Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 09, 2014 | Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Investors Capital Holdings LTD | ' | ' |
Entity Central Index Key | '0001001871 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,238,309 | ' |
Amendment Flag | 'false | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $32,995,978 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $4,481,769 | $6,589,698 |
Deposit with clearing organization, restricted | 175,000 | 175,000 |
Accounts receivable and other receivables | 6,555,920 | 7,160,553 |
Loans receivable from registered representatives (current portion), net of allowance | 785,905 | 593,730 |
Prepaid income taxes | 49,627 | 136,972 |
Securities owned at fair value | 307,109 | 258,903 |
Prepaid expenses | 698,264 | 722,427 |
Total current assets | 13,053,594 | 15,637,283 |
Property and equipment, net | 45,929 | 194,446 |
Long Term Assets | ' | ' |
Loans receivable from registered representatives | 1,207,032 | 893,703 |
Non-qualified deferred compensation investment | 2,117,966 | 1,771,044 |
Cash surrender value life insurance policies | 228,678 | 176,402 |
Total long term investments | 3,553,676 | 2,841,149 |
Other Assets | ' | ' |
Deferred tax asset, net | 1,604,445 | 1,059,480 |
Capitalized software, net | 56,272 | 107,590 |
Other asset | 56,704 | 56,704 |
Total other assets | 1,717,421 | 1,223,774 |
TOTAL ASSETS | 18,370,620 | 19,896,652 |
Current Liabilities | ' | ' |
Accounts payable | 1,264,851 | 1,327,691 |
Accrued expenses | 1,474,428 | 1,818,379 |
Commissions payable | 3,643,272 | 3,279,921 |
Notes payable | 1,353,608 | 1,488,876 |
Unearned revenues | 324,353 | 188,651 |
Securities sold, not yet purchased, at fair value | ' | 28,946 |
Total current liabilities | 8,060,512 | 8,132,464 |
Long-Term Liabilities | ' | ' |
Non-qualified deferred compensation plan | 2,534,221 | 1,968,691 |
Subordinated borrowings | 2,000,000 | 2,000,000 |
Total Long-Term Liabilities | 4,534,221 | 3,968,691 |
Total liabilities | 12,594,733 | 12,101,155 |
Stockholders' Equity: | ' | ' |
Common stock, $.01 par value, 10,000,000 shares authorized; 7,092,194 issued and 7,088,309 outstanding at March 31, 2014; 7,101,427 issued and 7,097,542 outstanding at March 31, 2013 | 70,920 | 71,013 |
Additional paid-in capital | 12,955,931 | 12,594,370 |
Accumulated deficit | -7,220,829 | -4,839,751 |
Less: Treasury stock, 3,885 shares at cost | -30,135 | -30,135 |
Total stockholders' equity | 5,775,887 | 7,795,497 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $18,370,620 | $19,896,652 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,092,194 | 7,101,427 |
Common stock, shares outstanding | 7,088,309 | 7,097,542 |
Treasury stock, shares | 3,885 | 3,885 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenue: | ' | ' |
Commissions | $71,162,978 | $65,577,806 |
Advisory fees | 18,785,307 | 16,409,330 |
Other fee income | 1,890,338 | 1,701,482 |
Other revenue | 1,775,785 | 1,196,772 |
Total revenue | 93,614,408 | 84,885,390 |
Expenses: | ' | ' |
Commissions and advisory fees | 74,857,375 | 67,378,564 |
Compensation and benefits | 6,711,672 | 6,535,007 |
Regulatory, legal and professional services | 8,872,985 | 4,833,915 |
Brokerage, clearing and exchange fees | 1,513,332 | 1,404,075 |
Technology and communications | 1,294,571 | 1,300,652 |
Advertising, marketing and promotion | 1,683,441 | 917,181 |
Occupancy and equipment | 465,221 | 694,326 |
Other administrative | 943,399 | 1,204,994 |
Interest | 198,456 | 30,668 |
Total operating expenses | 96,540,452 | 84,299,382 |
Operating (loss) income | -2,926,044 | 586,008 |
(Benefit) provision for income taxes | -544,966 | 219,716 |
Net income (loss) | ($2,381,078) | $366,292 |
Basic net (loss) income per share | ($0.35) | $0.06 |
Diluted net (loss) income per share | ($0.35) | $0.06 |
Shares used in basic per share calculations | 6,711,522 | 6,219,022 |
Shares used in diluted per share calculations | 6,711,522 | 6,522,764 |
Statements_Of_Changes_In_Stock
Statements Of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Mar. 31, 2012 | $66,890 | $12,425,713 | ($5,206,043) | ($30,135) | $7,256,425 |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2012 | 6,689,009 | ' | ' | ' | ' |
Benefit Plans [Abstract] | ' | ' | ' | ' | ' |
Amortization of deferred compensation | ' | 172,780 | ' | ' | 172,780 |
Issuance of common stock under plans | 4,200 | -4,200 | ' | ' | ' |
Issuance of common stock under plans, shares | 420,000 | ' | ' | ' | ' |
Cancelled restricted shares | -77 | 77 | ' | ' | ' |
Canceled, Shares | -7,582 | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | 366,292 | ' | 366,292 |
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2013 | 71,013 | 12,594,370 | -4,839,751 | -30,135 | 7,795,497 |
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2013 | 7,101,427 | ' | ' | ' | 7,097,542 |
Benefit Plans [Abstract] | ' | ' | ' | ' | ' |
Amortization of deferred compensation | ' | 361,469 | ' | ' | 361,468 |
Cancelled restricted shares | -93 | 92 | ' | ' | ' |
Canceled, Shares | -9,233 | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | -2,381,078 | ' | -2,381,078 |
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2014 | $70,920 | $12,955,931 | ($7,220,829) | ($30,135) | $5,775,887 |
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2014 | 7,092,194 | ' | ' | ' | 7,088,309 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($2,381,078) | $366,292 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 209,930 | 321,231 |
Deferred tax asset, net | -544,965 | 490,530 |
Stock-based compensation | 361,469 | 172,780 |
Unrealized gain in marketable securities | -49,562 | -24,898 |
Non-qualified deferred compensation investment | 76,379 | 63,508 |
Loss on disposal of equipment | 0 | 65,786 |
Market adjustment cash surrender value life insurance policy | -34,276 | -18,411 |
Forgivable loan amortization | 308,194 | 181,599 |
Provision for doubtful accounts | ' | 133,464 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable and other receivables | 604,633 | -2,635,396 |
Prepaid expenses and other | 166,392 | -100,574 |
Loans receivable from registered representatives | -813,698 | -145,316 |
Income taxes | 87,345 | 686 |
Accounts payable | 1,850,597 | 2,712,072 |
Accrued expenses | -343,951 | 410,055 |
Commissions payable | 363,350 | 492,454 |
Unearned revenue | 135,702 | 42,453 |
Net cash (used in) provided by operating activities | -3,539 | 2,528,315 |
Cash flows from investing activities: | ' | ' |
Acquisition of property and equipment | -10,095 | -154,308 |
Cash surrender value life insurance policies | -18,000 | ' |
Proceeds from investments | -27,590 | 22,209 |
Capitalized software | ' | -22,498 |
Net cash used in investing activities | -55,685 | -154,597 |
Cash flows from financing activities: | ' | ' |
Payments on note payable | -2,048,705 | -2,321,733 |
Proceeds from subordinated borrowings | ' | 2,000,000 |
Net cash used in financing activities | -2,048,705 | -321,733 |
Net (decrease) increase in cash and cash equivalents | -2,107,929 | 2,051,985 |
Cash and cash equivalents, beginning of year | 6,589,698 | 4,537,713 |
Cash and cash equivalents, end of year | 4,481,769 | 6,589,698 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 157,206 | 26,085 |
Income taxes paid | 11,000 | 84,000 |
Non-cash financing activity | ' | ' |
Insurance premiums | $1,913,437 | $2,204,921 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Nature Of Operations [Abstract] | ' | |||
Nature Of Operations | ' | |||
NOTE 1 - NATURE OF OPERATIONS | ||||
Incorporated in 1995 under Massachusetts law and redomesticated under Delaware law in 2007, Investors Capital Holdings, Ltd. ("ICH") is a holding company whose wholly-owned subsidiaries assist a nationwide network of independent registered representatives ("representatives") in providing a diversified line of financial services to the public including securities brokerage, investment advice, asset management, financial planning and insurance. Our subsidiaries include the following: | ||||
· | Investors Capital Corporation ("ICC") is duly registered under the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 and applicable state law to provide broker-dealer and investment advisory services nationwide. ICC’s national network of independent financial representatives is licensed to provide these services through ICC under the regulatory purview of the Securities and Exchange Commission (the “SEC”), the Financial Industry Regulatory Authority (“FINRA”) and state securities regulators. ICC executes and clears its public customer accounts on a fully disclosed basis through Pershing, LLC (“Pershing”). ICC, doing business as Investors Capital Advisors (“ICA”), also provides investment advisory services. | |||
· | ICC Insurance Agency, Inc. facilitates the sale of insurance and annuities by our representatives. | |||
· | Investors Capital Holdings Securities Corporation ("ICH Securities") holds cash, cash equivalents, interest income and dividend income for ICH. | |||
· | Advisor Direct, Incorporated (“AD”) is a Broker-Dealer registered with the SEC and is a member of FINRA. AD is registered to operate as a (k)(1) Broker-Dealer where principal transactions are limited to mutual funds and/or variable annuities only. On January 25, 2013, Investors Capital Holdings, Ltd. (“ICH”) acquired all the assets of AD for a cash purchase price of $32,500 and simultaneously changed its name from LifeVest Financial, Inc. to AD. AD is a wholly-owned subsidiary of ICH. | |||
Significant Transactions | ||||
On October 27, 2013, ICH executed a definitive merger agreement (the “Merger Agreement”) with RCS Capital Corp (“RCAP”), pursuant to which RCAP will acquire ICH and its subsidiaries, including ICC, for a total consideration of approximately $52.5 million comprised of cash and RCAP stock. The closing of the transaction is subject to customary closing conditions, including FINRA approval of the proposed change in control for ICC, as well as both regulatory and shareholder approval of the transaction by ICH stockholders. The Merger Agreement was amended on March 03, 2014. Under the Merger Agreement, as amended, Merger Sub, a Zoe Acquisition, LLC, a wholly-owned subsidiary of RCAP, will merge with and into ICH (the “Merger”), with the Company surviving the merger as a subsidiary of RCAP. RCAP expects that ICH, once the Merger is consummated, will operate independently of RCAP’S wholesale and retail broker-dealer subsidiary, Realty Capital Securities, LLC, and function as a separate business unit alongside RCAP’S existing operating subsidiaries. The transaction is expected to close in July 2014. | ||||
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The significant accounting policies of the Company are summarized below to assist the reader to better understand the consolidated financial statements and other data contained herein. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, ICC, ICC Insurance Agency, Inc., Advisor Direct, Inc. and ICH Securities. All significant inter-company items and transactions have been eliminated in the consolidation. | |
Use of Estimates and Assumptions | |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Those estimates deal with the valuation of securities and other assets revenue recognition, litigation reserves and allowance for doubtful accounts receivable and involve a particularly high degree of judgment and complexity. Actual results could differ from those estimates. | |
Revenue Recognition | |
The Company’s revenue recognition policies are summarized below. | |
Mutual Funds/Variable Annuities. Revenue from the sale of mutual funds and variable annuities is recognized as of the date the check and application is accepted by the investment company. | |
Brokerage. The Company earns commissions through stock purchase and sale transactions, mutual fund purchases, government and corporate bonds transactions, fee-based managed accounts and ticket charges. The Company also earns revenue in the form of 12b-1 fees and interest on account balances. The earnings process is substantially complete at trade date in accordance with the rules of FINRA and the SEC. | |
The Company also receives credit adjustments for clearing charges that are netted against any clearing charges the Company may incur for the period. These adjustments are recognized as income in the period received unless otherwise noted by the clearing Company. | |
Unrealized gains and losses are recorded at the time that the Company reconciles its trading positions with the market value. The unrealized gains or losses are adjusted to market until the position is settled or the trade is cancelled. | |
Advisory Fees. The Company’s managed accounts advisory fees are based on the amount of assets managed per agreement negotiated between its independent representatives and their clients. These revenues are recorded quarterly as and when billed based on the fair market value of assets managed throughout the quarter. Any portion remaining uncollected due to account adjustments after account rebalancing is charged against earnings at quarter end. | |
Administration Fees. Administration fees for services rendered to the Company’s representatives respecting annual FINRA license renewals and Error and Omissions (“E&O”) insurance are recognized as revenue upon registration of the representative with FINRA and listing of the registered representative with the E&O insurance carrier. The funds received from the registered representative are initially recorded as unearned revenue. The amounts collected in excess of the E & O insurance premium and/or fees due FINRA, if any, are recognized as revenue. Fees collected to maintain books and records are deferred and recognized ratably throughout the year. | |
Other Revenue. Revenue from marketing associated with product sales is recognized quarterly based on production levels. Marketing event revenues are recognized at the commencement of each event offset by its costs. Revenue from ICC’s technology platform, Capital Connect, is recognized monthly based on a representative’s selected package, which provides them access to a portal, in addition to receiving IT support. The service terminates immediately if a representative is no longer with the firm or it is temporarily suspended, in either case, there will be no additional fees to be recognized as income. | |
