Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

8. Equity

In conjunction with the Merger on October 31, 2019, the Company issued 50,000,000 shares of common stock to AC. The common stock, additional paid in capital, earnings per share, and accumulated deficit amounts in these consolidated financial statements for the period prior to the Merger have been restated to reflect the recapitalization in accordance with the shares issued as a result of the Merger.

In connection with the preparation of its financial statements as of and for the three and six month periods ended June 30, 2023, the Company identified an error in the number of authorized shares of common stock previously reported as 10,000,000. We concluded that the adjustments were not material to any prior annual or interim periods. As such, we have revised the condensed consolidated statement of financial condition as of December 31, 2022 included in these condensed consolidated financial statements to appropriately reflect the number of authorized shares of common stock as 100,000,000.

See the Organization and Business Description Note above for detail.