Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

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Discontinued Operations
 6 Months Ended
Jun. 30, 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
June 30, 		    For The Six Months Ended
June, 30 		 
    2017     2016     2017     2016  
Revenues   $ -     $ -     $ -     $ 51,505  
Gross profit   $ -     $ -     $ -     $ 51,505  
Operating expenses   $ (6 )   $ (394,283 )   $ (106,564 )   $ (719,780 )
Interest income (expense)   $ 6     $ (81 )   $ 21     $ (51 )
Loss from discontinued operations   $ -     $ (394,364 )   $ (106,543 )   $ (668,326 )

 

Revenues from discontinued operations for the six months ended June 30, 2016 includes non-cash warrant revenues from affiliates of $20,812 and $24,098 of unrealized gains on affiliate warrants.

 

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

 

    June 30, 2017     December 31, 2016  
Related party receivable   $ 155,420     $ 155,420  
Prepaid expenses and other current assets     17,250       52,734  
Total current assets of discontinued operations   $ 172,670     $ 208,154  
                 
Accounts payable and accrued expenses   $ -     $ 44,104  
Total current liabilities of discontinued operations   $ -     $ 44,104