Liquid 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'LIQD	'
Entity Common Stock, Shares Outstanding	'	60,056,881
Entity Registrant Name	'Liquid Holdings Group, Inc.	'
Entity Central Index Key	'0001562594	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$35,964,925	$8,473,847
Notes receivable from related parties	199,943	0
Accounts receivable, net of allowance for doubtful accounts of $21,568 and $5,814	437,498	425,196
Prepaid expenses and other current assets	369,571	388,612
Total current assets	36,971,937	9,287,655
Property and equipment, net	1,223,533	867,758
Other assets:	'	'
Notes receivable from related parties	458,095	0
Due from related parties	0	659,030
Deposits	611,595	540,653
Other intangible assets, net of amortization of $13,464,169 and $9,976,790	8,018,473	11,505,853
Goodwill	13,182,936	13,182,936
Total other assets	22,271,099	25,888,472
TOTAL ASSETS	60,466,569	36,043,885
Current liabilities:	'	'
Accounts payable and accrued expenses	925,877	3,503,590
Deferred income	0	4,350
Total current liabilities	925,877	3,507,940
Long-term liabilities:	'	'
Deferred rent	225,512	20,536
Total liabilities	1,151,389	3,528,476
Commitments and contingencies (Note 6)	'	'
Stockholders' equity:	'	'
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 60,044,083 and 24,486,388 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively)	6,004	2,448
Additional paid-in capital	159,681,156	118,510,671
Accumulated deficit	-99,304,970	-84,857,911
Treasury stock, at cost, 121,674 shares at June 30, 2014 and December 31, 2013	-1,029,078	-1,029,078
Accumulated other comprehensive loss	-37,932	-110,721
Total stockholders' equity	59,315,180	32,515,409
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$60,466,569	$36,043,885

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts receivable (in dollars)	$21,568	$5,814
Accumulated amortization (in dollars)	$13,464,169	$9,976,790
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	60,044,083	24,486,388
Common stock, shares outstanding	60,044,083	24,486,388
Treasury stock, shares	121,674	121,674

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Software services	$1,541,537	$667,159	$2,823,869	$1,283,771
Brokerage activities	0	726,795	0	1,872,647
Revenues	1,541,537	1,393,954	2,823,869	3,156,418
Cost of revenues (exclusive of items shown separately below):	'	'	'	'
Software services	602,333	311,536	1,202,463	595,576
Brokerage activities	0	500,945	0	1,248,192
Cost of Revenue	602,333	812,481	1,202,463	1,843,768
Gross profit	939,204	581,473	1,621,406	1,312,650
Operating expenses:	'	'	'	'
Compensation	2,276,785	6,809,735	5,926,024	8,863,191
Consulting fees	449,584	11,636,855	671,209	11,961,084
Depreciation and amortization	1,792,613	1,824,903	3,570,985	3,649,245
Professional fees	263,038	425,591	1,255,702	1,002,138
Rent	437,171	316,627	866,217	607,321
Computer related and software development	1,417,983	595,508	2,438,295	1,031,160
Other	580,420	741,776	1,340,274	1,124,581
Total operating expenses	7,217,594	22,350,995	16,068,706	28,238,720
Loss from operations	-6,278,390	-21,769,522	-14,447,300	-26,926,070
Non-operating income (expense):	'	'	'	'
Unrealized loss on contingent consideration payable	0	-9,510	0	-44,129
Interest and other, net	-4,060	-388	241	9,489
Total non-operating income (expense)	-4,060	-9,898	241	-34,640
Loss before income taxes	-6,282,450	-21,779,420	-14,447,059	-26,960,710
Income tax benefit	0	-112,231	0	-184,206
Net loss	-6,282,450	-21,667,189	-14,447,059	-26,776,504
Other comprehensive income (loss):	'	'	'	'
Foreign currency translation	111,149	2,359	72,789	16,918
Total comprehensive loss	-6,171,301	-21,664,830	-14,374,270	-26,759,586
Basic and diluted loss per share	($0.15)	($1.04)	($0.43)	($1.31)
Weighted average number of common shares outstanding during the period - basic and diluted	42,600,567	20,873,494	33,622,352	20,422,326
Supplemental Information to the Condensed Consolidated Statements of Operations and Comprehensive Loss	'	'	'	'
Software services revenues from related parties	968,380	552,020	1,925,859	1,086,053
Software services cost of revenues to related parties	0	299,295	0	582,513
Share-based compensation included in compensation	290,278	4,679,071	1,701,289	5,527,933
Share-based compensation included in consulting fees	$0	$11,470,715	$0	$11,649,693

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2013	$32,515,409	$2,448	$118,510,671	($84,857,911)	($110,721)	($1,029,078)
Balance (in shares) at Dec. 31, 2013	'	24,486,388	'	'	'	'
Issuance of common shares upon public offering, net of underwriting discount	40,623,562	3,494	40,620,068	0	0	0
Issuance of common shares upon public offering, net of underwriting discount (in shares)	'	34,945,000	'	'	'	'
Direct costs of public offering	-1,150,810	0	-1,150,810	0	0	0
Issuance of common shares upon vesting of restricted stock units	0	61	-61	0	0	0
Issuance of common shares upon vesting of restricted stock units (in shares)	'	612,695	'	'	'	'
Share-based compensation	1,701,289	0	1,701,289	0	0	0
Foreign currency translation	72,789	0	0	0	72,789	0
Net loss	-14,447,059	0	0	-14,447,059	0	0
Balance at Jun. 30, 2014	$59,315,180	$6,004	$159,681,156	($99,304,970)	($37,932)	($1,029,078)
Balance (in shares) at Jun. 30, 2014	'	60,044,083	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($14,447,059)	($26,776,504)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Unrealized loss on contingent consideration payable	0	44,129
Depreciation and amortization expense	3,570,985	3,649,245
Share-based compensation	1,701,289	5,527,933
Share-based payments for consulting services	0	11,649,693
Other	262,802	32,883
Deferred taxes	0	-184,206
Changes in operating assets and liabilities:	'	'
Accounts receivable	-70,128	62,647
Deferred offering costs	0	-3,613,876
Prepaid expense and other current assets	19,041	210,636
Due from related parties	992	0
Security deposit	-70,942	-62,395
Accounts payable and accrued expenses	-2,577,713	2,740,897
Due to related parties	0	-26,387
Other current liabilities	-4,350	11,776
NET CASH USED IN OPERATING ACTIVITIES	-11,615,083	-6,733,529
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Purchase of property and equipment	-470,128	-97,155
Repayment of note from related party - QuantX Management, LLP	0	2,250,000
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	-470,128	2,152,845
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from public offering of common stock, net of underwriting discount	40,623,562	0
Direct costs of public offering	-1,150,810	0
Proceeds from sales of common shares, net of offering costs	0	3,300,000
Due to related parties	0	250,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	39,472,752	3,550,000
Effect of exchange rate changes on cash	103,537	-3,928
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	27,491,078	-1,034,612
CASH AND CASH EQUIVALENTS - Beginning	8,473,847	1,380,078
CASH AND CASH EQUIVALENTS - Ending	35,964,925	345,466
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:	'	'
Interest paid	14,309	914
Income taxes paid	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'
Contingent consideration on Fundsolve acquisition	$0	($44,129)