Cash and Cash Equivalents | |
For purposes of reporting cash flow, cash and cash equivalents includes cash in checking and savings accounts, cash at its clearing firm and short-term investments with original maturities of 90 days or less. | |
Customer Accounts | |
The Company's customer accounts are reported by the various custodians on a fully disclosed basis. | |
Financial Instruments | |
The Company’s financial assets and liabilities are reported in the statements of financial condition at readily ascertainable fair value or at carrying amounts that approximate fair value as these financial instruments generally have short maturity periods. The fair value of securities owned and trading securities sold, not yet purchased are equal to the carrying value. Changes in the fair value of these securities are reflected in the results of operations. | |
Marketable Securities | |
The Company classifies its short-term investments as trading, available for sale, or held to maturity. The Company's marketable securities consist of fixed income instruments and mutual funds and have been classified by management as trading. Accordingly, realized and unrealized gains and losses at year-end are included in the earnings of the Company. The fair market values of these securities are determined based on quoted market prices. | |
The Company conducts its principal trading through two designated trading accounts. One of these accounts is used to facilitate fixed income trading on a same day buy-sell basis. The second account is used to facilitate fixed income trading for representatives and may carry positions overnight. These securities are normally held in the account for no longer than 30 days and are recorded at fair market value. | |
Advertising | |
The Company expenses all promotional costs as incurred. | |
Property and Equipment | |
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful life of the related assets, over a period of three to seven years. Leasehold improvements are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Routine repairs and maintenance are expensed as incurred. | |
The Company reviews the carrying value of its property and equipment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from its use and eventual disposition. In cases where an asset is not in use and subsequently disposed of, the Company recognizes a loss on disposal that is equal to the carrying value at the time of disposal offset against any proceeds received. The Company reported losses on its disposal of property and equipment of $0 and $65,786 respectively, for the years ended March 31, 2014 and 2013. | |
Income Taxes | |
The Company uses the asset and liability method to account for income taxes, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income or loss in the period that includes the enactment date. | |
Deferred income taxes are the result of timing differences between book and taxable income and consist primarily of deferred compensation, legal accruals, differences between depreciation expenses, and a net operating loss for financial statement purposes versus tax return purposes. | |
The Company has assessed the realizability of its deferred tax assets to determine whether or not a valuation allowance was required for some or all of its deferred tax assets. The Company also considered its current period reporting results and compared these results to its annual projection. Management anticipates it will achieve profitability and future taxable income. If future operations exceed current projections, management may conclude such valuation allowance is no longer needed. Conversely, if future operating results do not meet current projections, it is possible that an additional valuation allowance may be needed in future periods. | |
US GAAP requires that the impact of tax positions be recognized in the financial statements if they are more likely than not of being sustained upon examination, based on the technical merits of the position. The Company’s management has determined that the Company has no uncertain tax positions requiring recognition as of March 31, 2014. | |
The Company files federal and state income tax returns. The statute of limitations for the federal tax return is three years, and for state tax returns is between a range of three and six years; therefore, federal tax returns before March 31, 2011 are not subject to examination and certain state tax returns before March 31, 2011 and March 31, 2008 are not subject to examination. The Company had returns under examination as of March 31, 2014. | |
Earnings Per Share | |
The Company reports net income (loss) per share. Diluted earnings per share do not include the effect of stock options as it has an anti-dilutive effect on earnings per share (See Note 17). Basic and diluted net income per common share are determined by dividing net income by the weighted average number of common shares outstanding during the period. | |
Stock Based Awards | |
The Company grants stock based awards to employees, directors, and registered representatives after the awards are approved by the board of directors. These awards are incentive driven and based on performance. (See NOTE 16 BENEFIT PLANS) | |
Segment Reporting | |
The Company makes disclosures about products and services, and major customers. See “Note 12, Segment Information”. | |
Accounts Receivable – Allowance for Doubtful Accounts | |
The Company’s policies for determining whether a receivable is considered uncollectible are as follows: | |
Trade receivables from brokers and clearing organizations. As prescribed by the SEC, trade receivables usually settle within three days. The balances shown as receivable from and payable to brokers and clearing organizations represent amounts due in connection with the Company’s normal transactions involving trading of securities. Management considers all receivables to be collectible; therefore, no allowance for doubtful accounts has been provided. | |
Loans to representatives. Management performs periodic evaluations and provides an allowance based on the assessment of specifically identified unsecured receivables and other factors, including the representative's payment history and production levels. Once it is determined that it is both probable that a loan has been impaired, typically due to the termination of the relationship, and the amount of loss can reasonably be estimated, the portion of the loan balance estimated to be uncollectible is so classified. See “Note 3, Loans to Registered Representatives”. | |
Valuation of Securities and Other Assets | |
Substantially all financial instruments are reflected in the consolidated financial statements at fair value or amounts that approximate fair value. These may include cash and cash equivalents; securities purchased under agreements to resell; deposits with clearing organizations; securities owned; and securities sold but not yet purchased. Certain financial instruments are classified as trading, available for sale, and held to maturity. The realized gains and losses are recorded in the income statement in the period in which the transactions occurred. The related unrealized gains and losses would be reflected in other comprehensive income depending on the underlying purpose of the instrument. | |
Where available, the Company uses prices from independent sources such as listed market prices, or broker or dealer price quotations. Fair values for certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments or commodities, as well as time value and yield curve or volatility factors underlying the positions. In addition, even where the value of a security is derived from an independent market price or broker or dealer quote, certain assumptions may be required to determine the fair value. The Company generally assumes that the size of positions in securities that the Company holds would not be large enough to affect the quoted price of the securities if the Company were to sell them, and that any such sale would happen in an orderly manner. However, the actual value realized upon disposition could be different from the current carrying value. | |
Internal Use of Software | |
The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The costs of internally developed software are included in fixed assets at the point at which the conceptual formulation, design and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The Company does not capitalize projects where it believes that the future economic benefits are less than probable. | |
Reclassifications | |
Certain amounts in 2013 were reclassified to provide comparison with 2014 classifications. There was no impact to previously reported Net income (loss) or Net income (loss) per share. | |
Recent Accounting Pronouncements | |
There were no recent accounting pronouncements to be applied for the fiscal years ended March 31, 2014 and 2013. | |
Subsequent Events | |
The Company has evaluated subsequent events through the date the financial statements were available to be filed. There were no material subsequent events requiring adjustment to or disclosure in these financial statements. | |
Loans_To_Registered_Representa
Loans To Registered Representatives | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Loans To Registered Representatives [Abstract] | ' | ||||
Loans To Registered Representatives | ' | ||||
NOTE 3 – Loans to Registered Representatives | |||||
ICC has granted loans to certain registered representatives. These loans are primarily given to newly recruited representatives to assist in the transition process. These loans are generally forgivable over a multi-year term, generally one to five years, and forgiveness is based on the condition that the representative remains licensed with the Company and the achievement of specified performance goals. Upon forgiveness, the loans are charged to commission expense. Loans charged to commission expense totaled $308,194 and $181,599 for the fiscal years ended March 31, 2014 and 2013, respectively. | |||||
Some loans to registered representatives are not subject to a forgiveness contingency. These loans, as well as loans that have failed the forgiveness contingency, are repaid to the Company by deducting a portion of the representatives’ commission payouts throughout the commission cycle until the loans are repaid. | |||||
Interest charged on these loans to representatives range from 4.25% to 8.25% annually. Loans to registered representatives included in receivables from employees and registered representatives are as follows at March 31: | |||||
2014 | 2013 | ||||
Forgivable loans | $ | 1,614,006 | $ | 1,115,765 | |
Other loans | 378,931 | 604,264 | |||
Less: allowance | - | -232,596 | |||
Total loans | $ | 1,992,937 | $ | 1,487,433 | |
Included in other loans is a loan receivable from a registered representative in connection with a regulatory matter settled with the Massachusetts Securities Division on October 27, 2010. This representative has agreed to reimburse the Company for certain amounts paid by the Company with respect to this regulatory matter. The amount due on this receivable at March 31, 2014 and 2013 was $276,503 and $330,587, respectively. | |||||
Securities_Owned_And_Securitie
Securities Owned And Securities Sold, Not Yet Purchased At Fair Value | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Securities Owned And Securities Sold, Not Yet Purchased At Fair Value [Abstract] | ' | ||||||
Securities Owned And Securities Sold, Not Yet Purchased At Fair Value | ' | ||||||
NOTE 4 - SECURITIES OWNED AND SECURITIES SOLD, NOT YET PURCHASED AT FAIR VALUE | |||||||
Securities owned consists of marketable securities recorded at fair value. Securities sold, but not yet purchased represents obligations of the Company to deliver the specified security at the contracted price and thereby create a liability to purchase the security in the market at prevailing prices. Changes in the value of these securities are reflected currently in the results of operations. | |||||||
As of March 31, 2014 and 2013, the Company’s securities owned and securities sold not yet purchased at fair value consisted of the following securities: | |||||||
31-Mar-14 | |||||||
Sold, Not Yet | |||||||
Owned | Purchased | ||||||
Mutual funds | $ | 307,109 | $ | - | |||
$ | 307,109 | $ | - | ||||
31-Mar-13 | |||||||
Sold, Not Yet | |||||||
Owned | Purchased | ||||||
Equities | $ | 354 | $ | 28,946 | |||
Mutual funds | 258,549 | - | |||||
$ | 258,903 | $ | 28,946 | ||||
Financial_Instruments_With_Off
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk | 12 Months Ended |
Mar. 31, 2014 | |
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk [Abstract] | ' |
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk | ' |
NOTE 5 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND CONCENTRATIONS OF CREDIT RISK | |
The Company is engaged in various trading and brokerage activities whose counterparties primarily include the general public. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. Securities sold, but not yet purchased, represent obligations of the Company to purchase the security in the market at the prevailing prices to the extent that the Company does not already have the securities in possession. Accordingly, these transactions result in off-balance sheet risk when the Company's satisfaction of the obligations exceeds the amount recognized in the balance sheet. The risk of default depends on the creditworthiness of the counterparty of the issuer of the instrument. It is the Company's policy to review, as necessary, the credit standings of each counterparty with which it conducts business. | |
Commissions receivable from one source were 25% and 36% of total receivables for the years ended March 31, 2014 and 2013, respectively. | |
At March 31, 2014, the carrying amount of the Company’s cash and cash equivalents was $4,481,769 of which $250,000 was covered by the Federal Deposit Insurance Corporation (“FDIC”). The Company’s cash and cash equivalents as of March 31, 2014 also includes $1,651,682 at its clearing firm of which $500,000 was fully insured by the Securities Investor Protection Corporation (“SIPC”). | |
