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Non-controlling Interest
3 Months Ended
Mar. 31, 2020
Noncontrolling Interest [Abstract]  
Non-controlling Interest

Note 4. Non-controlling Interest

 

On April 2, 2019, Midwest entered into a contract to acquire a 51% ownership in 1505 Capital LLC (“1505 Capital”), a Delaware limited liability company, located in New York. 1505 Capital was organized to provide financial and investment advisory and management services to clients and any related investment, trading or financial activities. Class A Units were authorized to be issued up to 1,000 shares. Midwest purchased for $1 a total of 510 of the Class A Units and Aurora Financial Services, Inc. owns the remaining 490 Class A Units.

 

As of March 31, 2020, Midwest consolidated the 1505 Capital income of $260,345 into the consolidated financials.  Midwest’s portion of income was $197,845 and the non-controlling interest income was $62,500.