Organization

Organization	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	(1) Organization
	Organization
	Liquid Holdings Group, Inc. (the “Company”) provides a next-generation proprietary cloud-based trading and portfolio management solution that seamlessly integrates order and execution management with real-time risk management, reporting, shadow accounting and managed services in a single platform for the financial services community. The Company was originally formed on January 17, 2012 as a Delaware limited liability company under the name Liquid Holdings Group, LLC with the intention of being the holding company to acquire and own a group of companies and ultimately pursue an initial public offering (“IPO”) in the United States. The Company commenced operations on April 24, 2012, the date the founders signed the Company’s operating agreement and agreed to contribute certain entities owned or controlled by them to the Company. On July 24, 2013, the Company reorganized as a Delaware corporation and changed its name to Liquid Holdings Group, Inc. On July 26, 2013, the Company’s common stock began trading on the NASDAQ Global Market under the ticker symbol “LIQD.”
	On May 20, 2014, the Company completed a follow-on public offering in which 32,000,000 shares of its common stock were sold at a public offering price of $1.25 per share. On May 27, 2014, the underwriters for this offering purchased an additional 2,945,000 shares of the Company’s common stock at $1.25 per share pursuant to a partial exercise of their over-allotment option. The Company received net proceeds from this offering of approximately $39.5 million after deducting underwriting discounts and commissions of approximately $3.1 million and offering related expenses of approximately $1.1 million.
	The Company’s subsidiaries that are included in the consolidation are:
		§	Liquid Futures, LLC (“Futures”) – until February 12, 2014
		§	Liquid Trading Institutional LLP (“Institutional”)
		§	Liquid Partners, LLC – formerly known as Centurion Capital Group, LLC and Centurion Trading Partners, LLC (“Partners”)
		§	Fundsolve Ltd. (“Fundsolve”)
		§	LHG Technology Services Ltd.
		§	Liquid Prime Holdings, LLC (“LPH”) – under which Liquid Prime Services, Inc. (“LPS”) is consolidated
		§	Liquid Technology Services, LLC (“LTS”) – formerly known as Green Mountain Analytics, LLC (“GMA”)
		§	LTI, LLC (“LTI”)
	On February 6, 2014, LPS and Futures entered into an Agreement and Plan of Merger to consolidate LPS and Futures into a single entity, with LPS remaining as the surviving entity. Regulatory approval was granted and the merger was effective February 12, 2014.
	The Company has taken steps to place both Fundsolve and Institutional into liquidation as they are no longer needed to carry out the Company’s business.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	(2) Summary of Significant Accounting Policies
	Basis of Presentation
	The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All material intercompany accounts and transactions have been eliminated in consolidation.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Rule 10-01 of Regulation S-X. Management believes that the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments considered necessary for the fair presentation of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any subsequent period.
	The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (“SEC”) on March 31, 2014 (the “2013 Form 10-K”).
	There have been no changes to the Company’s significant accounting policies as described in its 2013 Form 10-K. As a result of a modification to an equity award, the Company has established an accounting policy to recognize the incremental fair value of the modified award over the total remaining requisite service period of the modified award with any remaining amount of unamortized share-based compensation expense from the original award recognized over the remaining portion of the original requisite service period. This policy will be applied to any future modifications of share-based awards.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets, liabilities, revenues and expenses. These significant estimates and assumptions include estimates of fair value of goodwill and intangibles with indefinite lives for purposes of impairment testing, estimates of useful lives of assets, estimates of impairment of long-lived assets, estimates of fair values of share-based payment arrangements, estimates of valuation allowances related to deferred tax assets, and estimates of contingent liabilities related to business acquisitions. Due to the inherent uncertainty involved with estimates, actual results may differ.
	Recently Issued Accounting Pronouncements
	On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

Fair_Value_Measurements

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

'

Fair Value Disclosures [Text Block]

'

(3) Fair Value Measurements

Fair Value Hierarchy

The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

·

Level 1 Inputs: Unadjusted quoted prices for identical assets or liabilities in active markets accessible to the Company at the measurement date.

·

Level 2 Inputs: Other than quoted prices included in Level 1, inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

·

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The fair value measurement level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.

Determination of Fair Value

The categorization of an asset or liability within the fair value hierarchy is based on the inputs described above and does not necessarily correspond to the Company’s management’s perceived risk of that asset or liability. Moreover, the methods used by management may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments and nonfinancial assets and liabilities could result in a different fair value measurement at the reporting date. Descriptions of the valuation methodologies, including the valuation techniques and the input(s) used in the fair measurements for assets and liabilities on a recurring and nonrecurring basis are itemized below.

Intangible Assets

Intangible assets and long-lived assets held and used are measured at fair value in accordance with ASC Subtopic 360-10, Property, Plant, and Equipment—Overall, if a step 2 test is required. To estimate the fair value of long-lived assets held and used, the income, market, and cost approaches to value are considered. The selected approach(es) is (are) based on the specific attributes of the long-lived asset. Property, plant, and equipment is typically valued using a cost approach, while intangible assets are usually valued with an income approach. Although Level 1 and 2 inputs may be available for certain inputs to the valuation approach, reliance on Level 3 inputs is generally required and the fair value measurements are, therefore, considered Level 3 measurements. Unobservable inputs usually consist of discount rates, customer attrition rates, growth rates, royalty rates, contributory asset charges and profitability assumptions.

Goodwill

Goodwill is tested annually for impairment each July in accordance with ASC Topic 350—Intangibles-Goodwill and Other. Step 1 entails a comparison of the fair value of the recoverable amount of each reporting unit to its carrying amount. An income approach is used to derive the fair value of the Company’s reporting units. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. Unobservable inputs include discount rates, growth rates and prospective financial information.

Recurring and Non-Recurring Fair Value Measurements

The Company had no recurring or non-recurring fair value measurements at June 30, 2014.

Transfers between Levels 1, 2 and 3

There were no transfers of financial assets or liabilities between Level 1 and Level 2, or between Level 2 and Level 3, during the six months ended June 30, 2014 and year ended December 31, 2013.

Financial Assets and Financial Liabilities not Measured at Fair Value

The following table summarizes the carrying amount and estimated fair value of the Company’s financial assets that are not measured at fair value either on a recurring or nonrecurring basis:

(Unaudited)

Estimated Fair Value

June 30, 2014

Carrying Amount

Level 1

Level 2

Level 3

Total

Cash and cash equivalents

$

35,964,925

$

35,964,925

$

-

$

-

$

35,964,925

Notes receivable from related parties

$

658,038

$

-

$

-

$

616,650

$

616,650

Estimated Fair Value

December 31, 2013

Carrying Amount

Level 1

Level 2

Level 3

Total

Cash and cash equivalents

$

8,473,847

$

8,473,847

$

-

$

-

$

8,473,847

The following is a description of the principal valuation methods used by the Company for those financial assets that are not measured at fair value either on a recurring or non-recurring basis:

Cash and Cash Equivalents

The carrying amount of cash and cash equivalents approximates fair value.

