Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.7.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Operating Results of Discontinued Operations

Summarized operating results of discontinued operations are presented in the following table:

 

   

For The Years Ended

December 31,

  
    2016     2015  
Revenues   $ 12,192     $ 141,460  
Gross profit   $ 12,192     $ 141,460  
Operating expenses   $ (2,254,551 )   $ (1,991,049 )
Interest income, net   $ 81     $ 185  
Loss from discontinued operations   $ (2,242,278 )   $ (1,849,404 )

Summary of Assets and Liabilities of Discontinued Operations

Summarized assets and liabilities of discontinued operations are presented in the following table:

 

    December 31,  
    2016     2015  
Related party receivable   $ 155,420     $ 96,792  
Advances and loans to registered representatives, net of allowance of $513,520 and $118,000 at December 31, 2016 and 2015, respectively     -       189,612  
Forgivable loans receivable     -       233,190  
Prepaid expenses and other current assets     52,734       105,449  
Prepaid commissions, net of allowance of $0 and $57,000 at December 31, 2016 and 2015, respectively     -       143,387  
Total current assets of discontinued operations   $ 208,154     $ 768,430  
                 
Accounts payable and accrued expenses   $ 44,104     $ 56,796  
Total current liabilities of discontinued operations   $ 44,104     $ 56,796