Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v3.8.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

4. DISCONTINUED OPERATIONS

 

On November 29, 2016, the Company’s Board of Directors determined that it was in the Company’s best interest to close down CAP and the Company ceased is broker-dealer operations December 31, 2016. On February 21, 2017, the Company’s request to FINRA for Broker-Dealer Withdrawal (“BDW”) became effective.

 

Results of Discontinued Operations

 

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

 

    For the Years Ended  
    December 31,  
    2017     2016  
Revenues   $ -     $ 12,192  
Gross profit   $ -     $ 12,192  
Operating expenses   $ (105,772 )   $ (2,254,551 )
Interest income, net   $ 21     $ 81  
Loss from discontinued operations   $ (105,751 )   $ (2,242,278 )

 

Revenues from discontinued operations includes non-cash warrant revenues from affiliates of $0 and $22,972, as well as unrealized losses on affiliate warrants of $0 and $92,824 for the years ended December 31, 2017 and 2016, respectively.

 

Operating expenses from discontinued operations includes non-cash warrant and stock compensation totaling, in the aggregate, $3,763 and $284,092 for the years ended December 31, 2017 and 2016, respectively.

 

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

 

    December 31,  
    2017     2016  
Prepaid expenses and other current assets   $ -     $ 52,734  
Total current assets of discontinued operations   $ -     $ 52,734  
                 
Accounts payable and accrued expenses   $ -     $ 44,104  
Total current liabilities of discontinued operations   $ -     $ 44,104