Note Receivable from Related Parties

In estimating the fair value of the notes receivable from related parties, the Company used a discounted cash flow model. Fair value is estimated by discounting the anticipated cash flows from the loans, assuming future prepayments and using market interest rates for new loans with comparable credit risk.

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill and Intangible Assets Disclosure [Text Block]	'
	(4) Goodwill and Other Intangible Assets
	Acquired Intangible Assets
				(Unaudited)
				June 30, 2014							December 31, 2013
		Amortization period		Gross Carrying Amount			Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	Amortizable Intangible Assets:
	Software and trading platform	3 years		$	19,374,098		$	-12,012,531	$	7,361,567	$	19,374,098	$	-8,735,318	$	10,638,780
	Customer relationships	3 years			1,261,000			-805,639		455,361		1,261,000		-595,472		665,528
	Non-compete agreements	Life of agreement, 24			646,000			-646,000		-		646,000		-646,000		-
		months
	Total			$	21,281,098		$	-13,464,170	$	7,816,928	$	21,281,098	$	-9,976,790	$	11,304,308
	Indefinite-Lived Intangible Assets:
	Broker licenses	N/A		$	163,000		$	-	$	163,000	$	163,000	$	-	$	163,000
	Patents pending	N/A			36,545			-		36,545		36,545		-		36,545
	Trade names	N/A			2,000			-		2,000		2,000		-		2,000
	Total			$	201,545		$	-	$	201,545	$	201,545	$	-	$	201,545
	Total amortization expense for intangible assets was $1,729,447 and $3,456,612 for the three and six months ended June 30, 2014, respectively, and $1,798,416 and $3,597,986 for the three and six months ended June 30, 2013, respectively. As of June 30, 2014, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
	Remainder of 2014		3,433,126
	2015		4,383,802
		$	7,816,928
	Goodwill
	The Company performs its annual goodwill impairment test each July 31 to determine if the carrying amount of goodwill exceeds its fair value.
	The changes in the carrying amount of goodwill are as follows:
		(Unaudited)
		Six Months Ended			Year Ended
		June 30, 2014			December 31, 2013
	Balances - beginning of period:
	Gross goodwill	$	14,647,588		$	14,647,588
	Accumlated impairment losses		-1,464,652			-1,464,652
	Net goodwill - beginning of period		13,182,936			13,182,936
	Goodwill acquired during the period		-			-
	Impairment loss		-			-
	Balances - end of period:
	Gross goodwill		14,647,588			14,647,588
	Accumulated impairment losses		-1,464,652			-1,464,652
	Net goodwill - end of period	$	13,182,936		$	13,182,936

