Fortress Biotech, Inc. Quarterly report pursuant to Section 13 or 15(d)

National Holdings Corporation (Tables)

3 Months Ended

Mar. 31, 2017

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed at the date of the acquisition:

($ in thousands)
Assets
Cash and cash equivalents	$	27,498
Accounts receivable		4,889
Cash deposits with clearing organizations		1,030
Receivable from brokers, dealers and clearing agencies		1,607
Securities owned, at fair value		2,178
Prepaid expenses and other current assets		1,985
Property and equipment		1,132
Restricted cash		353
Intangible assets - trademark		3,000
Intangible assets - customer list		13,500
Goodwill		18,645
Total assets		75,817

Liabilities
Accrued compensation payable	$	14,029
Accounts payable and accrued expenses		6,079
Deferred clearing and marketing credits		1,007
Warrants issuable		13,406
Other current liabilities		707
Total liabilities assumed		35,228
Non-controlling interests		17,717
Net assets acquired	$	22,872

Cash and cash equivalents from National	$	27,498
Cash to NHLD Shareholders (Tender Offer)		22,872
Net cash acquired in acquisition of National	$	4,626

Amortization is calculated using the straight-line and accelerated methods over the following estimated useful lives:

The gross carrying amounts related to acquired intangible assets as of March 31, 2017 are as follows ($ in thousands):

Intangible assets at December 31, 2016	$	15,991
Amortization expense		(408)
Intangible assets at March 31, 2017	$	15,583

The future amortization of these intangible assets is as follows ($ in thousands):