At March 31, 2013, the carrying amount of the Company’s cash and cash equivalents was $6,589,698 of which $250,000 was covered by the Federal Deposit Insurance Corporation (“FDIC”). The Company’s cash and cash equivalents as of March 31, 2013 also includes $2,701,440 at its clearing firm of which $500,000 was fully insured by the Securities Investor Protection Corporation (“SIPC”). | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
NOTE 6 – FAIR VALUE MEASUREMENTS | |||||||||||||
The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. | |||||||||||||
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | |||||||||||||
· | Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities the Company has the ability to access. | ||||||||||||
· | Level 2 - Inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. | ||||||||||||
· | Level 3 - Inputs include unobservable inputs for the asset or liability and rely on management's own assumptions about the assumptions that market participants would use in pricing the asset or liability. (The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company’s own data.) | ||||||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | |||||||||||||
The following table presents the Company's fair value hierarchy for those financial assets measured at fair value as of March 31, 2014: | |||||||||||||
Fair Value Measurements on Recurring Basis | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Assets: | |||||||||||||
Securities owned at fair value | |||||||||||||
Mutual funds | $ | 307,109 | $ | 307,109 | $ | - | $ | - | |||||
Total assets | $ | 307,109 | $ | 307,109 | $ | - | $ | - | |||||
The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value as of March 31, 2013: | |||||||||||||
Fair Value Measurements on Recurring Basis | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Assets: | |||||||||||||
Securities owned at fair value | |||||||||||||
Mutual funds | $ | 258,549 | $ | 258,549 | $ | - | $ | - | |||||
Equities | 354 | 354 | - | - | |||||||||
Total assets | $ | 258,903 | $ | 258,903 | $ | - | $ | - | |||||
Liabilities: | |||||||||||||
Securities sold, not yet purchased at fair value | |||||||||||||
Equities | $ | 28,946 | $ | 28,946 | $ | - | $ | - | |||||
Total liabilities | $ | 28,946 | $ | 28,946 | $ | - | $ | - | |||||
Valuation of Marketable Trading and Investment Securities Owned | |||||||||||||
The fair value of marketable trading and investment securities owned is determined based on quoted market prices. Securities traded on a national exchange are stated at the last reported sales price on the day of valuation; other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated as the last quoted bid price. | |||||||||||||
Valuation of Trading Securities Sold, Not Yet Purchased | |||||||||||||
As a broker-dealer, the Company is engaged in various securities trading and brokerage activities as principal. In the normal course of business, the Company sometimes sells securities they do not currently own and will therefore be obligated to purchase such securities at a future date. This obligation is recorded on the balance sheet at fair value based on quoted market prices of the related securities and will result in a trading loss if the fair value increases and a trading gain if the fair value decreases between the balance sheet and date of purchase. | |||||||||||||
Valuation of Mutual Funds | |||||||||||||
The fair value of mutual funds is determined based on quoted market prices. Securities traded on a national exchange are stated at the last reported sales price on the day of valuation; other securities traded in over-the-counter market and listed securities for which no sale was reported on that date are stated as the last quoted bid price. | |||||||||||||
Property_And_Equipment_Net
Property And Equipment, Net | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Property And Equipment, Net [Abstract] | ' | ||||
Property And Equipment, Net | ' | ||||
NOTE 7- PROPERTY AND EQUIPMENT, NET | |||||
Property and equipment consisted of the following at March 31: | |||||
2014 | 2013 | ||||
Equipment | $ 1,968,017 | $ 1,962,486 | |||
Leasehold improvements | 112,866 | 111,825 | |||
Furniture and fixtures | 387,004 | 387,004 | |||
2,467,887 | 2,461,315 | ||||
Accumulated depreciation and amortization | -2,421,958 | -2,266,869 | |||
Property and equipment, net | $ 45,929 | $ 194,446 | |||
Depreciation expense was $158,613 and $234,083 for the year’s ended March 31, 2014 and 2013, respectively. | |||||
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Notes Payable [Abstract] | ' | ||||||||||
Notes Payable | ' | ||||||||||
NOTE 8 - NOTES PAYABLE | |||||||||||
At March 31, 2014 and 2013, notes payable consisted of debt to finance insurance premiums. These notes are referenced in the table below: | |||||||||||
March 31, | Lender | Premium | Principal | Interest Rate | Maturity Date | ||||||
2014 | AFCO | Directors and Officers, Liability, Fidelity Bond | $ | 280,699 | 1.99% | 17-Feb-15 | |||||
Premium Financing | Errors and Omissions | 1,072,909 | 1.89% | 30-Nov-14 | |||||||
$ | 1,353,608 | ||||||||||
2013 | AFCO | Directors and Officers, Liability, Fidelity Bond | $ | 280,693 | 1.99% | 17-Feb-14 | |||||
Premium Financing | Errors and Omissions | 1,208,183 | 1.99% | 30-Nov-13 | |||||||
$ | 1,488,876 | ||||||||||
For the years ended March 31, 2014 and 2013 there was no long-term debt outstanding. | |||||||||||
Subordinated_Borrowings
Subordinated Borrowings | 12 Months Ended |
Mar. 31, 2014 | |
Subordinated Borrowings [Abstract] | ' |
Subordinated Borrowings | ' |
NOTE 9 – SUBORDINATED BORROWINGS | |
The lender, consisting of the Company’s clearing firm, have, under a Subordinated Debt Agreement and related Rider, subordinated its rights of collection of principal and claims to all other present and future senior creditors of the Company prior to the expiration of the agreement. The subordinated borrowings are covered by an agreement approved by FINRA on March 8, 2013 and are thus available for computing net capital under the SEC’s uniform net capital rule. To the extent that such borrowings are required for the Company’s continued compliance with minimum net capital requirements, they may not be repaid. | |
As of March 31, 2014 and March 31, 2013, the balance of subordinated borrowings was $2,000,000, respectively. The Company’s subordinated borrowings mature on March 8, 2016. The interest rate on all subordinated borrowings is prime plus five percent (8.25% at March 31, 2013), payable monthly. Interest expense totaled $165,000 for the year ended March 31, 2014, including accrued interest of $41,250 included in the Consolidated Balance Sheet. The Company has met each covenant as of March 31, 2014. | |
Line_Of_Credit
Line Of Credit | 12 Months Ended |
Mar. 31, 2014 | |
Line Of Credit [Abstract] | ' |
Line Of Credit | ' |
NOTE 10 –LINE OF CREDIT | |
The Company has a line of credit (“Line”) with maximum borrowings of $1,000,000 at the Bank’s base lending rate (5.00% per year as of March 31, 2014). The Line was renewed on November 22, 2013, and is subject to annual renewal and contains a customary minimum debt service covenant. There is no outstanding balance at March 31, 2014. The Company had the same lending terms and arrangement in the prior year and there was no outstanding balance at March 31, 2013. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Taxes [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
NOTE 11 - INCOME TAXES | ||||||||
The (benefit) provision for income taxes is as follows for the fiscal years ended March 31: | ||||||||
2014 | 2013 | |||||||
Current: | ||||||||
Federal | $ | - | $ | -275,496 | ||||
State | - | 4,682 | ||||||
$ | $ | -270,814 | ||||||
Deferred: | ||||||||
Federal | $ | -607,705 | $ | 461,001 | ||||
State | -178,438 | 29,529 | ||||||
-786,143 | 490,530 | |||||||
Change in valuation allowance | 241,177 | - | ||||||
Provision (benefit) for income taxes | $ | -544,966 | $ | 219,716 | ||||
Deferred income taxes are the result of timing differences between book and taxable income and consist primarily of deferred compensation, legal accruals, differences between depreciation expenses, and a net operating loss for financial statement purposes versus tax return purposes. | ||||||||
Net deferred tax assets (liabilities) within each tax jurisdiction consisted of the following at: | ||||||||
31-Mar-14 | ||||||||
Asset | Liability | Valuation Allowance | Net deferred tax asset | |||||
Federal | $ 1,961,177 | $ (276,929) | $ - | $ 1,684,248 | ||||
State | 703,710 | -53,639 | - | 650,071 | ||||
Valuation allowance | - | - | -729,874 | -729,874 | ||||
Total | $ 2,664,887 | $ (330,568) | $ (729,874) | $ 1,604,445 | ||||
31-Mar-13 | ||||||||
Asset | Liability | Valuation Allowance | Net deferred tax asset | |||||
Federal | $ 1,136,234 | $ (62,037) | $ - | $ 1,074,197 | ||||
State | 493,828 | -19,848 | - | 473,980 | ||||
Valuation allowance | - | - | -488,697 | -488,697 | ||||
Total | $ 1,630,062 | $ (81,885) | $ (488,697) | $ 1,059,480 | ||||
The following is a summary of the significant components of the Company's deferred tax assets and liabilities: | ||||||||
Years Ended March 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets (liabilities): | ||||||||
Accruals and reserves | $ | 406,346 | $ | 533,124 | ||||
Deferred compensation | 1,176,853 | 926,715 | ||||||
Depreciation and other | 59,569 | -15,478 | ||||||
Charitable contributions | 25,365 | 73,633 | ||||||
Net operating losses | 708,886 | 112,068 | ||||||
Other liabilities | -42,700 | -81,885 | ||||||
Total deferred tax assets, net, before valuation allowance | 2,334,319 | 1,548,177 | ||||||
Valuation allowance | -729,874 | -488,697 | ||||||
Total deferred tax assets, net | $ | 1,604,445 | $ | 1,059,480 | ||||
The total income tax provision (benefit) differs from the income tax at the statutory federal income tax rate due to the following: | ||||||||
Years Ended March 31, | ||||||||
2014 | 2013 | |||||||
Tax at U.S. statutory rate | $ | -998,936 | $ | 199,397 | ||||
State taxes, net of federal benefit | -125,130 | 83,633 | ||||||
Merger transaction costs | 318,398 | - | ||||||
Unallowable expenses | 18,164 | 20,150 | ||||||
Change in valuation allowance | 241,177 | - | ||||||
Other adjustments | 1,361 | -83,464 | ||||||
Provision (benefit) for income taxes | $ | -544,966 | $ | 219,716 | ||||
The Company assesses the realizability of its deferred tax assets to determine whether or not a valuation allowance was required for some or all of its deferred tax assets. The Company considered both positive and negative evidence. Positive evidence, includes the Company’s recent history of taxable income in three of the past six years (2013, 2011 and 2010) which was the most significant factor used by the Company in the determination of whether a valuation allowance was required against recorded deferred tax assets. Also, the Company determined that its US GAAP losses over the prior fiscal years including this current year resulted from significant non-recurring and certain significant non-deductible expenses which the Company believes is further positive evidence that mitigates the negative evidence evaluated. Negative evidence, specifically the three years’ cumulative GAAP losses totaling $3.0 million includes $1.3 million of expenses in 2012 and $1.2 million in 2014, which were non-recurring in nature. The Company excluded these items in determining a partial valuation allowance was sufficient. | ||||||||
The Company recorded a $0.5 million partial valuation allowance initially in March 31, 2012, after weighing all the positive and negative evidence, and that most of the GAAP and taxable losses had been related to both non-recurring and non-deductible items related to a change of ownership. The Company did not release the partial valuation in fiscal year ended March 31, 2013 after reporting both GAAP and taxable income, and the partial valuation allowance remained unchanged during fiscal year ended March 31, 2013. The Company considered factors to determine whether to record a full release of the partial valuation allowance, or adjust that valuation allowance to represent the net operating loss of approximately $112,000. In consideration of qualitative factors of continued cumulative US GAAP losses, despite the current period’s profitability and taxable income, the Company made a final judgment not to reduce the partial valuation allowance at March 31, 2013. | ||||||||
For the year ended March 31, 2014, based on the Company’s review of all the positive and negative evidence, the Company recorded a valuation allowance of $0.73 million which approximates the net operating loss of $0.71 million. Net operating loss carryforwards totaling $4.96 million will expire through 2034 and are subject to limitations pursuant to Section 382 of the Internal Revenue Code. | ||||||||
The Company recognizes and measures its unrecognized tax benefit or expense. The Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax expense or benefit is adjusted when new information is available or when an event occurs that requires a change. The Company recognizes the accrual of any interest and penalties related to unrecognized tax expense in income tax expense. No interest or penalties were recognized in 2014 and 2013. | ||||||||
The Company does not have any tax positions as of March 31, 2014 for which it is reasonably possible that the total amounts of unrecognized tax benefit or expense will significantly increase or decrease within twelve months of the reporting date. The Company applied the “more-likely-than-not” recognition threshold to all tax positions taken or expected to be taken in a tax return, which resulted in no unrecognized tax benefits. | ||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Segment Information | ' | |||||||||
NOTE 12 - SEGMENT INFORMATION | ||||||||||
Operating segments are defined as components of a business about which separate financial information is available that is regularly evaluated by management in deciding how to allocate resources and in assessing performance. The Company evaluates performance based on profit and loss from operations before income taxes not including nonrecurring gains and losses. The Company's has two operating segments, the independent broker-dealer provided by ICC and AD, and asset management and investment advisory services provided by ICA. ICCIA conducts the sale of insurance products and reports that activity at ICC. | ||||||||||