Certain_Relationships_and_Rela

Certain Relationships and Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	(5) Certain Relationships and Related Party Transactions
	Amounts recognized from transactions with related parties in the accompanying condensed consolidated balance sheets are as follows:
		(Unaudited)
		June 30, 2014		December 31, 2013
	Assets:
	Note receivable from QuantX Management, LLP	$	236,665	$	-
	Note receivable from Ferdinand Capital		116,000		-
	Note receivable from stockholder		300,000		-
	Interest receivable on above notes		5,373		-
		$	658,038	$	-
	Due from QuantX Management, LLP	$	-	$	243,030
	Due from Ferdinand Capital		-		116,000
	Due from stockholder		-		300,000
	Total due from related parties	$	-	$	659,030
	Note Receivable from QuantX Management, LLP
	During 2012, the Company provided payments to GMA on behalf of QuantX Management, LLP (“QuantX”) in relation to the development of LiquidView®, a software tool which forms a component of the Company’s accounting technology platform. In addition, Partners received payments from QuantX to facilitate the payment of operating expenses. LTI also advanced funds to QuantX for various expenses prior to being acquired by the Company. These payments net to a total of $243,030, and are included in Due from related parties in the accompanying condensed consolidated balance sheets at December 31, 2013.
	On March 15, 2014, this receivable was converted to a three-year term note with QuantX in the principal amount of $243,030. The note bears interest at the rate of 4% per annum, with monthly payments of principal and interest totaling $7,175. The note is payable in full on March 15, 2017.
	Note Receivable from Ferdinand Capital
	LTI advanced $116,000 to Ferdinand Capital during 2011. This amount is included in Due from related parties in the accompanying condensed consolidated balance sheets at December 31, 2013. Ferdinand Capital is an entity owned by one of the founders of the Company.
	On March 15, 2014, this receivable was converted to a one-year term note with Ferdinand Capital in the principal amount of $116,000. The note bore interest at the rate of 4% per annum, with monthly payments of principal and interest totaling $9,877 and was payable in full on March 15, 2015. On June 15, 2014, this note was amended and restated to a three-year term note that is payable in full on June 15, 2017. The note, at the same principal amount of $116,000 and interest rate per annum of 4%, has monthly payments of principal and interest totaling $3,425. The first payment, which was due on July 15, 2014, was paid along with $1,170 of interest that was accrued under the original terms of the note.
	Note Receivable from Stockholder
	A security deposit for office space that was leased by one of the entities acquired by the Company was inadvertently refunded to a stockholder of the Company who was also a principal of the acquired entity. The security deposit should have been refunded to the Company and, as such, a receivable of $300,000 was recorded in Due from related parties in the accompanying condensed consolidated balance sheets at December 31, 2013.
	On March 27, 2014, this receivable was converted to a five-year term note, effective April 1, 2014, with the stockholder in the principal amount of $300,000. The note bears interest at the rate of 3% per annum, with monthly payments of principal and interest totaling $5,390. The note is payable in full on April 1, 2019.
	Revolving Promissory Notes
	On February 26, 2014, the Company executed a Revolving Promissory Note with each of its two then-largest stockholders, Brian Ferdinand and Douglas J. Von Allmen (each, a “Note” and, collectively, the “Notes”). Under each Note, the Company was able to borrow, and the lender had committed to lend, up to a principal amount of $3,750,000 on a revolving basis ($7,500,000 in the aggregate under the Notes), with interest payable quarterly on any amounts borrowed at a rate of 4% per annum. Any amounts borrowed under the Notes were repayable at maturity on April 30, 2015 and were optionally repayable at any time without the payment of any premium or penalty. The Company was obligated to pay a commitment fee on any undrawn amounts at a rate per annum equal to 0.50%, payable quarterly. The Notes contained certain customary covenants, including covenants relating to the Company’s ability to incur indebtedness and make restricted payments, and provided for certain customary events of default. The commitments under the Notes could be terminated by the Company at any time. On May 2, 2014, the Company borrowed $1,000,000 under the Note with Mr. Von Allmen for working capital and general corporate purposes. On May 20, 2014, the Company repaid the $1,000,000 it borrowed from Mr. Von Allmen along with $1,972 of interest. Also on May 20, 2014, the Company formally terminated the commitments under the Notes with Mr. Von Allmen and Mr. Ferdinand and paid them $4,017 and $4,263, respectively, of commitment fees in accordance with the terms of the Notes.
	Personal Guaranty Agreement
	On March 6, 2014, Mr. Von Allmen executed a Personal Guaranty Agreement (the “Personal Guaranty”) with the Company whereby Mr. Von Allmen guaranteed the funding of loans pursuant to the $3,750,000 Note entered into between Brian Ferdinand and the Company (see above). If Mr. Ferdinand failed to pay any amount when due, Mr. Von Allmen agreed to promptly pay the unpaid amount to the Company based on the terms and conditions of the Note. As consideration for the Personal Guaranty, the Company agreed to pay Mr. Von Allmen a fee equal to 0.50% per annum on the guaranteed amount of $3,750,000. On May 20, 2014, the Company formally terminated the Personal Guaranty and paid Mr. Von Allmen $3,853 as consideration.
	Consulting Agreement with Founder
	On April 18, 2014, Brian Ferdinand tendered his resignation as Vice Chairman and a member of the Board of Directors of the Company as well as his position as Head of Corporate Strategy. Mr. Ferdinand’s resignation was not due to any disagreement with the Company, the Board or the Company’s management.
	In connection with Mr. Ferdinand’s resignation, the Company entered into a two-year consulting agreement (the “Consulting Agreement”) with Ferdinand Trading, LLC, an entity controlled by Mr. Ferdinand. Pursuant to the Consulting Agreement, Mr. Ferdinand will be assisting with business development efforts; developing strategy for product development, marketing, partnerships and mergers and acquisitions; and providing support to the sales and marketing team, including client introduction. The Company will pay an annual fee of $450,000, payable in monthly increments, for such services. The Company has also agreed to reimburse Mr. Ferdinand for his health insurance premiums for up to eighteen months.
	Also in connection with his resignation, Mr. Ferdinand and a number of entities controlled by him (collectively, the “Ferdinand Entities”) have entered into a lock-up agreement (the “Lock-up Agreement”) with the Company in respect of their shares of the Company’s common stock. Pursuant to the terms of the Lock-up Agreement, Mr. Ferdinand and the Ferdinand Entities have agreed with the Company that, without the Company’s prior written consent and in each case subject to certain exceptions, during the period beginning on April 18, 2014 through and including April 17, 2015, they will not sell the 5,214,647 shares of the Company’s common stock that they own, representing approximately 9% of the Company’s issued and outstanding common stock as of the date of this filing.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	(6) Commitments and Contingencies
	Legal Matters
	The Company may periodically be involved in litigation and various legal matters, including proceedings relating to regulatory matters. Such matters are subject to many uncertainties and outcomes that are not predictable.
	The Company had previously reported that it was a defendant in an action filed on July 23, 2013 in the Supreme Court of The State of New York by two individuals (the “OTC Parties”) who were involved in the establishment and operation of the over-the-counter brokerage operations of LPS and Futures, which ceased operating on June 1, 2013. Also named as defendants were LPH and Brian Ferdinand, the Company’s former Vice Chairman and Head of Corporate Strategy (together with the Company, the “Liquid Defendants”). On July 3, 2014, a motion by the Liquid Defendants to dismiss the complaint was granted and the action was dismissed, without prejudice.
	The Company had previously reported that it received a letter from counsel for a former employee claiming that the Company and certain other parties, including related parties, were responsible for paying the former employee stock compensation in the amount of $500,000 in consideration for services provided to Partners (then known as Centurion Capital Group, LLC). This matter was settled for $380,000, effective July 23, 2014, with the Company agreeing to pay $150,000 as its part of the settlement with the balance to be paid by certain related parties.
	The Company is not currently subject to any other pending or, to its knowledge, threatened legal proceedings that it expects could have a material impact on its condensed consolidated financial statements.
	Lease Commitments
	The Company has entered into lease agreements with third parties for certain office space and equipment, which expire at various dates through December 2023. Rent expense totaled $437,171 and $866,217 for the three and six months ended June 30, 2014, respectively, and $316,627 and $607,321 for the three and six months ended June 30, 2013, respectively. These amounts are recorded as Rent in the accompanying condensed consolidated statements of operations and comprehensive loss.
	The Company recognizes rent expense for escalation clauses, rent holidays, leasehold improvement incentives and other concessions using the straight-line method over the minimum lease term.
	At June 30, 2014, minimum future rental commitments under non-cancellable operating leases are as follows:
	Remainder of 2014	$	702,116
	2015		1,434,738
	2016		1,472,552
	2017		1,512,622
	2018		1,552,887
	Thereafter		6,114,597
	Total	$	12,789,512
	On August 12, 2013, the Company, entered into a lease agreement (the “Lease”), effective December 6, 2013, for approximately 13,200 rentable square feet of office space located in New York. The Company is using a portion of the leased premises as its new corporate headquarters (the “HQ Space”), replacing the Company’s previous headquarters in the same building, and the remainder (the “BD Space”) as offices for LPS, the Company’s broker dealer subsidiary. The initial base rent under the Lease is $85,364 per month, increasing at 3% per annum. In addition to the base rent, the Company is responsible for certain costs and charges identified in the Lease, including certain utility expenses, real estate taxes, insurance and operating costs. The term of the Lease for the HQ Space and the BD Space will end ten and six years after the effective date of the Lease, respectively.
	On October 1, 2013, the Company entered into a four-month sublease agreement (the “Sublease”) at a monthly rate of $23,247 for approximately 7,200 square feet of office space in Hoboken, New Jersey to be used for certain back-office operations. The Sublease included a transfer to the Company of the existing equipment located in the space and an agreement to allow the sublessor to use a portion of the space not being used by the Company for up to nine months.  The Sublease was entered into with an entity that the Company’s Chief Executive Officer and General Counsel have an interest in, and they are members of that entity’s board of directors. In March 2014, the Company entered into a new, five-year lease (the “Hoboken Lease”) for the same space with an effective commencement date of February 1, 2014. The initial base rent under the Hoboken Lease is $23,550 per month increasing to $24,153 per month on August 1, 2016. In addition to the base rent, the Company is responsible for certain costs and charges identified in the Hoboken Lease, including certain utility expenses, real estate taxes, insurance and operating costs. As long as the Company had no instances of default under the terms of the Hoboken Lease, the lease provided for base rent to be waived for the period from February 1, 2014 to June 30, 2014. There were no instances of default through June 30, 2014 and, as such, the base rent for this period was waived.

