Company: BCG
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001410578-25-000143
Chunk: 174

Company: Binah Capital Group, Inc.
Filing Date: 2025-02-14
Form: S-1
Chunk 174
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 February 2023, the Company transferred its investments from a money market mutual fund to a demand deposit account and at December 31, 2023, assets held in the Trust Account were held in a demand deposit account. Demand deposit accounts and money market mutual funds are characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below). Gains and losses resulting from the change in fair value of assets held in Trust Account are included in interest income in the accompanying statements of operations. The estimated fair values of assets held in Trust Account are determined using available market information. At December 31, 2023 and 2022, the Company had $ 6,262,478and $ 5,514,494held in the Trust Account, respectively. Due from Sponsor for Trust Account funding The Company has not made payments of $ 138,437to the Trust Account related to funding the extension of the Combination Period to February 24, 2024. The Class A Common Stock subject to possible redemption on the balance sheet reflects the $ 138,437funding of the Trust Account. Subsequent to December 31, 2023, Wentworth deposited $ 207,655related to the satisfaction of the amount owed to the Trust Account and the extension of the Combination Period to March 15, 2024. Prepaid taxes Prepaid taxes at December 31, 2023 and 2022 in the amount of $ 42,850and $ 58,141with taxing authorities related to estimated tax payments. At December 31, 2023, prepaid taxes represents $ 42,850of Delaware franchise taxes. At December 31, 2022, prepaid taxes represents $ 44,800of Delaware franchise taxes and $ 13,141of prepaid income taxes. Warrant Liabilities The Company evaluated its Warrants, (which are discussed in Note 4 and Note 10) in accordance with ASC 815-40, “Derivatives and Hedging; Contracts in Entity’s Own Equity” (“ASC 815-40”) and concluded that a provision in the Warrant Agreement related to certain transfers, tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815-40, the Warrants are recorded as derivative liabilities on the Balance Sheet and measured at fair value at inception (on the date of the IPO) and at each reporting date in accordance with