The segments are strategic business units that are managed separately. They operate under different regulatory systems, provide different services and require distinct marketing strategies and varied technological and operational support. They also have differing revenue models; ICC earns transactional commissions and various fees in connection with the brokerage of securities for its customers. ICCIA generates commissions from insurance products. ICA generates recurring revenue from fees earned on the value of assets under management. Lastly, AD is eligible to receive commissions on principal transactions of mutual funds and/or variable annuities only. AD, acquired on January 24, 2013, is operational but had no principal transactions during the current period. | ||||||||||
The Company accounts for inter-segment services and transfers as if the services or transfers were to third parties, that is, at current market prices. In presenting segment data, all corporate overhead items are allocated to the segments, and inter-segment revenue, expense, receivables and payables are eliminated. Currently it is impractical to report segment information using geographical concentration. | ||||||||||
Management allocates all expenses separately to the parent and ICC, including allocation of costs associated with shared personnel, based upon time studies and a determination of which entities are the beneficiaries of the services rendered by the personnel. Within ICC, expenses are further allocated between the two segments, ICC and ICA, as follows: overhead expenses pro rata to revenue, direct full-time and time-shared employee costs based on the segments being served, and other personnel-related expenses pro rata to head count. | ||||||||||
The Company allocated expenses to AD for administrative, record-keeping, and compliance purposes pursuant to the expense sharing agreement between, ICH,ICC, and AD, filed with FINRA in January 2014. There were $2,880 in allocated expenses from ICC to AD, and $10,013 in direct costs from ICH to AD for regulatory and professional services in maintaining its shell broker-dealer status. | ||||||||||
In addition, ICC reimburses ICH in the form of a management fee for ICH-incurred overhead expenses that are necessary for ICC to effectively conduct its operations. This overhead primarily is in the nature of salaries and professional and legal fees incurred to obtain such services as audit engagements, legal advice, and industry expertise. The Company periodically reviews the effect that these agreements described above may have on the firm’s net capital. | ||||||||||
Segment reporting primarily based on revenue components is as follows for the years ended: | ||||||||||
31-Mar-14 | ||||||||||
Commissions | Advisory | ICH | ICH Securities | Total | ||||||
Non-interest revenue | $ 74,349,498 | $ 19,030,574 | $ (76,213) | $ - | $ 93,303,859 | |||||
Revenue from transaction with | ||||||||||
other operating segments | 1,089,608 | - | - | - | $ 1,089,608 | |||||
Interest and dividend income, net | 310,524 | - | 6 | 19 | $ 310,549 | |||||
Depreciation and amortization | 209,014 | 916 | - | - | $ 209,930 | |||||
Income (loss) from operations | -3,574,353 | 1,997,912 | -1,349,622 | 19 | $ (2,926,044) | |||||
Year-end total assets | 17,123,833 | 696,163 | 2,752,599 | 10,372 | $ 20,582,967 | |||||
Corporate items and eliminations | - | - | -2,212,347 | - | $ (2,212,347) | |||||
31-Mar-13 | ||||||||||
Commissions | Advisory | ICH | ICH Securities | Total | ||||||
Non-interest revenue | $ 67,950,846 | $ 16,669,329 | $ (63,410) | $ - | $ 84,556,765 | |||||
Revenue from transaction with | ||||||||||
other operating segments | 871,397 | - | - | - | $ 871,397 | |||||
Interest and dividend income, net | 328,598 | - | 3 | 24 | $ 328,625 | |||||
Depreciation and amortization | 320,064 | 1,167 | - | - | $ 321,231 | |||||
Income (loss) from operations | -1,131,659 | 2,160,308 | -442,665 | 24 | $ 586,008 | |||||
Year-end total assets | 17,489,215 | 1,231,714 | 2,440,116 | 10,353 | $ 21,171,398 | |||||
Corporate items and eliminations | - | - | -1,274,746 | - | $ (1,274,746) | |||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
NOTE 13 - COMMITMENTS AND CONTINGENCIES | ||||
Operating Leases | ||||
On October 19, 2012 the Company entered into a lease for 14,045 square feet and began occupying that space as our new Headquarters on December 1, 2012. This lease, which originally was for a term of sixteen months with expiration on March 31, 2014, has been amended to a three year extension, expiring on March 31, 2017. Also, on March 1, 2014, the Company amended the lease for additional space, for a total of 14,336 square feet. | ||||
The Company was awarded a retroactive abatement of certain rental payments, including condo fees and real estate taxes based on a May 30, 2013 court order. In June 2014, the Company settled this litigation with the lessor of its former home office space for $175,000. | ||||
The total minimum, non-cancelable rent payments due in future periods under these existing operating leases are as follows for the year ended March 31: | ||||
2015 | 350,555 | |||
2016 | 362,501 | |||
2017 | 314,106 | |||
Thereafter, | - | |||
$ 1,027,162 | ||||
Rent expense under the operating leases was $214,565 and $283,470 for the years ended March 31, 2014 and 2013, respectively, and is included in occupancy costs in the statement of income. | ||||
The Company offers loans and transition assistance to representatives mainly for recruiting or retention purposes. These commitments are contingent upon certain events occurring, including, but not limited to, the representatives joining the Company and meeting certain production requirements. As of March 31, 2014 and 2013, there were $160,000 and $0 outstanding commitments, respectively. | ||||
Litigation_And_Regulatory_Matt
Litigation And Regulatory Matters | 12 Months Ended | ||
Mar. 31, 2014 | |||
Litigation And Regulatory Matters [Abstract] | ' | ||
Litigation And Regulatory Matters | ' | ||
NOTE 14 - LITIGATION AND REGULATORY MATTERS | |||
In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to arbitrations and other legal actions and proceedings brought on behalf of various claimants, some of which seek material and/or indeterminable amounts. Certain of these actions and proceedings are based on alleged violations of securities, consumer protection, labor and other laws and may involve claims for substantial monetary damages asserted against the Company and its subsidiaries. Also, the Company and its subsidiaries are subject to regulatory examinations, information gathering requests, inquiries, investigations and formal administrative proceedings that may result in fines or other negative impact on the Company. ICC, as a duly registered broker/dealer and investment advisor, is subject to regulation by the SEC, FINRA, NYSE-Amex, and state securities regulators. | |||
The Company maintains Errors and Omissions (“E &O”) insurance to protect it from potential damages and/or legal costs associated with certain litigation and arbitration proceedings. Effective January 01, 2012 to December 31, 2012, for claims related to alternative investments the Company’s exposure was limited to $250,000 in any one case, and for all other investment products, the Company’s exposure was limited to $100,000 in any one case, subject to policy limitations and exclusions. Effective January 01, 2013 to March 31, 2014, for claims related to alternative investment products, the Company’s exposure is limited to $1,000,000 in aggregate defense and indemnity costs, subject to policy terms and conditions. Thereafter, following satisfaction of this aggregate deductible, the Company’s exposure on claims for these same type of investments is $150,000 per claim, plus an additional 10% co-insurance on amounts exceeding $150,000. For all other investment products, the Company’s exposure is $100,000 per claim. The Company also maintains a fidelity bond to protect itself from potential damages and/or legal costs related to fraudulent activities pursuant to which the Company’s exposure is usually limited to a $350,000 deductible per case, subject to policy limitations and exclusions. | |||
The Company recognizes a legal liability when management believes it is probable that a liability has been incurred and the amount can be reasonably estimated. Conclusions on the likelihood that a liability has been incurred and estimates as to the amount of the liability are based on consultations with the Company’s General Counsel who, when situations warrant, may engage and consult external counsel to assist with the evaluation and handle certain matters. Legal fees for defense costs are expensed as incurred and classified as professional services within the consolidated statements of income. | |||
The Company measures the gross amount of probable and reasonably estimated losses for claim settlements, then applies applicable insurance coverage to determine the net liability or range of estimated loss, respectively. ICH records accruals for claim settlements based on the net liability, which would not exceed the applicable insurance deductible amount. The accrual for the net liability is reported in accrued expenses in the Balance Sheet. Specifically, contingent liabilities are generally limited to applicable insurance deductible amounts. The Company’s insurance carrier generally confirms coverage at the inception of a claim, and the carrier assumes responsibility for direct payment for the final disposition or settlement of the matter, following the Company’s satisfaction of the applicable deductible. | |||
As of March 31, 2014 and March 31, 2013, the Company had accrued professional fees relating to the Company’s defense in various legal matters and estimated probable settlement costs of approximately $1,670,000 and $1,535,000, respectively, included in accrued expenses and accounts payable on the consolidated balance sheet. It is possible that some of the matters could require the Company to pay damages or make other payments or establish accruals in amounts that could not be estimated as of March 31, 2014. Key components of the accrual include claims arising from alleged poor performance of certain alternative investments in real estate investments trusts that have experienced bankruptcy or other financial difficulties during or in connection with the recent recession and credit crisis. | |||
The following are details of claims the Company considered individually material for the year ended March 31, 2014: | |||
• Mangiarelli vs. ICC. According to the statement of claim dated in November 2012, Mr. and Mrs. Mangiarelli asserted that certain ICC registered representative (“ICC Rep”) failed to disclose important material facts about their investments in REITS and LLC’s. Claimants state ICC Rep violated both federal and state security laws and breached in fiduciary responsibilities. General allegations of unsuitability and failure to supervise were also noted in the statement of claim. ICC filed affirmative defenses in February, 2013 that the claimant’s risk exposure compared to their net worth was moderate and investment objective was for long term growth. The applicable insurance defense and indemnity deductible applicable to this matter is $250,000 which is the Company’s maximum exposure for this claim. The Company accrued $250,000; less fees incurred, which reduces the deductible. | |||
• Demarkey vs. ICC. According to the statement of claim, a certain ICC registered representative solicited Mr. Demarkey to invest in a real estate investment trust. The claimant asserts he was misinformed of the investment that it was both speculative and involved a high degree of risk. ICC filed its preliminary answer stating that the claimant was interested in a 1031 exchange in order to diversify. The applicable insurance defense and indemnity deductible applicable to this matter is $250,000 which is the Company’s maximum exposure for this claim. The Company accrued $250,000; less fees incurred which reduce the deductible. | |||
With respect to claims where loss exposure is reasonably possible, but not yet probable, the range of individual claim amounts is from $50,000 to $681,000, unless claims have indeterminable amounts. The estimated range of loss, net of insurance coverage, is from $0 - $930,000, in the aggregate, for all claims where a contingent loss is reasonably possible at March 31, 2014. | |||
The following are details of claims the Company considered individually material for year ended March 31, 2013: | |||
• | Andersen vs ICC. This FINRA arbitration was initiated by the filing of a Statement of Claim by Claimant, Jane Comer, as Personal Representative of the Estate of Michael R. Andersen (“Decedent”). Claimant alleged that ICC and its former ICC Registered Representative, were liable to Decedent for losses associated with his investments in several alternative investments. | ||
Claimant sought damages in the amount between $500,000 and $1,000,000; punitive damages; attorney’s fees; costs; and interest. The applicable insurance defense and indemnity deductible applicable to this matter is $250,000 which is the Company’s maximum exposure for this claim. The Company had accrued $250,000; less fees incurred which reduced the deductible. | |||
• | Stickel vs. ICC. Claimant alleged that ICC and the Registered Representative were liable to her for losses associated with certain. The Statement of Claim, dated May 2012, contained counts for unsuitability, misrepresentation and negligent supervision. The applicable insurance defense and indemnity deductible applicable to this matter is $250,000 which is the Company’s maximum exposure for this claim. The Company accrued $250,000, less fees incurred which reduced the deductible. | ||
• | Giraldo vs. ICC. This FINRA arbitration was initiated by the filing of a Statement of Claim by Claimants, Bernardo and Suzel Giraldo. Claimants alleged that ICC and its former Registered Representative were liable for losses associated with their investment. The applicable insurance defense and indemnity deductible applicable to this matter is $250,000 which is the Company’s maximum exposure for this claim. The Company accrued $250,000, less fees incurred which reduced the deductible. | ||
