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Segment Information
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information
17.          Segment information


The Company through its wholly-owned subsidiary has one operating segment which is engaged in the investment management and financial advisory business and derives its revenue from investment management services, other investment advisory services and financial research.
 
The Company’s corporate operations are not considered an operating segment and the Company does not allocate corporate expense for management and administrative services or income and expense related to other corporate activity to its operating segment to measure its operations.  The Company’s management utilizes adjusted EBITDA to measure segment performance.  Adjusted EBITDA is a measure defined as EBITDA before corporate expense, equity based compensation, amortization of stay and retention bonuses,  relocation and severance costs and non-operating income (expense).   EBITDA is a measure defined as earnings (loss) before interest, taxes, depreciation and amortization.
 
Adjusted EBITDA is a non-GAAP measure and should not be construed as an alternative to operating loss or net loss as an indicator of the Company’s performance, or as an alternative to cash used in operating activities, or as a measure of liquidity, or as any other measure determined in accordance with GAAP.

 
Following is a reconciliation of adjusted EBITDA of the operating segment to loss from continuing operations before income taxes (in thousands):
 

 
  
Year ended December 31,
  
 
  
2016
    
2015
  
Adjusted EBITDA of operating segment income
  
$
785
    
$
366
  
 
                
Other operating expenses:
                
Corporate
    
(1,498
)
    
(1,629
)
Depreciation and amortization
    
(643
)
    
(652
)
Equity based compensation
    
(229
)
    
(446
)
Amortization of stay and retention bonuses
    
-
      
(135
)
Relocation and severance costs
    
(99
)
    
(64
)
 
                
Operating loss
    
(1,684
)
    
(2,560
)
 
                
Non- operating income (expense):
                
Interest expense and other, net
    
(100
)
    
(244
)
Share of income (loss) from investment in LLC
    
(294
)
    
74
  
Change in fair value of contingent consideration
    
-
      
336
  
 
                
Loss from continuing operations before income taxes
  
$
(2,078
)
  
$
(2,394
)
 
                
 
                
Following is a summary of the Company's total
assets (in thousands):
                
 
  
December 31,
  
 
    
2016
      
2015
  
Operating segment
  
$
6,224
    
$
7,125
  
Corporate (1)
    
7,431
      
9,158
  
 
  
$
13,655
    
$
16,283
  
 
(1) Consists principally of cash and cash equivalents