Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

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Discontinued Operations
 3 Months Ended
Mar. 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 its broker-dealer operations on 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 Three Months Ended March 31,  
    2017     2016  
Revenues   $ -     $ 51,505  
Gross profit   $ -     $ 51,505  
Operating expenses   $ (106,558 )   $ (325,497 )
Interest income   $ 15     $ 30  
Loss from discontinued operations   $ (106,543 )   $ (273,962 )

 

Revenues from discontinued operations for the three months ended March 31, 2016 includes non-cash warrant revenues from affiliates of $20,812, as well as unrealized losses on affiliate warrants of $24,098.

 

Operating expenses from discontinued operations includes non-cash warrant and stock compensation totaling, in the aggregate, $4,868 and $108,874 for the three months ended March 31, 2017 and 2016, respectively.

  

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

 

    March 31, 2017     December 31, 2016  
Related party receivable   $ 155,420     $ 155,420  
Prepaid expenses and other current assets     52,197       52,734  
Total current assets of discontinued operations   $ 207,617     $ 208,154  
                 
Accounts payable and accrued expenses   $ -     $ 44,104  
Total current liabilities of discontinued operations   $ -     $ 44,104