With respect to claims where loss exposure is reasonably possible, but not yet probable, the range of individual claim amounts are from $100,000 to $2,000,000, unless claims have indeterminable amounts. The estimated range of loss is from $0 – $1,200,000, in the aggregate, for all reasonably possible claims at March 31, 2013. Many of these cases were either subsequently settled or dismissed during fiscal year ended March 31, 2014. | |||
Net_Capital_Requirements
Net Capital Requirements | 12 Months Ended |
Mar. 31, 2014 | |
Net Capital Requirements [Abstract] | ' |
Net Capital Requirements | ' |
NOTE 15- NET CAPITAL REQUIREMENTS | |
ICC is subject to SEC Uniform Net Capital Rule (Rule 15c3-1) which requires that our broker-dealer subsidiary maintain minimum net capital. As of March 31, 2012, ICC computes net capital requirements under the alternative method, which requires firms to maintain minimum net capital, as defined, equal to the greater of $250,000 or 2% of aggregate debit balances. Repayment or prepayment of subordinated debt and withdrawal of equity from retiring partners or officers is subject to net capital not falling below 5% of aggregate debits or 120% of minimum net capital requirement | |
As of March 31, 2014, ICC had net capital of $2.28 million (i.e., an excess of $2.03 million) as compared to net capital of approximately $4.43 million (i.e., an excess of $4.18 million) as of March 31, 2013. The decrease in net capital is attributed to an increase in non-allowable assets specifically for loans to representatives, as well as payments of non-recurring expenses related to the Merger Agreement coupled with as numerous litigation and claims settlements. | |
AD is a registered broker-dealer and, accordingly, is subject to SEC Uniform Net Capital Rule (Rule 15c3-1) which requires the Company to maintain minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. AD operates as a (k)(1) Broker Dealer limiting its principal transactions to mutual funds and variable annuities with a minimum net capital of $5,000. As of March 31, 2014, the Company had net capital of $26,795 (an excess of $21,795). The Company’s net capital ratio for March 31, 2014 was 1.40 to 1. | |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Benefit Plans [Abstract] | ' | ||||||
Benefit Plans | ' | ||||||
NOTE 16 - BENEFIT PLANS | |||||||
The 1994 Stock Option Plan | |||||||
As of September 1, 1994, the Company adopted a stock option plan (the "1994 Plan") that provided for the granting of options to Timothy Murphy, the Company’s CEO, to purchase shares of the common stock of the Company for $1.00 per share. Following a three for two stock split in 1997, a maximum of 150,000 shares of common stock were issuable and granted under the 1994 Plan. The number of options and grant date were determined at the discretion of the Company's Board of Directors (the "Board"). Options outstanding under the 1994 Plan are fully exercisable and have no stated expiration. | |||||||
The 1996 Incentive Stock Plan | |||||||
As of October 1, 1997, the Board adopted the 1996 Incentive Stock Plan (the "1996 Plan"). Key employees, directors and the Company's registered representatives are eligible to receive stock options and stock grants, and the aggregate number of shares to be delivered under the 1996 Plan cannot exceed 300,000. As of March 31, 2014 and 2013, there were no options outstanding. As of March 31, 2014 and 2013, the Company had granted a total of 218,750 shares of stock under the 1996 Plan. | |||||||
The 2001 Equity Incentive Plan | |||||||
As of March 12, 2001, the Board adopted the 2001 Equity Incentive Plan (the "2001 Plan"). Key employees, directors and the Company's registered representatives are eligible to receive stock grants and/or stock options to purchase shares of the common stock of the Company. The aggregate number of shares issuable under the 2001 Plan cannot exceed 250,000. The numbers of shares subject to each stock grant or stock option and any vesting requirements are determined by the Board. As of March 31, 2014 and 2013, no shares of stock have been granted under the 2001 Plan. | |||||||
The 2005 Equity Incentive Plan- Amended and Restated Equity and Cash Bonus Plan (the “Amended Plan”) | |||||||
The Investors Capital Holdings, Ltd. 2005 Equity Incentive Plan was adopted by the Board on May 17, 2005, and was approved by vote of the Company’s stockholders at a September 21, 2005 meeting, and amended on October 11, 2011 (the “Amended Plan”). The purpose of the Amended Plan is (i) to attract and retain employees, directors, officers, representatives and other individuals upon whom the responsibilities of the successful administration, management, planning and/or organization of the Company may rest, and whose present and potential contributions to the welfare of the Company, a parent corporation or a subsidiary are of importance (“Key Contributors”), and (ii) to motivate Key Contributors with a view toward enhancing profitable growth of the Company over the long term. Under the Amended Plan Plan, the Company is authorized to award options to purchase common stock, and shares of common stock, to employees, independent representatives and others (e.g. Board members) who have contributed to or are expected to contribute to the Company, its businesses and prospects. Restricted stock customarily are granted by the Company in connection with initial employment or under various retention plans. Options may, but need not, be designated as incentive stock options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code of 1986. As of March 31, 2014, the Company had not granted any options under the plan and had no current plans to do so. The Company did grant 416,715 of restricted shares of stock under the Amended plan to employees, directors, and representatives in February 2013. | |||||||
Restricted shares of stock granted under the Amended Plan have been either fully vested at date of grant or subject to vesting over time periods varying from one to seven years after the date of grant, unvested shares being subject to forfeiture in the event of termination of the grantee’s relationship with the Company, other than for death or disability. The compensation cost associated with restricted stock grants is recognized over the vesting period of the shares and is calculated as the market value of the shares on the date of grant. Restricted shares have been recorded as deferred compensation, which is a component of paid-in capital within stockholders’ equity on the Company’s Consolidated Balance Sheets. Under the Amended Plan 58,201 shares remain as authorized and are available for issuance and 941,799 shares have been issued. Stock compensation for the years ended March 31, 2014 and 2013 for restricted shares issued under all Plans was $361,469 and $172,780, respectively. | |||||||
The following activity under the Amended Plan occurred during the fiscal year ended March 31, 2014: | |||||||
Weighted Ave | Weighted Average | ||||||
Shares | Stock Price | Vested Life | Fair Value $ | ||||
Non-vested at April 1, 2013 | 440,437 | $ 3.85 | 2.74 years | $ 1,695,682 | |||
Granted | - | $ - | $ - | ||||
Less: vested | -94,771 | $ 3.94 | $ (373,398) | ||||
Less: canceled | -9,236 | $ 4.05 | $ (37,406) | ||||
Non-vested at March 31, 2014 | 336,430 | $ 3.81 | 1.86 years | $ 1,281,798 | |||
The following activity under the Amended Plan occurred during the fiscal year ended March 31, 2013: | |||||||
Weighted Ave | Weighted Average | ||||||
Shares | Stock Price | Vested Life | Fair Value $ | ||||
Non-vested at April 1, 2012 | 77,402 | $4.41 | 2.54 years | $ 341,343 | |||
Granted | 420,000 | $3.81 | $ 1,600,200 | ||||
Less: vested | -49,374 | $4.31 | $ (212,802) | ||||
Less: canceled | -7,591 | $4.67 | $ (35,450) | ||||
Non-vested at March 31, 2013 | 440,437 | $3.85 | 2.74 years | $ 1,695,682 | |||
The Company's results for the fiscal year ended March 31, 2014 and 2013, respectively includes $205,740 and $17,145 of compensation costs related to vesting of restricted stock grants to employees and $155,729 and $155,635 of restricted stock grants to directors, consultants and independent representatives, under the 2005 Plan. | |||||||
As of March 31, 2014 there was $1,281,798 of unrecognized compensation cost related to grants under the 2005 Plan, and $1,695,682 of unrecognized compensation as of March 31, 2013 under the 2005 Plan. | |||||||
Stock Option Grants | |||||||
A summary of the status of the Company's employee, representative and Directors' fixed stock options as of March 31, 2014 and 2013, and changes during the fiscal years ended on those dates, is presented below: | |||||||
Employee | |||||||
2014 | 2013 | ||||||
Fixed Options | Weighted-Average | Weighted-Average | |||||
Shares | Exercise Price | Shares | Exercise Price | ||||
Outstanding at beginning of year | 150,000 | $ | 150,000 | $ | |||
1.00 | 1.00 | ||||||
Granted | - | - | |||||
Forfeited | - | - | |||||
Exercised | - | - | |||||
Outstanding at year end | 150,000 | $ | 150,000 | $ | |||
1.00 | 1.00 | ||||||
Options exercisable at year-end | 150,000 | 150,000 | |||||
Weighted-average fair value of | |||||||
options granted during the year | - | - | |||||
The intrinsic value of the above stock options was $921,000 and $412,500 at March 31, 2014 and 2013, respectively. | |||||||
Retirement Plan: The Company has a 401(k) Profit Sharing Plan that allows participation by all employees with at least three months of service. The Plan covers substantially all employees who have met employment guidelines. Effective January 1, 2014, the Company instituted a safe harbor contribution. The Company matched 100% of the eligible participant’s contribution up to 3% of the participant’s qualifying wages and then 50% of the next 2% of participant’s contribution. The Company’s matching contributions, included in compensation and benefits, was approximately $41,000, for the year ended March 31, 2014. The Company did not make any discretionary contributions for the prior fiscal year. | |||||||
Non-Qualified Deferred Compensation Plan: Effective December 2007, the Company established the Investors Capital Holdings, Ltd. Deferred Compensation Plan (the “NQ Plan”) as well as a Rabbi Trust Agreement for this Plan, for which ICC is the NQ Plan’s sponsor. The funded NQ Plan enables eligible ICC’s Representatives to elect to defer a portion of earned commissions, as defined by the NQ Plan. The asset represents the representatives’ invested contributions of deferred commissions, investment gains and losses as well as insurance charges while the liability is comprised of the participant deferrals, unrealized gains and losses and any distributions. The total amount of deferred compensation was $683,002 and $475,352 for the years ended March 31, 2014 and 2013, respectively | |||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended |
Mar. 31, 2014 | |
Earnings Per Common Share [Abstract] | ' |
Earnings Per Common Share | ' |
NOTE 17 - EARNINGS PER COMMON SHARE | |
Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the dilutive effect of all stock options and other items outstanding during the period that could potentially result in the issuance of common stock, as well as any adjustment to income that would result from the assumed issuance. As of March 31, 2014, there were 150,000 stock options and 354,883 shares of unvested restricted stock outstanding which were excluded from the diluted loss per share calculation since they were anti-dilutive. As of March 31, 2013, there were 150,000 stock options and 463,990 shares of unvested restricted stock outstanding which were included in the diluted net income per share calculation resulting in no change on earnings per share. | |
Unaudited_Quarterly_Results
Unaudited Quarterly Results | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Unaudited Quarterly Results [Abstract] | ' | ||||||||
Unaudited Quarterly Results | ' | ||||||||
NOTE 18 - UNAUDITED QUARTERLY RESULTS | |||||||||
The unaudited quarterly amounts may differ due to the reclassifications. Refer to Note 2 – Summary of Significant Accounting Policies. | |||||||||
30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | ||||||
Revenues | $ | 23,082,996 | $ | 22,277,804 | $ | 24,848,759 | $ | 23,404,852 | |
Expenses | 23,753,102 | 23,192,147 | 25,252,080 | 24,343,122 | |||||
Operating income (loss) | -670,106 | -914,343 | -403,321 | -938,274 | |||||
Net income (loss) | -359,579 | -781,518 | -285,694 | -954,287 | |||||
Basic earnings income (loss) per share | -0.05 | -0.12 | -0.04 | -0.14 | |||||
Diluted earnings (loss) per share | NA | NA | NA | NA | |||||
30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Mar-13 | ||||||
Revenues | $ | 20,802,525 | $ | 20,322,765 | $ | 20,766,362 | $ | 22,993,737 | |
Expenses | 20,353,503 | 19,893,125 | 20,483,091 | 23,569,666 | |||||
Operating loss | 449,022 | 429,640 | 283,271 | -575,929 | |||||
Net (loss) income | 261,682 | 280,220 | 133,716 | -309,326 | |||||
Basic earnings (loss) income per share | 0.04 | 0.04 | 0.02 | -0.04 | |||||
Diluted earnings (loss) per share | 0.04 | 0.04 | 0.02 | NA | |||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 19-SUBSEQUENT EVENTS | |
On May 9, 2014 150,000 options were exercised for 150,000 common shares of ICH, by ICH’s CEO at a fair market value of $7.13 per share. These options were issued in 1994. | |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, ICC, ICC Insurance Agency, Inc., Advisor Direct, Inc. and ICH Securities. All significant inter-company items and transactions have been eliminated in the consolidation. | |
Use of Estimates and Assumptions | ' |
Use of Estimates and Assumptions | |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Those estimates deal with the valuation of securities and other assets revenue recognition, litigation reserves and allowance for doubtful accounts receivable and involve a particularly high degree of judgment and complexity. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company’s revenue recognition policies are summarized below. | |
