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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Q1) UNAUDITED - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Revenues        
Commissions $ 1,038,943 $ 1,535,245 $ 6,376,075 $ 6,154,567
Fees earned from affiliated entities pursuant to research services agreements 0 377,500 1,502,500 2,030,000
Principal transactions (903) (80) (9,416) (22,302,729)
Dividends and interest 36,256 63,693 194,955 1,893,237
Underwriting fees 30,488 0 431,114 102,931
Sales manager fees 334,825 0 733,422 15,616
Other revenues 3,107 5,909 16,833 23,406
Total revenues 1,442,716 1,982,267 9,245,483 (12,082,972)
Expenses        
Compensation and related costs 1,143,433 2,478,892 8,373,668 10,864,185
Clearing charges 302,838 290,381 1,299,313 1,312,578
General and administrative 311,109 324,842 1,223,023 1,330,831
Occupancy and equipment 104,441 195,842 756,974 805,266
Total expenses 1,861,821 3,289,957 11,652,978 14,312,860
Loss before income tax benefit (419,105) (1,307,690) (2,407,495) (26,395,832)
Income tax benefit (136,651) (267,048) (500,903) (6,102,929)
Net loss $ (282,454) $ (1,040,642) $ (1,906,592) $ (20,292,903)
Net loss per share        
Basic and diluted (in dollars per share) $ 0 $ (0.02)    
Weighted average shares outstanding:        
Basic and diluted (in shares) 60,009,005 54,859,055