ShareBased_Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	(7) Share-Based Compensation
	On April 5, 2013, the Company’s Board of Directors approved the 2012 Amended and Restated Stock Incentive Plan (“2012 Amended Incentive Plan”). Subject to adjustment for certain dilutive or related events, the maximum number of shares that may be issued under this amended plan shall not exceed the number of shares equal to 15% of the total number of common shares of the Company outstanding as of April 5, 2013.
	The Company currently intends to use authorized and unissued shares to satisfy share award exercises.
	At June 30, 2014, there were 443,153 additional shares available for the Company to grant under the 2012 Amended Incentive Plan.
	Restricted Stock Units
	The Company recognizes compensation expense on restricted stock units (“RSUs”) based on the grant date fair value per share over the applicable vesting period. The Company determines the fair value of RSUs granted based on the closing market price of the shares underlying the awards on the grant date. Prior to the Company’s IPO, fair value was determined with consideration given to valuation analyses performed by an unrelated third party valuation specialist retrospectively, utilizing a market approach based on third party purchases of the Company’s shares.
	The following table summarizes the activity of non-vested RSUs granted under the 2012 Amended Incentive Plan:
		(Unaudited)
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
					Weighted Average					Weighted Average
					Grant Date					Grant Date
	Non-vested shares	Shares			Fair Value			Shares		Fair Value
	Balance at beginning of period		1,231,754		$	7.77			760,033	$	7.54
	Granted		858,857			1.16			1,077,560		7.82
	Vested		-471,959			7.47			-605,839		7.57
	Cancelled / Forfeited		-253,343			7.54			-		-
	Balance at end of period		1,365,309		$	3.76			1,231,754	$	7.77
	At June 30, 2014, there was $3,911,393 of total unrecognized compensation costs related to non-vested RSUs granted under the 2012 Amended Incentive Plan. This cost is expected to be recognized during 2014 through 2017. The total fair value of shares vested during the three and six months ended June 30, 2014 was $2,817,323 and $3,526,254, respectively.
	Non-Qualified Stock Options
	The Company recognizes compensation expense on non-qualified stock options (“NQSOs”) based on the grant date fair value per share over the applicable vesting period. The Company determines the fair value of NQSOs granted using the Black-Scholes valuation model measured at the grant date.
	The Black-Scholes fair value of each NQSO grant was calculated using the following assumptions:
		2014			2013
	Dividend yield		0	%		0	%
	Expected volatility		86	%		50	%
	Risk-free interest rate		1.96	%		1.7	%
	Expected term (years)		6			6
	The following table summarizes the activity of NQSOs granted under the 2012 Amended Incentive Plan:
		(Unaudited)
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
					Weighted Average					Weighted Average
		Shares			Exercise Price			Shares		Exercise Price
	Balance at beginning of period		420,505		$	9			-	$	-
	Granted		30,000			4.64			420,505		9
	Exercised		-			-			-		-
	Forfeited		-			-			-		-
	Balance at end of period		450,505		$	8.71			420,505	$	9
	Exercisable at end of period		134,469		$	9			12,798	$	9
	Remaining weighted average contractual life of exercisable options (years)					9.1					9.6
	Aggregate intrinsic value				$	-				$	-
	At June 30, 2014, there was $742,883 of total unrecognized compensation costs related to NQSOs granted under the 2012 Amended Incentive Plan. This cost is expected to be recognized during 2014 through 2016. The total fair value of shares vested during the three and six months ended June 30, 2014 was $225,190 and $361,485, respectively.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	(8) Income Taxes
	The Company is subject to federal, New York State, New York City and other state tax jurisdictions. The Company’s initial corporate tax returns will be filed for the year ended December 31, 2013.
	As discussed in Note 1, on July 24, 2013 the Company reorganized as a Delaware corporation from a limited liability company in connection with its IPO. The change in tax status required the Company to revalue its deferred tax assets and liabilities at current corporate federal and state income tax rates. Prior to July 24, 2013, the Company, as a limited liability company, was treated as a partnership for federal and state income tax purposes. Accordingly, no provision had been made for Federal and state income taxes during this period, since all items of income or loss were required to be reported on the income tax returns of the members, who were responsible for any taxes thereon. The Company was, however, subject to the New York City Unincorporated Business Tax of 4%.
	The difference between the statutory tax rate of 35% and the effective tax rate of 0% at June 30, 2014 is due to the establishment of a full valuation allowance against the Company’s deferred tax assets.
	As of June 30, 2014, the Company recorded deferred tax assets of approximately $9.1 million offset by a full valuation allowance of $9.1 million. This represents an increase in the valuation allowance of approximately $5.5 million for the six months ended June 30, 2014.
	The Company does not have any current income taxes payable or receivable and there have been no cash payments for income taxes.
	Management believes there are no tax positions requiring recognition or disclosure under ASC Topic 740-10—Accounting for Uncertainty in Income Taxes.

Computation_of_Loss_per_Share

Computation of Loss per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	(9) Computation of Loss per Share
	Basic loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted loss per share is computed using the same method as basic loss per share, however, the computation reflects the potential dilution that would occur if outstanding in-the-money share awards were exercised and converted into common shares.
		(Unaudited)
		Three Months Ended				Six Months Ended
		June 30, 2014		June 30, 2013		June 30, 2014		June 30, 2013
	Net loss	$	-6,282,450	$	-21,667,189	$	-14,447,059	$	-26,776,504
	Loss applicable to common shares	$	-6,282,450	$	-21,667,189	$	-14,447,059	$	-26,776,504
	Weighted average common shares outstanding		42,600,567		20,873,494		33,622,352		20,422,326
	Basic and diluted loss per common share	$	-0.15	$	-1.04	$	-0.43	$	-1.31
	The calculation of diluted loss per share excludes the effect of RSUs and NQSOs because they were determined to be anti-dilutive and, therefore, diluted loss per share is the same as basic loss per share.

Net_Capital_Requirements

Net Capital Requirements	6 Months Ended
	Jun. 30, 2014
Regulatory Capital Requirements [Abstract]	'
Brokers and Dealers Disclosure [Text Block]	'
	(10) Net Capital Requirements
	Effective February 12, 2014, regulatory approval was granted for a merger between LPS and Futures, with LPS remaining as the surviving entity (see Note 1).
	Institutional must maintain regulatory net capital of at least €50,000 in accordance with Financial Conduct Authority regulations.
	LPS is required to maintain a net capital of at least $100,000.
	In the aggregate, the Company was required to maintain at least approximately $168,000 in net capital across all jurisdictions. Dividends or withdrawals of capital cannot be made if capital is needed to comply with regulatory minimum capital requirements.
	Net capital balances and the amounts in excess of required net capital at June 30, 2014 and December 31, 2013 are as follows:
		(Unaudited)
		June 30, 2014				December 31, 2013
		Net Capital		Excess Net Capital		Net Capital		Excess Net Capital
	Futures	$	-	$	-	$	84,771	$	39,771
	Institutional	$	226,472	$	158,247	$	204,451	$	135,621
	LPS	$	158,624	$	58,624	$	291,791	$	191,791

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Accounting [Policy Text Block]	'
	Basis of Presentation
	The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All material intercompany accounts and transactions have been eliminated in consolidation.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Rule 10-01 of Regulation S-X. Management believes that the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments considered necessary for the fair presentation of the results of the interim periods presented. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for any subsequent period.
	The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (“SEC”) on March 31, 2014 (the “2013 Form 10-K”).
	There have been no changes to the Company’s significant accounting policies as described in its 2013 Form 10-K. As a result of a modification to an equity award, the Company has established an accounting policy to recognize the incremental fair value of the modified award over the total remaining requisite service period of the modified award with any remaining amount of unamortized share-based compensation expense from the original award recognized over the remaining portion of the original requisite service period. This policy will be applied to any future modifications of share-based awards.
Use of Estimates [Policy Text Block]	'
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets, liabilities, revenues and expenses. These significant estimates and assumptions include estimates of fair value of goodwill and intangibles with indefinite lives for purposes of impairment testing, estimates of useful lives of assets, estimates of impairment of long-lived assets, estimates of fair values of share-based payment arrangements, estimates of valuation allowances related to deferred tax assets, and estimates of contingent liabilities related to business acquisitions. Due to the inherent uncertainty involved with estimates, actual results may differ.
New Accounting Pronouncements [Policy Text Block]	'
	Recently Issued Accounting Pronouncements
	On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	'
	The following table summarizes the carrying amount and estimated fair value of the Company’s financial assets that are not measured at fair value either on a recurring or nonrecurring basis:
	(Unaudited)			Estimated Fair Value
	June 30, 2014	Carrying Amount		Level 1		Level 2		Level 3		Total
	Cash and cash equivalents	$	35,964,925	$	35,964,925	$	-	$	-	$	35,964,925
	Notes receivable from related parties	$	658,038	$	-	$	-	$	616,650	$	616,650
				Estimated Fair Value
	December 31, 2013	Carrying Amount		Level 1		Level 2		Level 3		Total
	Cash and cash equivalents	$	8,473,847	$	8,473,847	$	-	$	-	$	8,473,847

