Note 4 - Business Combination, Contingent Consideration and Disposal of Branches (Tables)

12 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Estimated Fair Value
Assets
Cash	$	1,111,000
Cash deposits with clearing organizations		207,000
Securities owned at fair value		1,111,000
Receivables from broker dealers and clearing organizations		49,000
Forgivable loans receivable		91,000
Other receivables, net		113,000
Prepaid expenses		432,000
Fixed assets, net		80,000
Intangible assets, net		4,400,000
Operating lease assets		1,823,000
Other assets		12,000
Total assets acquired		9,429,000
Liabilities
Securities sold, not yet purchased at fair value		203,000
Accrued commissions and payroll payable		390,000
Accounts payable and accrued expenses		188,000
Operating lease liabilities		1,823,000
Deferred tax liability		1,196,000
Other		215,000
Total liabilities assumed	$	4,015,000
Net identifiable assets acquired	$	5,414,000
Goodwill		2,680,000
Total Purchase price	$	8,094,000
The intangible assets as of the closing date of the acquisition included:		Amount
Customer relationships		4,100,000
Brand name		300,000
	$	4,400,000

Initial purchase price	$	3,200,000
Additional consideration payable (net operating capital)		873,000
Earnout (contingent consideration)		4,021,000
Total purchase price	$	8,094,000 

	Estimated Fair Value
Assets
Cash	$	16,000
Cash deposits with clearing organizations		33,000
Other receivables, net		86,000
Prepaid expenses		12,000
Intangible assets, net		2,025,000
Total assets acquired		2,172,000
Liabilities
Accounts payable and accrued expenses		7,000
Deferred tax liability		340,000
Other		86,000
Total liabilities assumed	$	433,000
Net identifiable assets acquired	$	1,739,000
Goodwill		4,803,000
Total Purchase price	$	6,542,000
The intangible assets as of the closing date of the acquisition included:	Amount
Customer relationships		1,960,000
Brand name		65,000
	$	2,025,000

Initial purchase price	$	2,790,000
Additional consideration payable		210,000
Contingent consideration		3,542,000
Total purchase price	$	6,542,000

Business Acquisition, Pro Forma Information [Table Text Block]

	Twelve Months Ended September 30,
	2020			2019
Net revenues	$	232,815,000		$	223,811,000
Net Income (Loss)	$	(6,187,000	)	$	869,000
Net Income (Loss) attributable to common stockholders	$	(5,911,000	)	$	(1,791,000	)
Net income (loss) per common share:
Basic	$	(0.44	)	$	(0.14	)
Diluted	$	(0.44	)	$	(0.14	)

	Twelve Months Ended September 30,
	2020			2019
Net revenues	$	239,336,000		$	222,948,000
Net Income (Loss)	$	(7,960,000	)	$	2,468,000
Net Income (Loss) attributable to common stockholders	$	(7,684,000	)	$	(192,000	)
Net income (loss) per common share:
Basic	$	(0.57	)	$	(0.01	)
Diluted	$	(0.57	)	$	(0.01	)

Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]

Fair value of contingent consideration at September 30, 2018		744,000
Fair value of contingent consideration in connection with 2019 acquisitions		1,428,000
Payments		(617,000	)
Change in fair value		65,000
Fair value of contingent consideration at September 30, 2019		1,620,000
Fair value of contingent consideration in connection with 2020 Tax & Accounting acquisitions		2,177,000
Fair value of contingent consideration in connection with Winslow acquisition		4,021,000
Fair value of contingent consideration in connection with UA acquisition		3,542,000
Payments		(730,000	)
Disposition/settlement of contingent consideration		(540,000	)
Change in fair value		311,000
Fair value of contingent consideration at September 30, 2020	$	10,401,000