Mutual Funds/Variable Annuities. Revenue from the sale of mutual funds and variable annuities is recognized as of the date the check and application is accepted by the investment company. | |
Brokerage. The Company earns commissions through stock purchase and sale transactions, mutual fund purchases, government and corporate bonds transactions, fee-based managed accounts and ticket charges. The Company also earns revenue in the form of 12b-1 fees and interest on account balances. The earnings process is substantially complete at trade date in accordance with the rules of FINRA and the SEC. | |
The Company also receives credit adjustments for clearing charges that are netted against any clearing charges the Company may incur for the period. These adjustments are recognized as income in the period received unless otherwise noted by the clearing Company. | |
Unrealized gains and losses are recorded at the time that the Company reconciles its trading positions with the market value. The unrealized gains or losses are adjusted to market until the position is settled or the trade is cancelled. | |
Advisory Fees. The Company’s managed accounts advisory fees are based on the amount of assets managed per agreement negotiated between its independent representatives and their clients. These revenues are recorded quarterly as and when billed based on the fair market value of assets managed throughout the quarter. Any portion remaining uncollected due to account adjustments after account rebalancing is charged against earnings at quarter end. | |
Administration Fees. Administration fees for services rendered to the Company’s representatives respecting annual FINRA license renewals and Error and Omissions (“E&O”) insurance are recognized as revenue upon registration of the representative with FINRA and listing of the registered representative with the E&O insurance carrier. The funds received from the registered representative are initially recorded as unearned revenue. The amounts collected in excess of the E & O insurance premium and/or fees due FINRA, if any, are recognized as revenue. Fees collected to maintain books and records are deferred and recognized ratably throughout the year. | |
Other Revenue. Revenue from marketing associated with product sales is recognized quarterly based on production levels. Marketing event revenues are recognized at the commencement of each event offset by its costs. Revenue from ICC’s technology platform, Capital Connect, is recognized monthly based on a representative’s selected package, which provides them access to a portal, in addition to receiving IT support. The service terminates immediately if a representative is no longer with the firm or it is temporarily suspended, in either case, there will be no additional fees to be recognized as income. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For purposes of reporting cash flow, cash and cash equivalents includes cash in checking and savings accounts, cash at its clearing firm and short-term investments with original maturities of 90 days or less. | |
Customer Accounts | ' |
Customer Accounts | |
The Company's customer accounts are reported by the various custodians on a fully disclosed basis. | |
Financial Instruments | ' |
Financial Instruments | |
The Company’s financial assets and liabilities are reported in the statements of financial condition at readily ascertainable fair value or at carrying amounts that approximate fair value as these financial instruments generally have short maturity periods. The fair value of securities owned and trading securities sold, not yet purchased are equal to the carrying value. Changes in the fair value of these securities are reflected in the results of operations. | |
Marketable Securities | ' |
Marketable Securities | |
The Company classifies its short-term investments as trading, available for sale, or held to maturity. The Company's marketable securities consist of fixed income instruments and mutual funds and have been classified by management as trading. Accordingly, realized and unrealized gains and losses at year-end are included in the earnings of the Company. The fair market values of these securities are determined based on quoted market prices. | |
The Company conducts its principal trading through two designated trading accounts. One of these accounts is used to facilitate fixed income trading on a same day buy-sell basis. The second account is used to facilitate fixed income trading for representatives and may carry positions overnight. These securities are normally held in the account for no longer than 30 days and are recorded at fair market value. | |
Advertising | ' |
Advertising | |
The Company expenses all promotional costs as incurred. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful life of the related assets, over a period of three to seven years. Leasehold improvements are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Routine repairs and maintenance are expensed as incurred. | |
The Company reviews the carrying value of its property and equipment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from its use and eventual disposition. In cases where an asset is not in use and subsequently disposed of, the Company recognizes a loss on disposal that is equal to the carrying value at the time of disposal offset against any proceeds received. The Company reported losses on its disposal of property and equipment of $0 and $65,786 respectively, for the years ended March 31, 2014 and 2013. | |
Income Taxes | ' |
Income Taxes | |
The Company uses the asset and liability method to account for income taxes, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income or loss in the period that includes the enactment date. | |
Deferred income taxes are the result of timing differences between book and taxable income and consist primarily of deferred compensation, legal accruals, differences between depreciation expenses, and a net operating loss for financial statement purposes versus tax return purposes. | |
The Company has assessed the realizability of its deferred tax assets to determine whether or not a valuation allowance was required for some or all of its deferred tax assets. The Company also considered its current period reporting results and compared these results to its annual projection. Management anticipates it will achieve profitability and future taxable income. If future operations exceed current projections, management may conclude such valuation allowance is no longer needed. Conversely, if future operating results do not meet current projections, it is possible that an additional valuation allowance may be needed in future periods. | |
US GAAP requires that the impact of tax positions be recognized in the financial statements if they are more likely than not of being sustained upon examination, based on the technical merits of the position. The Company’s management has determined that the Company has no uncertain tax positions requiring recognition as of March 31, 2014. | |
Earnings Per Share | ' |
The Company files federal and state income tax returns. The statute of limitations for the federal tax return is three years, and for state tax returns is between a range of three and six years; therefore, federal tax returns before March 31, 2011 are not subject to examination and certain state tax returns before March 31, 2011 and March 31, 2008 are not subject to examination. The Company had returns under examination as of March 31, 2014. | |
Earnings Per Share | |
The Company reports net income (loss) per share. Diluted earnings per share do not include the effect of stock options as it has an anti-dilutive effect on earnings per share (See Note 17). Basic and diluted net income per common share are determined by dividing net income by the weighted average number of common shares outstanding during the period. | |
Stock Based Awards | ' |
Stock Based Awards | |
The Company grants stock based awards to employees, directors, and registered representatives after the awards are approved by the board of directors. These awards are incentive driven and based on performance. (See NOTE 16 BENEFIT PLANS) | |
Segment Reporting | ' |
Segment Reporting | |
The Company makes disclosures about products and services, and major customers. See “Note 12, Segment Information”. | |
Accounts Receivable - Allowance for Doubtful Accounts | ' |
Accounts Receivable – Allowance for Doubtful Accounts | |
The Company’s policies for determining whether a receivable is considered uncollectible are as follows: | |
Trade receivables from brokers and clearing organizations. As prescribed by the SEC, trade receivables usually settle within three days. The balances shown as receivable from and payable to brokers and clearing organizations represent amounts due in connection with the Company’s normal transactions involving trading of securities. Management considers all receivables to be collectible; therefore, no allowance for doubtful accounts has been provided. | |
Loans to representatives. Management performs periodic evaluations and provides an allowance based on the assessment of specifically identified unsecured receivables and other factors, including the representative's payment history and production levels. Once it is determined that it is both probable that a loan has been impaired, typically due to the termination of the relationship, and the amount of loss can reasonably be estimated, the portion of the loan balance estimated to be uncollectible is so classified. See “Note 3, Loans to Registered Representatives”. | |
Valuation of Securities and Other Assets | ' |
Valuation of Securities and Other Assets | |
Substantially all financial instruments are reflected in the consolidated financial statements at fair value or amounts that approximate fair value. These may include cash and cash equivalents; securities purchased under agreements to resell; deposits with clearing organizations; securities owned; and securities sold but not yet purchased. Certain financial instruments are classified as trading, available for sale, and held to maturity. The realized gains and losses are recorded in the income statement in the period in which the transactions occurred. The related unrealized gains and losses would be reflected in other comprehensive income depending on the underlying purpose of the instrument. | |
Where available, the Company uses prices from independent sources such as listed market prices, or broker or dealer price quotations. Fair values for certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments or commodities, as well as time value and yield curve or volatility factors underlying the positions. In addition, even where the value of a security is derived from an independent market price or broker or dealer quote, certain assumptions may be required to determine the fair value. The Company generally assumes that the size of positions in securities that the Company holds would not be large enough to affect the quoted price of the securities if the Company were to sell them, and that any such sale would happen in an orderly manner. However, the actual value realized upon disposition could be different from the current carrying value. | |
Internal Use of Software | ' |
Internal Use of Software | |
The costs of internally developed software that qualify for capitalization are capitalized as fixed assets and subsequently amortized over the estimated useful life of the software, which is generally three years. The costs of internally developed software are included in fixed assets at the point at which the conceptual formulation, design and testing of possible software project alternatives are complete and management authorizes and commits to funding the project. The Company does not capitalize projects where it believes that the future economic benefits are less than probable. | |
Reclassifications | ' |
Reclassifications | |
Certain amounts in 2013 were reclassified to provide comparison with 2014 classifications. There was no impact to previously reported Net income (loss) or Net income (loss) per share. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
There were no recent accounting pronouncements to be applied for the fiscal years ended March 31, 2014 and 2013. | |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated subsequent events through the date the financial statements were available to be filed. There were no material subsequent events requiring adjustment to or disclosure in these financial statements. | |
Loans_To_Registered_Representa1
Loans To Registered Representatives (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Loans To Registered Representatives [Abstract] | ' | ||||
Schedule Of Loans To Registered Representatives | ' | ||||
2014 | 2013 | ||||
Forgivable loans | $ | 1,614,006 | $ | 1,115,765 | |
Other loans | 378,931 | 604,264 | |||
Less: allowance | - | -232,596 | |||
Total loans | $ | 1,992,937 | $ | 1,487,433 | |
Securities_Owned_And_Securitie1
Securities Owned And Securities Sold, Not Yet Purchased At Fair Value (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Securities Owned And Securities Sold, Not Yet Purchased At Fair Value [Abstract] | ' | ||||||
Securities Owned And Securities Sold, Not Yet Purchased At Fair Value | ' | ||||||
31-Mar-14 | |||||||
Sold, Not Yet | |||||||
Owned | Purchased | ||||||
Mutual funds | $ | 307,109 | $ | - | |||
$ | 307,109 | $ | - | ||||
31-Mar-13 | |||||||
Sold, Not Yet | |||||||
Owned | Purchased | ||||||
Equities | $ | 354 | $ | 28,946 | |||
Mutual funds | 258,549 | - | |||||
$ | 258,903 | $ | 28,946 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule Of Fair Value Hierarchy For Financial Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||
Fair Value Measurements on Recurring Basis | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Assets: | |||||||||||||
Securities owned at fair value | |||||||||||||
Mutual funds | $ | 307,109 | $ | 307,109 | $ | - | $ | - | |||||
Total assets | $ | 307,109 | $ | 307,109 | $ | - | $ | - | |||||
The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value as of March 31, 2013: | |||||||||||||
Fair Value Measurements on Recurring Basis | |||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||
Assets: | |||||||||||||
Securities owned at fair value | |||||||||||||
Mutual funds | $ | 258,549 | $ | 258,549 | $ | - | $ | - | |||||