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule Of Intangible Assets Excluding Goodwill [Table Text Block]	'
				(Unaudited)
				June 30, 2014							December 31, 2013
		Amortization period		Gross Carrying Amount			Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	Amortizable Intangible Assets:
	Software and trading platform	3 years		$	19,374,098		$	-12,012,531	$	7,361,567	$	19,374,098	$	-8,735,318	$	10,638,780
	Customer relationships	3 years			1,261,000			-805,639		455,361		1,261,000		-595,472		665,528
	Non-compete agreements	Life of agreement, 24			646,000			-646,000		-		646,000		-646,000		-
		months
	Total			$	21,281,098		$	-13,464,170	$	7,816,928	$	21,281,098	$	-9,976,790	$	11,304,308
	Indefinite-Lived Intangible Assets:
	Broker licenses	N/A		$	163,000		$	-	$	163,000	$	163,000	$	-	$	163,000
	Patents pending	N/A			36,545			-		36,545		36,545		-		36,545
	Trade names	N/A			2,000			-		2,000		2,000		-		2,000
	Total			$	201,545		$	-	$	201,545	$	201,545	$	-	$	201,545
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	'
	Total amortization expense for intangible assets was $1,729,447 and $3,456,612 for the three and six months ended June 30, 2014, respectively, and $1,798,416 and $3,597,986 for the three and six months ended June 30, 2013, respectively. As of June 30, 2014, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
	Remainder of 2014		3,433,126
	2015		4,383,802
		$	7,816,928
Schedule of Goodwill [Table Text Block]	'
	The changes in the carrying amount of goodwill are as follows:
		(Unaudited)
		Six Months Ended			Year Ended
		June 30, 2014			December 31, 2013
	Balances - beginning of period:
	Gross goodwill	$	14,647,588		$	14,647,588
	Accumlated impairment losses		-1,464,652			-1,464,652
	Net goodwill - beginning of period		13,182,936			13,182,936
	Goodwill acquired during the period		-			-
	Impairment loss		-			-
	Balances - end of period:
	Gross goodwill		14,647,588			14,647,588
	Accumulated impairment losses		-1,464,652			-1,464,652
	Net goodwill - end of period	$	13,182,936		$	13,182,936

Certain_Relationships_and_Rela1

Certain Relationships and Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions [Table Text Block]	'
	Amounts recognized from transactions with related parties in the accompanying condensed consolidated balance sheets are as follows:
		(Unaudited)
		June 30, 2014		December 31, 2013
	Assets:
	Note receivable from QuantX Management, LLP	$	236,665	$	-
	Note receivable from Ferdinand Capital		116,000		-
	Note receivable from stockholder		300,000		-
	Interest receivable on above notes		5,373		-
		$	658,038	$	-
	Due from QuantX Management, LLP	$	-	$	243,030
	Due from Ferdinand Capital		-		116,000
	Due from stockholder		-		300,000
	Total due from related parties	$	-	$	659,030

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	At June 30, 2014, minimum future rental commitments under non-cancellable operating leases are as follows:
	Remainder of 2014	$	702,116
	2015		1,434,738
	2016		1,472,552
	2017		1,512,622
	2018		1,552,887
	Thereafter		6,114,597
	Total	$	12,789,512

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Share-based Compensation [Abstract]	'
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	'
	The following table summarizes the activity of non-vested RSUs granted under the 2012 Amended Incentive Plan:
		(Unaudited)
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
					Weighted Average					Weighted Average
					Grant Date					Grant Date
	Non-vested shares	Shares			Fair Value			Shares		Fair Value
	Balance at beginning of period		1,231,754		$	7.77			760,033	$	7.54
	Granted		858,857			1.16			1,077,560		7.82
	Vested		-471,959			7.47			-605,839		7.57
	Cancelled / Forfeited		-253,343			7.54			-		-
	Balance at end of period		1,365,309		$	3.76			1,231,754	$	7.77
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	The Black-Scholes fair value of each NQSO grant was calculated using the following assumptions:
		2014			2013
	Dividend yield		0	%		0	%
	Expected volatility		86	%		50	%
	Risk-free interest rate		1.96	%		1.7	%
	Expected term (years)		6			6
Schedule of Share-based Compensation, Activity [Table Text Block]	'
	The following table summarizes the activity of NQSOs granted under the 2012 Amended Incentive Plan:
		(Unaudited)
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
					Weighted Average					Weighted Average
		Shares			Exercise Price			Shares		Exercise Price
	Balance at beginning of period		420,505		$	9			-	$	-
	Granted		30,000			4.64			420,505		9
	Exercised		-			-			-		-
	Forfeited		-			-			-		-
	Balance at end of period		450,505		$	8.71			420,505	$	9
	Exercisable at end of period		134,469		$	9			12,798	$	9
	Remaining weighted average contractual life of exercisable options (years)					9.1					9.6
	Aggregate intrinsic value				$	-				$	-

Computation_of_Loss_per_Share_

Computation of Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		(Unaudited)
		Three Months Ended				Six Months Ended
		June 30, 2014		June 30, 2013		June 30, 2014		June 30, 2013
	Net loss	$	-6,282,450	$	-21,667,189	$	-14,447,059	$	-26,776,504
	Loss applicable to common shares	$	-6,282,450	$	-21,667,189	$	-14,447,059	$	-26,776,504
	Weighted average common shares outstanding		42,600,567		20,873,494		33,622,352		20,422,326
	Basic and diluted loss per common share	$	-0.15	$	-1.04	$	-0.43	$	-1.31

Net_Capital_Requirements_Table

Net Capital Requirements (Tables)	6 Months Ended
	Jun. 30, 2014
Regulatory Capital Requirements [Abstract]	'
Computation of Net Capital under Securities and Exchange Commission Regulation [Table Text Block]	'
	Net capital balances and the amounts in excess of required net capital at June 30, 2014 and December 31, 2013 are as follows:
		(Unaudited)
		June 30, 2014				December 31, 2013
		Net Capital		Excess Net Capital		Net Capital		Excess Net Capital
	Futures	$	-	$	-	$	84,771	$	39,771
	Institutional	$	226,472	$	158,247	$	204,451	$	135,621
	LPS	$	158,624	$	58,624	$	291,791	$	191,791

