	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
Securities owned:
Corporate stocks	$	32,000	$	32,000	$	—	$	—	$	32,000
Municipal bonds	1,183,000		1,183,000		—		—		1,183,000
Restricted stock	1,046,000		—		1,046,000		—		1,046,000
Warrants	5,215,000		—		5,215,000		—		5,215,000
	$	7,476,000	$	1,215,000	$	6,261,000	$	—	$	7,476,000

Liabilities
Contingent consideration	$	889,000	$	—	$	—	$	889,000	$	889,000
Warrants issued	—		—		—		—		—
Securities sold, but not yet purchased:
Corporate stocks	2,000		2,000		—		—		2,000
Corporate debt	6,000		6,000		—		—		6,000
	$	897,000	$	8,000	$	—	$	889,000	$	897,000



	September 30, 2017
Assets	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
Securities owned:
Corporate stocks	$	116,000	$	116,000	$	—	$	—	$	116,000
Municipal bonds	1,239,000		1,239,000		—		—		1,239,000
Restricted stock	82,000		—		82,000		—		82,000
Warrants	5,665,000		—		5,665,000		—		5,665,000
	$	7,102,000	$	1,355,000	$	5,747,000	$	—	$	7,102,000

Liabilities
Contingent consideration	$	311,000	$	—	$	—	$	311,000	$	311,000
Warrants issued	5,597,000		—		5,597,000		—		5,597,000
Securities sold, but not yet purchased:
Municipal bonds	151,000		151,000		—		—		151,000
	$	6,059,000	$	151,000	$	5,597,000	$	311,000	$	6,059,000