Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.10.0.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue        
Investment advisory $ 833   $ 2,147  
Other 14,406   24,321  
Net revenue 63,834 $ 50,697 119,259 $ 95,379
Operating expenses        
Cost of goods sold - product revenue 1,668 878 3,140 1,347
Research and development - licenses acquired 1 1,800 98 3,094
General and administrative 10,146 8,524 20,934 16,509
Underwriting costs 42 0 187 0
Loss from operations 88,431 73,890 179,342 136,149
Loss from operations (24,597) (23,193) (60,083) (40,770)
Other income (expenses)        
Interest income 294 190 572 326
Interest expense and financing fee (2,144) (1,380) (4,227) (2,078)
Change in fair value of derivative liabilities (6,866) 1,452 (7,931) 5,794
Change in fair value of subsidiary convertible note (140) (188) 110 (285)
Change in fair value of investments (707) 157 (825) (511)
Other loss (118) 13 (112) 13
Total other income (expenses) (9,681) 244 (12,413) 3,259
Loss before income taxes (34,278) (22,949) (72,496) (37,511)
Income tax expense 1,438 0 1,438 0
Net loss (35,716) (22,949) (73,934) (37,511)
Less: net loss attributable to non-controlling interests (14,105) (5,584) (31,305) (8,164)
Net loss attributable to common stockholders $ (21,611) $ (17,365) $ (42,629) $ (29,347)
Basic and diluted net loss per common share $ (0.50) $ (0.43) $ (0.99) $ (0.73)
Weighted average common shares outstanding basic and diluted 43,377,629 40,551,844 42,948,780 40,457,524
Parent Company [Member]        
Revenue        
Product revenue, net $ 6,689 $ 4,054 $ 12,198 $ 6,139
Revenue - from a related party 126 350 520 1,043
Net revenue 6,815 4,404 12,718 7,182
Operating expenses        
Cost of goods sold - product revenue 1,668 878 3,140 1,347
Research and development 17,488 11,683 42,446 18,793
Research and development - licenses acquired 1 1,800 98 3,094
General and administrative 13,056 11,134 26,604 21,386
Loss from operations 32,213 25,495 72,288 44,620
National Holdings Corporation [Member]        
Revenue        
Commissions 31,407 23,993 57,025 48,499
Net dealer inventory gains 2,929 2,366 5,119 4,877
Investment banking 11,037 10,592 23,741 17,653
Investment advisory 5,197 3,490 10,530 6,875
Interest and dividends 601 675 1,232 1,391
Transfer fees and clearing services 1,777 1,687 4,074 4,185
Tax preparation and accounting 3,868 3,144 4,391 4,000
Other 203 346 429 717
Net revenue 57,019 46,293 106,541 88,197
Operating expenses        
Commissions, compensation and fees 49,345 41,762 92,906 79,020
Clearing fees 578 618 1,321 1,356
Communications 813 682 1,573 1,404
Occupancy 1,141 936 2,096 1,944
Licenses and registration 530 427 1,167 832
Professional fees 578 991 1,971 2,254
Interest 2 4 4 8
Depreciation and amortization 857 500 1,716 1,006
Other administrative expenses 2,332 2,475 4,113 3,705
Loss from operations $ 56,218 $ 48,395 $ 107,054 $ 91,529