Organization_Details_Textual

Organization (Details Textual) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Organization And Basis Of Presentation [Line Items]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	'	0
Proceeds from Issuance of Common Stock	$0	$3,300,000	'
Payments of Stock Issuance Costs	1,150,810	0	'
IPO [Member]	'	'	'
Organization And Basis Of Presentation [Line Items]	'	'	'
Stock Issued During Period, Shares, New Issues	32,000,000	'	'
Sale of Stock, Price Per Share	$1.25	'	'
Proceeds from Issuance of Common Stock	39,500,000	'	'
Payments for Underwriting Expense	3,100,000	'	'
Payments of Stock Issuance Costs	$1,100,000	'	'
Over-Allotment Option [Member]	'	'	'
Organization And Basis Of Presentation [Line Items]	'	'	'
Sale of Stock, Price Per Share	$1.25	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	2,945,000	'	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Cash and cash equivalents, Fair value	$35,964,925	$8,473,847	'	'
Cash and cash equivalents, Carrying value	35,964,925	8,473,847	345,466	1,380,078
Notes receivable from related parties, Fair value	616,650	'	'	'
Notes receivable from related parties, Carrying value	658,038	0	'	'
Fair Value, Inputs, Level 1 [Member]	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Cash and cash equivalents, Fair value	35,964,925	8,473,847	'	'
Notes receivable from related parties, Fair value	0	'	'	'
Fair Value, Inputs, Level 2 [Member]	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Cash and cash equivalents, Fair value	0	0	'	'
Notes receivable from related parties, Fair value	0	'	'	'
Fair Value, Inputs, Level 3 [Member]	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Cash and cash equivalents, Fair value	0	0	'	'
Notes receivable from related parties, Fair value	$616,650	'	'	'

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	$21,281,098	$21,281,098
Accumulated Amortization	-13,464,169	-9,976,790
Net Carrying Amount	7,816,928	11,304,308
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'	'
Indefinite-Lived Intangible Asset	201,545	201,545
Broker licenses [Member]	'	'
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'	'
Indefinite-Lived Intangible Asset	163,000	163,000
Patents Pending [Member]	'	'
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'	'
Indefinite-Lived Intangible Asset	36,545	36,545
Trade Names [Member]	'	'
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'	'
Indefinite-Lived Intangible Asset	2,000	2,000
Software And Trading Platform [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Amortization period	'3 years	'
Gross Carrying Amount	19,374,098	19,374,098
Accumulated Amortization	-12,012,531	-8,735,318
Net Carrying Amount	7,361,567	10,638,780
Customer Relationships [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Amortization period	'3 years	'
Gross Carrying Amount	1,261,000	1,261,000
Accumulated Amortization	-805,639	-595,472
Net Carrying Amount	455,361	665,528
Noncompete Agreements [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Amortization period	'24 months	'
Gross Carrying Amount	646,000	646,000
Accumulated Amortization	-646,000	-646,000
Net Carrying Amount	$0	$0

Goodwill_and_Other_Intangible_3

Goodwill and Other Intangible Assets (Details 1) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Remainder of 2014	$3,433,126	'
2015	4,383,802	'
Net Carrying Amount	$7,816,928	$11,304,308

Goodwill_and_Other_Intangible_4

Goodwill and Other Intangible Assets (Details 2) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Gross goodwill - beginning Period	$14,647,588	$14,647,588
Accumlated impairment losses	-1,464,652	-1,464,652
Net goodwill - beginning of period	13,182,936	13,182,936
Goodwill acquired during the period	0	0
Impairment loss	0	0
Gross goodwill - Ending Period	14,647,588	14,647,588
Accumulated impairment losses - Ending Period	-1,464,652	-1,464,652
Net goodwill - end of period	$13,182,936	$13,182,936

Goodwill_and_Other_Intangible_5

Goodwill and Other Intangible Assets (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Goodwill [Line Items]	'	'	'	'
Amortization of Intangible Assets	$1,729,447	$1,798,416	$3,456,612	$3,597,986

Certain_Relationships_and_Rela2

Certain Relationships and Related Party Transactions (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 31, 2014

Mar. 15, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 31, 2014

Mar. 27, 2014

Dec. 31, 2013

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

Ferdinand Capital [Member]

Ferdinand Capital [Member]

Stockholder [Member]

Stockholder [Member]

Stockholder [Member]

Stockholder [Member]

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

Interest receivable on above notes

$5,373

$0

'

'

'

'

'

'

'

'

'

'

Note receivable

658,038

0

236,665

'

243,030

0

116,000

0

300,000

300,000

'

0

Total due from related parties

$0

$659,030

$0

$243,030

'

$243,030

$0

$116,000

$0

'

$300,000

$300,000

Certain_Relationships_and_Rela3

Certain Relationships and Related Party Transactions (Details Textual) (USD $)

1 Months Ended

6 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

6 Months Ended

Mar. 31, 2014

Jun. 30, 2014

Feb. 26, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 31, 2014

Mar. 31, 2014

Jun. 30, 2014

Mar. 15, 2014

Dec. 31, 2013

Mar. 31, 2014

Jun. 30, 2014

Jun. 15, 2014

Mar. 15, 2014

Dec. 31, 2013

Mar. 31, 2014

Jun. 30, 2014

Mar. 27, 2014

Dec. 31, 2013

Jun. 30, 2014

Mar. 06, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Revolving Promissory Notes [Member]

Revolving Promissory Notes [Member]

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

Ferdinand Capital [Member]

Ferdinand Capital [Member]

Ferdinand Capital [Member]

Ferdinand Capital [Member]

Ferdinand Capital [Member]

Stockholder [Member]

Stockholder [Member]

Stockholder [Member]

Stockholder [Member]

Mr. Von Allmen [Member]

Mr. Von Allmen [Member]

Mr. Von Allmen [Member]

Mr. Ferdinand [Member]

Mr. Ferdinand [Member]

Revolving Promissory Notes [Member]

Revolving Promissory Notes [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

'

4.00%

'

'

'

4.00%

4.00%

'

'

'

3.00%

'

'

'

'

'

'

Due from Related Parties, Noncurrent

'

$0

'

$659,030

'

'

$243,030

$0

'

$243,030

'

$0

'

'

$116,000

'

$0

$300,000

$300,000

'

'

'

'

'

Debt Instrument, Maturity Date

'

'

'

'

'

'

'

'

'

'

15-Mar-15

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Receivable, Related Parties

'

658,038

'

0

'

'

'

236,665

243,030

0

'

116,000

'

'

0

300,000

300,000

'

0

'

'

'

'

'

Debt Instrument, Periodic Payment

'

'

'

'

'

'

7,175

'

'

'

9,877

3,425

'

'

'

5,390

'

'

'

'

'

'

'

'

Debt Instrument, Term

'

'

'

'

'

'

'

'

'

'

'1 year

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity

'

'

3,750,000

'

'

3,750,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Current Borrowing Capacity

'

'

7,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Frequency of Payments

'

'quarterly

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Interest Rate at Period End

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit, Current

'

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Guarantor Obligations, Current Carrying Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,750,000

'

'

'

Guarantor Obligations, Liquidation Proceeds, Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

'

'

Debt Instrument, Periodic Payment, Interest

'

'

'

'

'

'

'

'

'

'

'

1,170

'

'

'

'

'

'

'

'

'

'

