Segment Reporting

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

11. Segment Reporting

The Company’s business results are categorized into three operating segments: MC, FEP and CMAG. The Company's reportable segments are strategic business units that offer products and services which are compatible with its core business strategy. The MC segment includes a broad range of services, such as capital raising and financial advisory services for corporate clients, and brokerage and equity research services for our institutional investor clients. The FEP segment includes capital raising services through a network of independent investment bankers and CMAG includes assisting corporate issuers in listing on OTCQX, the premier OTC Market tier, along with other services that facilitate the access to institutional capital markets.

The accounting policies of the segments are consistent with those described in the Significant Accounting Policies in Note 3. The Company evaluates segment results based on revenue and segment income. There are no revenue-generating activities between segments. Segment asset disclosures are not provided as no significant assets are separately determinable for FEP or CMAG. Revenue and expenses directly associated with each segment are included in determining segment income, which is also the internal performance measure used by management to assess the performance of each business in a given period.

Consolidation items and eliminations include the effects of eliminating transactions between operating segments, and certain non-allocated amounts. Consolidation items and elimination is not an operating segment. Rather, it is added to operating segment totals to reconcile to consolidated totals on the financial statements. Certain amounts included in consolidation items and elimination costs are not allocated to operating segments because they are excluded from the measurement of their operating performance for internal purposes. These include Board of Directors compensation, interest on general borrowings, litigation settlement costs and other charges.

Management believes that the following information provides a reasonable representation of each segment’s contribution to revenue and loss or operating results:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Revenues
MC	$	1,465,647	$	2,036,168	$	2,953,300	$	6,347,794
FEP		344,268		307,167		417,668		891,636
CMAG		521,275		337,055		1,092,158		717,580
Total segment revenues		2,331,190		2,680,390		4,463,126		7,957,010
Consolidation items and elimination		(5,456)		1,939		(1,175)		27,835
Consolidated revenues	$	2,325,734	$	2,682,329	$	4,461,951	$	7,984,845
Segment loss
MC	$	(1,686,156)	$	(1,834,379)	$	(2,755,972)	$	(3,551,973)
FEP		127,622		32,019		171,422		86,809
CMAG		395,195		125,036		880,675		306,995
Total segment loss		(1,163,339)		(1,677,324)		(1,703,875)		(3,158,169)
Consolidation items and elimination		(145,880)		(997,897)		(558,269)		(1,268,305)
Consolidated net loss before income taxes	$	(1,309,219)	$	(2,675,221)	$	(2,262,144)	$	(4,426,474)

Substantially all of the reported revenues are from customers located in the United States and all of our long-lived assets are located in the United States.