Equities | 354 | 354 | - | - | |||||||||
Total assets | $ | 258,903 | $ | 258,903 | $ | - | $ | - | |||||
Liabilities: | |||||||||||||
Securities sold, not yet purchased at fair value | |||||||||||||
Equities | $ | 28,946 | $ | 28,946 | $ | - | $ | - | |||||
Total liabilities | $ | 28,946 | $ | 28,946 | $ | - | $ | - | |||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Property And Equipment, Net [Abstract] | ' | ||||
Schedule Of Property And Equipment | ' | ||||
2014 | 2013 | ||||
Equipment | $ 1,968,017 | $ 1,962,486 | |||
Leasehold improvements | 112,866 | 111,825 | |||
Furniture and fixtures | 387,004 | 387,004 | |||
2,467,887 | 2,461,315 | ||||
Accumulated depreciation and amortization | -2,421,958 | -2,266,869 | |||
Property and equipment, net | $ 45,929 | $ 194,446 | |||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Notes Payable [Abstract] | ' | ||||||||||
Notes Payable | ' | ||||||||||
March 31, | Lender | Premium | Principal | Interest Rate | Maturity Date | ||||||
2014 | AFCO | Directors and Officers, Liability, Fidelity Bond | $ | 280,699 | 1.99% | 17-Feb-15 | |||||
Premium Financing | Errors and Omissions | 1,072,909 | 1.89% | 30-Nov-14 | |||||||
$ | 1,353,608 | ||||||||||
2013 | AFCO | Directors and Officers, Liability, Fidelity Bond | $ | 280,693 | 1.99% | 17-Feb-14 | |||||
Premium Financing | Errors and Omissions | 1,208,183 | 1.99% | 30-Nov-13 | |||||||
$ | 1,488,876 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Income Taxes [Abstract] | ' | |||||||
The (Benefit) Provision For Income Taxes | ' | |||||||
2014 | 2013 | |||||||
Current: | ||||||||
Federal | $ | - | $ | -275,496 | ||||
State | - | 4,682 | ||||||
$ | $ | -270,814 | ||||||
Deferred: | ||||||||
Federal | $ | -607,705 | $ | 461,001 | ||||
State | -178,438 | 29,529 | ||||||
-786,143 | 490,530 | |||||||
Change in valuation allowance | 241,177 | - | ||||||
Provision (benefit) for income taxes | $ | -544,966 | $ | 219,716 | ||||
Net Deferred Tax Assets (Liabilities) Within Each Tax Jurisdiction | ' | |||||||
31-Mar-14 | ||||||||
Asset | Liability | Valuation Allowance | Net deferred tax asset | |||||
Federal | $ 1,961,177 | $ (276,929) | $ - | $ 1,684,248 | ||||
State | 703,710 | -53,639 | - | 650,071 | ||||
Valuation allowance | - | - | -729,874 | -729,874 | ||||
Total | $ 2,664,887 | $ (330,568) | $ (729,874) | $ 1,604,445 | ||||
31-Mar-13 | ||||||||
Asset | Liability | Valuation Allowance | Net deferred tax asset | |||||
Federal | $ 1,136,234 | $ (62,037) | $ - | $ 1,074,197 | ||||
State | 493,828 | -19,848 | - | 473,980 | ||||
Valuation allowance | - | - | -488,697 | -488,697 | ||||
Total | $ 1,630,062 | $ (81,885) | $ (488,697) | $ 1,059,480 | ||||
Summary Of The Significant Components Of The Company's Deferred Tax Assets and Liabilities | ' | |||||||
Years Ended March 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets (liabilities): | ||||||||
Accruals and reserves | $ | 406,346 | $ | 533,124 | ||||
Deferred compensation | 1,176,853 | 926,715 | ||||||
Depreciation and other | 59,569 | -15,478 | ||||||
Charitable contributions | 25,365 | 73,633 | ||||||
Net operating losses | 708,886 | 112,068 | ||||||
Other liabilities | -42,700 | -81,885 | ||||||
Total deferred tax assets, net, before valuation allowance | 2,334,319 | 1,548,177 | ||||||
Valuation allowance | -729,874 | -488,697 | ||||||
Total deferred tax assets, net | $ | 1,604,445 | $ | 1,059,480 | ||||
Total Income Tax Provision (Benefit) Differences From The Tax At The Statutory Federal Income Tax Rate | ' | |||||||
Years Ended March 31, | ||||||||
2014 | 2013 | |||||||
Tax at U.S. statutory rate | $ | -998,936 | $ | 199,397 | ||||
State taxes, net of federal benefit | -125,130 | 83,633 | ||||||
Merger transaction costs | 318,398 | - | ||||||
Unallowable expenses | 18,164 | 20,150 | ||||||
Change in valuation allowance | 241,177 | - | ||||||
Other adjustments | 1,361 | -83,464 | ||||||
Provision (benefit) for income taxes | $ | -544,966 | $ | 219,716 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Schedule Of Segment Reporting | ' | |||||||||
31-Mar-14 | ||||||||||
Commissions | Advisory | ICH | ICH Securities | Total | ||||||
Non-interest revenue | $ 74,349,498 | $ 19,030,574 | $ (76,213) | $ - | $ 93,303,859 | |||||
Revenue from transaction with | ||||||||||
other operating segments | 1,089,608 | - | - | - | $ 1,089,608 | |||||
Interest and dividend income, net | 310,524 | - | 6 | 19 | $ 310,549 | |||||
Depreciation and amortization | 209,014 | 916 | - | - | $ 209,930 | |||||
Income (loss) from operations | -3,574,353 | 1,997,912 | -1,349,622 | 19 | $ (2,926,044) | |||||
Year-end total assets | 17,123,833 | 696,163 | 2,752,599 | 10,372 | $ 20,582,967 | |||||
Corporate items and eliminations | - | - | -2,212,347 | - | $ (2,212,347) | |||||
31-Mar-13 | ||||||||||
Commissions | Advisory | ICH | ICH Securities | Total | ||||||
Non-interest revenue | $ 67,950,846 | $ 16,669,329 | $ (63,410) | $ - | $ 84,556,765 | |||||
Revenue from transaction with | ||||||||||
other operating segments | 871,397 | - | - | - | $ 871,397 | |||||
Interest and dividend income, net | 328,598 | - | 3 | 24 | $ 328,625 | |||||
Depreciation and amortization | 320,064 | 1,167 | - | - | $ 321,231 | |||||
Income (loss) from operations | -1,131,659 | 2,160,308 | -442,665 | 24 | $ 586,008 | |||||
Year-end total assets | 17,489,215 | 1,231,714 | 2,440,116 | 10,353 | $ 21,171,398 | |||||
Corporate items and eliminations | - | - | -1,274,746 | - | $ (1,274,746) | |||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
2015 | 350,555 | |||
2016 | 362,501 | |||
2017 | 314,106 | |||
Thereafter, | - | |||
$ 1,027,162 | ||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Benefit Plans [Abstract] | ' | ||||||
Schedule Of Non-Vested Activity | ' | ||||||
The following activity under the Amended Plan occurred during the fiscal year ended March 31, 2014: | |||||||
Weighted Ave | Weighted Average | ||||||
Shares | Stock Price | Vested Life | Fair Value $ | ||||
Non-vested at April 1, 2013 | 440,437 | $ 3.85 | 2.74 years | $ 1,695,682 | |||
Granted | - | $ - | $ - | ||||
Less: vested | -94,771 | $ 3.94 | $ (373,398) | ||||
Less: canceled | -9,236 | $ 4.05 | $ (37,406) | ||||
Non-vested at March 31, 2014 | 336,430 | $ 3.81 | 1.86 years | $ 1,281,798 | |||
The following activity under the Amended Plan occurred during the fiscal year ended March 31, 2013: | |||||||
Weighted Ave | Weighted Average | ||||||
Shares | Stock Price | Vested Life | Fair Value $ | ||||
Non-vested at April 1, 2012 | 77,402 | $4.41 | 2.54 years | $ 341,343 | |||
Granted | 420,000 | $3.81 | $ 1,600,200 | ||||
Less: vested | -49,374 | $4.31 | $ (212,802) | ||||
Less: canceled | -7,591 | $4.67 | $ (35,450) | ||||
Non-vested at March 31, 2013 | 440,437 | $3.85 | 2.74 years | $ 1,695,682 | |||
Summary Of Employee And Director Fixed Stock Options | ' | ||||||
Employee | |||||||
2014 | 2013 | ||||||
Fixed Options | Weighted-Average | Weighted-Average | |||||
Shares | Exercise Price | Shares | Exercise Price | ||||
Outstanding at beginning of year | 150,000 | $ | 150,000 | $ | |||
1.00 | 1.00 | ||||||
Granted | - | - | |||||
Forfeited | - | - | |||||
Exercised | - | - | |||||
Outstanding at year end | 150,000 | $ | 150,000 | $ | |||
1.00 | 1.00 | ||||||
Options exercisable at year-end | 150,000 | 150,000 | |||||
Weighted-average fair value of | |||||||
options granted during the year | - | - | |||||
Unaudited_Quarterly_Results_Of
Unaudited Quarterly Results Of Operations (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Unaudited Quarterly Results [Abstract] | ' | ||||||||
Schedule of Quarterly Financial Information | ' | ||||||||
30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | ||||||
Revenues | $ | 23,082,996 | $ | 22,277,804 | $ | 24,848,759 | $ | 23,404,852 | |
Expenses | 23,753,102 | 23,192,147 | 25,252,080 | 24,343,122 | |||||
Operating income (loss) | -670,106 | -914,343 | -403,321 | -938,274 | |||||
Net income (loss) | -359,579 | -781,518 | -285,694 | -954,287 | |||||
Basic earnings income (loss) per share | -0.05 | -0.12 | -0.04 | -0.14 | |||||
Diluted earnings (loss) per share | NA | NA | NA | NA | |||||
30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Mar-13 | ||||||
Revenues | $ | 20,802,525 | $ | 20,322,765 | $ | 20,766,362 | $ | 22,993,737 | |
Expenses | 20,353,503 | 19,893,125 | 20,483,091 | 23,569,666 | |||||
Operating loss | 449,022 | 429,640 | 283,271 | -575,929 | |||||
Net (loss) income | 261,682 | 280,220 | 133,716 | -309,326 | |||||
Basic earnings (loss) income per share | 0.04 | 0.04 | 0.02 | -0.04 | |||||
Diluted earnings (loss) per share | 0.04 | 0.04 | 0.02 | NA | |||||
Nature_Of_Operations_Details
Nature Of Operations (Details) (USD $) | 0 Months Ended | |
Jan. 25, 2013 | Oct. 27, 2013 | |
AD [Member] | RCS Capital Corp "RCAP" [Member] | |
Business Acquisition [Line Items] | ' | ' |
Purchase price | $32,500 | $52,500,000 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Loss on disposal of equipment | $0 | $65,786 |
Deferred tax assets, valuation allowance | $729,874 | $488,697 |
State [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Statute of limitations for the federal tax return | '3 years | ' |
Maximum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life, years | '7 years | ' |
Maximum [Member] | Federal [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Statute of limitations for the federal tax return | '6 years | ' |
Minimum [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful life, years | '3 years | ' |
Minimum [Member] | Federal [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Statute of limitations for the federal tax return | '3 years | ' |
Loans_To_Registered_Representa2
Loans To Registered Representatives (Narrative) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Loans Receivable Net [Line Items] | ' | ' |
Loans charged to commission expense | $308,194 | $181,599 |
Regulatory matter, settled date | 27-Oct-10 | ' |
Regulatory matter, amount due | 378,931 | 604,264 |
Maximum [Member] | ' | ' |
Loans Receivable Net [Line Items] | ' | ' |
Loan forgiveness period | '5 years | ' |
Interest charged on loans, percentage, maximum | 8.25% | ' |
Minimum [Member] | ' | ' |
Loans Receivable Net [Line Items] | ' | ' |
Loan forgiveness period | '1 year | ' |
Interest charged on loans, percentage, minimum | 4.25% | ' |
Registered Representative [Member] | ' | ' |
Loans Receivable Net [Line Items] | ' | ' |
Regulatory matter, amount due | $276,503 | $330,587 |
Loans_To_Registered_Representa3
Loans To Registered Representatives (Schedule Of Loans To Registered Representatives) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Loans To Registered Representatives [Abstract] | ' | ' |
Forgivable loans | $1,614,006 | $1,115,765 |
Other loans | 378,931 | 604,264 |
Less: allowance | ' | -232,596 |
Total loans | $1,992,937 | $1,487,433 |
Securities_Owned_And_Securitie2
Securities Owned And Securities Sold, Not Yet Purchased At Fair Value (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Security Owned | $307,109 | $258,903 |
Security Sold, Not Yet Purchased | ' | 28,946 |
Corporate Equity [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Security Owned | ' | 354 |
Security Sold, Not Yet Purchased | ' | 28,946 |
Mutual Funds [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Security Owned | $307,109 | $258,549 |
Financial_Instruments_With_Off1
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Financial Instruments With Off-Balance Sheet Risk And Concentrations Of Credit Risk [Abstract] | ' | ' | ' |
Commission receivable percentage | 25.00% | 36.00% | ' |
Cash and cash equivalents | $4,481,769 | $6,589,698 | $4,537,713 |
Cash segregated at clearing broker dealer | $1,651,682 | $2,701,440 | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Hierarchy For Financial Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Non-qualified deferred compensation investment | $2,117,966 | $1,771,044 |
Fair Value Measurements On Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 307,109 | 258,549 |
Equities | ' | 354 |
Total assets | 307,109 | 258,903 |
Fair Value Measurements On Recurring Basis [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 307,109 | 258,549 |
Equities | ' | 354 |
Total assets | 307,109 | 258,903 |
Securities Sold, Not yet Purchased [Member] | Fair Value Measurements On Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | ' | 28,946 |
Total liabilities | ' | 28,946 |
Securities Sold, Not yet Purchased [Member] | Fair Value Measurements On Recurring Basis [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equities | ' | 28,946 |
Total liabilities | ' | $28,946 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $2,467,887 | $2,461,315 |
Less accumulated depreciation and amortization | -2,421,958 | -2,266,869 |
Property, Plant and Equipment, Net, Total | 45,929 | 194,446 |
Depreciation expense | 158,613 | 234,083 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 1,968,017 | 1,962,486 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 112,866 | 111,825 |
Furniture And Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $387,004 | $387,004 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Principal | $1,353,608 | $1,488,876 |
Long-term debt outstanding | 0 | 0 |
AFCO [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 280,699 | 280,693 |
Interest Rate | 1.99% | 1.99% |
Maturity Date | 17-Feb-15 | 17-Feb-14 |
Premium Financing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | $1,072,909 | $1,208,183 |
Interest Rate | 1.89% | 1.99% |
Maturity Date | 30-Nov-14 | 30-Nov-13 |
Subordinated_Borrowings_Detail
Subordinated Borrowings (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Subordinated Borrowings [Abstract] | ' | ' |
Subordinated borrowings | $2,000,000 | $2,000,000 |
Subordinated borrowing, due date | 8-Mar-16 | ' |
Subordinated borrowing, base interest rate | 5.00% | ' |
Subordinated borrowing, interest rate | 8.25% | ' |
Subordinated borrowings, interest expense | 165,000 | ' |
Accrued interest | $41,250 | ' |
Line_Of_Credit_Details
Line Of Credit (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Line Of Credit [Abstract] | ' | ' |
Maximum borrowings | $1,000,000 | ' |
Base lending rate | 5.00% | ' |
Line of credit facility, amount outstanding | $0 | $0 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Taxes [Abstract] | ' | ' | ' |