'

'

Notes Receivable, Related Parties, Current

'

199,943

'

0

'

'

'

'

'

'

'

'

'

116,000

'

'

'

'

'

'

'

'

'

'

Notes Receivable, Related Parties, Noncurrent

'

458,095

'

0

'

'

'

'

'

'

'

116,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Frequency of Periodic Payment

'

'

'

'

'

'

'

'

'

'

'

'monthly payments

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Periodic Payment, Interest

'

'

'

'

1,972

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Commitment Fee Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,017

'

4,263

Repayments of Debt

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consulting Agreement Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

Payments for Fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

450,000

'

Consulting Agreement Health Insurance Reimbursement Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'

Shares Subject To Lock up Agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,214,647

'

Percentage of Shares Subject To Lock up Agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.00%

'

Lock up Agreement Term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'April 18, 2014 through and including April 17, 2015

'

Liabilities for Guarantees on Long-Duration Contracts, Benefits Paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3,853

'

'

'

'

Debt Instrument, Date of First Required Payment

'

'

'

'

'

'

'

'

'

'

'

15-Jul-14

'

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	Jun. 30, 2014
Property Subject to or Available for Operating Lease [Line Items]	'
Remainder of 2014	$702,116
2015	1,434,738
2016	1,472,552
2017	1,512,622
2018	1,552,887
Thereafter	6,114,597
Total	$12,789,512

Commitments_and_Contingencies_2

Commitments and Contingencies (Details Textual) (USD $)	3 Months Ended		6 Months Ended			1 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jul. 31, 2014	Aug. 31, 2013	Aug. 12, 2013	Jun. 30, 2014	Dec. 31, 2013
					Liquid Partners, LLC [Member]	Liquid Partners, LLC [Member]	Lease Agreements [Member]	Lease Agreements [Member]	Hoboken Lease Agreements [Member]	Hoboken Lease Agreements [Member]
						Subsequent Event [Member]		sqft		sqft
Loss Contingencies [Line Items]	'	'	'	'	'	'	'	'	'	'
Operating Leases, Rent Expense	$437,171	$316,627	$866,217	$607,321	'	'	'	'	'	'
Loss Contingency, Damages Sought, Value	'	'	'	'	500,000	'	'	'	'	'
Operating Leases, Rent Expense, Minimum Rentals	'	'	'	'	'	'	85,364	'	23,550	'
Operating Leases Initial Base Rent Percentage	'	'	'	'	'	'	'	3.00%	'	'
Net Rentable Area	'	'	'	'	'	'	'	13,200	'	7,200
Lessee Leasing Arrangements, Operating Leases, Term of Contract	'	'	'	'	'	'	'	'	'	'4 months
Operating Leases, Rent Expense, Sublease Rentals	'	'	'	'	'	'	'	'	'	23,247
Sublease, Frequency of Periodic Payment	'	'	'	'	'	'	'	'	'per month	'
Operating Leases, Rent Expense, Contingent Rentals	'	'	'	'	'	'	'	'	'	24,153
Loss Contingency, Damages Paid, Value	'	'	'	'	150,000	'	'	'	'	'
Loss Contingency, Damages Awarded, Value	'	'	'	'	'	$380,000	'	'	'	'

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Shares, Balance at beginning of period	1,231,754	760,033
Shares, Granted	858,857	1,077,560
Shares, Vested	-471,959	-605,839
Shares, Forfeited	-253,343	0
Shares, Balance at end of period	1,365,309	1,231,754
Weighted Average Grant Date Fair Value, Balance at beginning of period	$7.77	$7.54
Weighted Average Grant Date Fair Value, Granted	$1.16	$7.82
Weighted Average Grant Date Fair Value, Vested	$7.47	$7.57
Weighted Average Grant Date Fair Value, Forfeited	$7.54	$0
Weighted Average Grant Date Fair Value, Balance at end of period	$3.76	$7.77

ShareBased_Compensation_Detail1

Share-Based Compensation (Details 1)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Dividend yield	0.00%	0.00%
Expected volatility	86.00%	50.00%
Risk-free interest rate	1.96%	1.70%
Expected term (years)	'6 years	'6 years

ShareBased_Compensation_Detail2

Share-Based Compensation (Details 2) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'
Shares, Balance at beginning of period	420,505	0
Shares, Granted	30,000	420,505
Shares, Exercised	0	0
Shares, Forfeited	0	0
Shares, Balance at end of period	450,505	420,505
Shares, Exercisable at end of period	134,469	12,798
Weighted Average Exercise Price, Balance at beginning of period	$9	$0
Weighted Average Exercise Price, Granted	$4.64	$9
Weighted Average Exercise Price, Exercised	$0	$0
Weighted Average Exercise Price, Forfeited	$0	$0
Weighted Average Exercise Price, Balance at end of period	$8.71	$9
Weighted Average Exercise Price, Exercisable at end of period	$9	$9
Remaining weighted average contractual life of exercisable options (years)	'9 years 1 month 6 days	'9 years 7 months 6 days
Aggregate intrinsic value	$0	$0

ShareBased_Compensation_Detail3

Share-Based Compensation (Details Textual) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Apr. 05, 2013
Restricted Stock Units (RSUs) [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition Period	'	'2014 through 2017	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$2,817,323	$3,526,254	'
Amended Incentive Plan [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Percentage Of Common Shares Outstanding	'	'	15.00%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	3,911,393	3,911,393	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	225,190	361,485	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	443,153	443,153	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$742,883	$742,883	'
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition Period	'	'2014 through 2016	'

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	1 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jul. 24, 2013	Jun. 30, 2014
Income Tax Contingency [Line Items]	'	'
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	4.00%	35.00%
Deferred Tax Assets, Valuation Allowance	'	$9.10
Valuation Allowance, Deferred Tax Asset, Change in Amount	'	5.5
Effective Income Tax Rate Reconciliation, Percent, Total	'	0.00%
Deferred Tax Assets, Gross, Total	'	$9.10

Computation_of_Loss_per_Share_1

Computation of Loss per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'	'	'
Net loss	($6,282,450)	($21,667,189)	($14,447,059)	($26,776,504)
Loss applicable to common shares	($6,282,450)	($21,667,189)	($14,447,059)	($26,776,504)
Weighted average common shares outstanding	42,600,567	20,873,494	33,622,352	20,422,326
Basic and diluted loss per common share	($0.15)	($1.04)	($0.43)	($1.31)

Net_Capital_Requirements_Detai

Net Capital Requirements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Future [Member]	'	'
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'	'
Net Capital	$0	$84,771
Excess Net Capital	0	39,771
Institutional [Member]	'	'
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'	'
Net Capital	226,472	204,451
Excess Net Capital	158,247	135,621
Liquid Prime Services [Member]	'	'
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'	'
Net Capital	158,624	291,791
Excess Net Capital	$58,624	$191,791

Net_Capital_Requirements_Detai1

Net Capital Requirements (Details Textual)	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
	USD ($)	Institutional [Member]	Liquid Prime Services [Member]
		EUR (€)	USD ($)
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]	'	'	'
Minimum Net Capital Required For Entity	'	€ 50,000	$100,000
Minimum Net Capital Required	$168,000	'	'