Operating Loss Carryforwards | $4,960,000 | ' | $3,000,000 |
Non-recurring expense | 1,200,000 | ' | 1,300,000 |
Operating loss carryforward, valuation allowance | 730,000 | ' | 500,000 |
Net operating losses | 708,886 | 112,068 | ' |
Interest and penalties | $0 | $0 | ' |
Income_Taxes_The_Benefit_Provi
Income Taxes (The (Benefit) Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Current: Federal | ' | ($275,496) |
Current: State | ' | 4,682 |
Current Income Tax Expense (Benefit), Total | ' | -270,814 |
Deferred: Federal | -607,705 | 461,001 |
Deferred: State | -178,438 | 29,529 |
Deferred Income Tax Expense (Benefit), Total | -786,143 | 490,530 |
Change in valuation allowance on deferred tax asset | 241,177 | ' |
(Benefit) provision for income taxes | ($544,966) | $219,716 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes (Net Deferred Tax Assets (Liabilities) Within Each Tax Jurisdiction) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Net Deferred Tax Assets Liabilities [Line Items] | ' | ' |
Asset | $2,664,887 | $1,630,062 |
Liability | -330,568 | -81,885 |
Valuation Allowance | -729,874 | -488,697 |
Net deferred tax asset, Total | 1,604,445 | 1,059,480 |
Federal [Member] | ' | ' |
Net Deferred Tax Assets Liabilities [Line Items] | ' | ' |
Asset | 1,961,177 | 1,136,234 |
Liability | -276,929 | -62,037 |
Deferred tax assets gross | 1,684,248 | 1,074,197 |
State [Member] | ' | ' |
Net Deferred Tax Assets Liabilities [Line Items] | ' | ' |
Asset | 703,710 | 493,828 |
Liability | -53,639 | -19,848 |
Deferred tax assets gross | $650,071 | $473,980 |
Income_Taxes_Summary_Of_The_Si
Income Taxes (Summary Of The Significant Components Of The Company's Deferred Tax Assets and Liabilities) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Abstract] | ' | ' |
Accruals and reserves | $406,346 | $533,124 |
Deferred compensation | 1,176,853 | 926,715 |
Depreciation and other | 59,569 | -15,478 |
Charitable contributions | 25,365 | 73,633 |
Net operating losses | 708,886 | 112,068 |
Other liabilities | -42,700 | -81,885 |
Total deferred tax assets, net, before valuation allowance | 2,334,319 | 1,548,177 |
Valuation Allowance | -729,874 | -488,697 |
Total deferred tax assets, net | $1,604,445 | $1,059,480 |
Income_Taxes_Total_Income_Tax_
Income Taxes (Total Income Tax Provision (Benefit) Differences From The Tax At The Statutory Federal Income Tax Rate) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Tax at U.S. statutory rate | ($998,936) | $199,397 |
State taxes, net of federal benefit | -125,130 | 83,633 |
Merger transaction costs | 318,398 | ' |
Unallowable expenses | 18,164 | 20,150 |
Change in valuation allowance | 241,177 | ' |
Other adjustments | 1,361 | -83,464 |
(Benefit) provision for income taxes | ($544,966) | $219,716 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Segment Information [Abstract] | ' |
Allocated expenses for AD for administrative, record-keeping, and compliance purposes | $2,880 |
Direct costs for regulatory and professional services in maintaining its shell broker-dealer status | $10,013 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest revenue | ' | ' | ' | ' | ' | ' | ' | ' | $93,303,859 | $84,556,765 |
Revenue from transaction with other operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 1,089,608 | 871,397 |
Interest and dividend income, net | ' | ' | ' | ' | ' | ' | ' | ' | 310,549 | 328,625 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 209,930 | 321,231 |
Income (loss) from operations | -938,274 | -403,321 | -914,343 | -670,106 | -575,929 | 283,271 | 429,640 | 449,022 | -2,926,044 | 586,008 |
Period end total assets | ' | ' | ' | ' | ' | ' | ' | ' | 20,582,967 | 21,171,398 |
Corporate items and eliminations | ' | ' | ' | ' | ' | ' | ' | ' | -2,212,347 | -1,274,746 |
Commissions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest revenue | ' | ' | ' | ' | ' | ' | ' | ' | 74,349,498 | 67,950,846 |
Revenue from transaction with other operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 1,089,608 | 871,397 |
Interest and dividend income, net | ' | ' | ' | ' | ' | ' | ' | ' | 310,524 | 328,598 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 209,014 | 320,064 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,574,353 | -1,131,659 |
Period end total assets | ' | ' | ' | ' | ' | ' | ' | ' | 17,123,833 | 17,489,215 |
Advisory [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest revenue | ' | ' | ' | ' | ' | ' | ' | ' | 19,030,574 | 16,669,329 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 916 | 1,167 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,997,912 | 2,160,308 |
Period end total assets | ' | ' | ' | ' | ' | ' | ' | ' | 696,163 | 1,231,714 |
ICH [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-interest revenue | ' | ' | ' | ' | ' | ' | ' | ' | -76,213 | -63,410 |
Interest and dividend income, net | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 3 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,349,622 | -442,665 |
Period end total assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,752,599 | 2,440,116 |
Corporate items and eliminations | ' | ' | ' | ' | ' | ' | ' | ' | -2,212,347 | -1,274,746 |
ICH Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income, net | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 24 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 24 |
Period end total assets | ' | ' | ' | ' | ' | ' | ' | ' | $10,372 | $10,353 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 19, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
sqft | sqft | |||
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Building Area Leased | 14,045 | 14,336 | ' | ' |
Operating Lease Term | '16 months | ' | ' | ' |
Operating Lease Amended Term | ' | '3 years | ' | ' |
Operating leases, Rent expense | ' | ' | $214,565 | $283,470 |
Outstanding commitments | ' | $160,000 | $160,000 | $0 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule of Minimum Rental Due in Future Periods) (Details) (USD $) | Mar. 31, 2014 |
Commitments And Contingencies [Abstract] | ' |
2015 | $350,555 |
2016 | 362,501 |
2017 | 314,106 |
Thereafter | ' |
Operating Leases, Future Minimum Payments Due, Total | $1,027,162 |
Litigation_And_Regulatory_Matt1
Litigation And Regulatory Matters (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | |
Mangiarelli vs. ICC [Member] | Demarkey vs. ICC [Member] | Andersen vs ICC [Member] | Stickel vs. ICC [Member] | Giraldo vs. ICC [Member] | Minimum [Member] | Maximum [Member] | ||||
Andersen vs ICC [Member] | Andersen vs ICC [Member] | |||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exposure limit of errors, minimum | ' | ' | ' | ' | ' | $250,000 | $250,000 | $250,000 | ' | ' |
Exposure limit of errors, maximum | ' | ' | 100,000 | 250,000 | 250,000 | ' | ' | ' | ' | ' |
Exposure limit of errors, aggregate maximum | 1,000,000 | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' |
Exposure limit of errors, after threshold | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of coinsurance after threshold | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum exposure to damages and costs related to fraudulent activities | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | 1,670,000 | 1,535,000 | ' | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | ' | ' |
Litigation claim amount, minimum | 50,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation claim amount, maximum | 681,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated range of loss, net of insurance coverage, minimum | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated range of loss, net of insurance coverage, maximum | 930,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sought damages | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $1,000,000 |
Net_Capital_Requirements_Detai
Net Capital Requirements (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Minimum net capital required for Broker-Dealer Subsidiary | $250,000 | ' |
Minimum capital requirement percent of aggregate debit balances | 2.00% | ' |
Net capital aggregate debits threshold, percent | 5.00% | ' |
Minimum percent of net capital requirement | 120.00% | ' |
Net Capital | 2,280,000 | 4,430,000 |
Excess net capital | 2,030,000 | 4,180,000 |
AD [Member] | ' | ' |
Minimum net capital required for Broker-Dealer Subsidiary | 5,000 | ' |
Net Capital | 26,795 | ' |
Excess net capital | $21,795 | ' |
Net capital ratio | 1.4 | ' |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock split ratio | ' | ' | 1.5 |
Options Outstanding, Number Outstanding | 150,000 | 150,000 | ' |
Share-based Compensation | $361,469 | $172,780 | ' |
Intrinsic value of stock options | 921,000 | 412,500 | ' |
Company match on first 3% of employee contribution | 100.00% | ' | ' |
Employee annual contribution matched at 100% by company | 3.00% | ' | ' |
Company match on 2% of employee contribution after the first 3% | 50.00% | ' | ' |
Employee annual contribution matched at 50% after the first 3% of contribution | 2.00% | ' | ' |
Employer contributions | 41,000 | ' | ' |
Deferred Compensation Amount | 683,002 | 475,352 | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation | 361,469 | 172,780 | ' |
1994 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options exercise price | $1 | ' | ' |
Maximum number of shares available | 150,000 | ' | ' |
1996 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum number of shares available | 300,000 | ' | ' |
Granted, Shares | 218,750 | ' | ' |
Options Outstanding, Number Outstanding | 0 | 0 | ' |
2001 Equity Incentive Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum number of shares available | 250,000 | ' | ' |
Granted, Shares | 0 | ' | ' |
2005 Equity Incentive Plan ("Amended Plan") [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares issued | 941,799 | ' | ' |
Granted, Shares | ' | 420,000 | ' |
Remaining authorized shares | 58,201 | ' | ' |
Unrecognized compensation costs | 1,281,798 | 1,695,682 | ' |
2005 Equity Incentive Plan ("Amended Plan") [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Shares | 416,715 | ' | ' |
Maximum [Member] | 2005 Equity Incentive Plan ("Amended Plan") [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock granted under plan, vesting period | '7 years | ' | ' |
Minimum [Member] | 2005 Equity Incentive Plan ("Amended Plan") [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock granted under plan, vesting period | '1 year | ' | ' |
Directors, Consultants and Independent Representatives [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation costs related to grants of restricted stock | 155,729 | 155,635 | ' |
Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation costs related to grants of restricted stock | $205,740 | $17,145 | ' |
Benefit_Plans_Schedule_Of_NonV
Benefit Plans (Schedule Of Non-Vested Activity) (Details) (2005 Equity Incentive Plan ("Amended Plan") [Member], USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
2005 Equity Incentive Plan ("Amended Plan") [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested at beginning of period, Shares | 440,437 | 77,402 | ' |
Granted, Shares | ' | 420,000 | ' |
Vested, Shares | -94,771 | -49,374 | ' |
Canceled, Shares | -9,236 | -7,591 | ' |
Non-vested at end of period, Shares | 336,430 | 440,437 | 77,402 |
Non-vested at beginning of period, Weighted Average Stock Price | $3.85 | $4.41 | ' |
Granted, Weighted Average Stock Price | ' | $3.81 | ' |
Vested, Weighted Average Stock Price | $3.94 | $4.31 | ' |
Cancelled, Weighted Average Stock Price | $4.05 | $4.67 | ' |
Non-vested at end of period, Weighted Average Stock Price | $3.81 | $3.85 | $4.41 |
Non-vested at beginning of period, Weighted Average Vested Life, years | '1 year 10 months 10 days | '2 years 8 months 27 days | '1 year 11 months 27 days |
Non-vested at end of period, Weighted Average Vested Life, years | '1 year 10 months 10 days | '2 years 8 months 27 days | '1 year 11 months 27 days |
Non-vested at beginning of period, Fair Value | $1,695,682 | $341,343 | ' |
Granted, Fair Value | ' | 1,600,200 | ' |
Vested, Fair Value | -373,398 | -212,802 | ' |
Canceled, Fair Value | -37,406 | -35,450 | ' |
Non-vested at end of period, Fair Value | $1,281,798 | $1,695,682 | $341,343 |
Benefit_Plans_Summary_Of_Emplo
Benefit Plans (Summary Of Employee And Director Fixed Stock Options) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Benefit Plans [Abstract] | ' | ' |
Outstanding at beginning of period, Shares | 150,000 | ' |
Outstanding at beginning of year, Weighted-Average Exercise Price | $1 | ' |
Outstanding at period end, Shares | 150,000 | 150,000 |
Outstanding at period end, Weighted-Average Exercise Price | $1 | $1 |
Options exercisable at period end, Shares | 150,000 | 150,000 |
Weighted-average fair value of options granted during the period | ' | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Employee Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 150,000 | 150,000 |
Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Shares | 354,883 | 463,990 |
Unaudited_Quarterly_Results_Of1
Unaudited Quarterly Results Of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Unaudited Quarterly Results [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $23,404,852 | $24,848,759 | $22,277,804 | $23,082,996 | $22,993,737 | $20,766,362 | $20,322,765 | $20,802,525 | $93,614,408 | $84,885,390 |
Operating Expenses | 24,343,122 | 25,252,080 | 23,192,147 | 23,753,102 | 23,569,666 | 20,483,091 | 19,893,125 | 20,353,503 | 96,540,452 | 84,299,382 |
Operating Income (Loss) | -938,274 | -403,321 | -914,343 | -670,106 | -575,929 | 283,271 | 429,640 | 449,022 | -2,926,044 | 586,008 |
Net Income (Loss) Available to Common Stockholders, Diluted | ($954,287) | ($285,694) | ($781,518) | ($359,579) | ($309,326) | $133,716 | $280,220 | $261,682 | ($2,381,078) | $366,292 |
Basic net (loss) income per share | ($0.14) | ($0.04) | ($0.12) | ($0.05) | ($0.04) | $0.02 | $0.04 | $0.04 | ($0.35) | $0.06 |
Diluted net (loss) income per share | ' | ' | ' | ' | ' | $0.02 | $0.04 | $0.04 | ($0.35) | $0.06 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
9-May-13 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Exercised, Shares | 150,000 |
Shares issued | 150,000 |
Price per share of options exercised | $7.13 |