Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 18, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'PAULSON CAPITAL CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,593,258 | ' |
Entity Public Float | ' | ' | $1,523,496 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000704159 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Cash | $6,728,680 | $337,136 |
Receivable from clearing organization | 445,113 | 2,252,965 |
Notes and other receivables, net of allowances for doubtful accounts of $901,541 and $847,796 | 1,778,936 | 210,536 |
Income taxes receivable | ' | 43,834 |
Trading and investment securities owned, at fair value | 4,908,753 | 8,500,488 |
Underwriter warrants, at fair value | 5,276,000 | 1,548,000 |
Prepaid and deferred expenses | 472,016 | 437,440 |
Other assets | 78,467 | ' |
Furniture and equipment, at cost, net of accumulated depreciation and amortization of $66,041 and $155,519 | 111,180 | 9,644 |
Total Assets | 19,799,145 | 13,340,043 |
Liabilities and Shareholders' Equity | ' | ' |
Accounts payable and accrued liabilities | 540,771 | 302,252 |
Payable to clearing organization | ' | 74,062 |
Compensation, employee benefits and payroll taxes | 363,665 | 84,885 |
Underwriter warrants payable to employees, at fair value | 3,641,035 | ' |
Deferred revenue | ' | 59,523 |
Notes payable | 700,000 | ' |
Advances from related parties | 1,521,781 | ' |
Total Liabilities | 6,767,252 | 520,722 |
Shareholders' Equity | ' | ' |
Preferred stock, no par value; 500,000 shares authorized; none issued | 0 | 0 |
Common stock, no par value; 10,000,000 shares authorized; shares issued and outstanding: 5,805,485 and 5,766,985 | 2,338,216 | 2,163,711 |
Retained earnings | 9,130,287 | 10,655,610 |
Total Paulson Capital Corp. Shareholders' Equity | 11,468,503 | 12,819,321 |
Non-controlling interest in consolidated entities | 1,563,390 | ' |
Total Shareholders' Equity | 13,031,893 | 12,819,321 |
Total Liabilities and Shareholders' Equity | $19,799,145 | $13,340,043 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Allowances for doubtful accounts (in Dollars) | $901,541 | $847,796 |
Accumulated depreciation and amortization (in Dollars) | $66,041 | $155,519 |
Preferred stock, par value (in Dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,805,485 | 5,766,985 |
Common stock, shares outstanding | 5,805,485 | 5,766,985 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | ' | ' |
Commissions | $2,590,103 | $3,766,723 |
Corporate finance | 7,782,336 | 521,107 |
Investment loss | -880,166 | -554,453 |
Trading income | 1,248,122 | 1,035,343 |
Interest and dividends | 33,966 | 1,280,289 |
Gain on sale of assets | ' | 1,489,251 |
Other | 59,762 | 186,331 |
10,834,123 | 7,724,591 | |
Expenses | ' | ' |
Commissions and salaries | 4,983,267 | 4,655,084 |
Underwriter warrant commissions | 3,863,035 | ' |
Underwriting expenses | 214,896 | 182,405 |
Clearing expenses | 74,666 | 182,082 |
Rent | 315,722 | 287,527 |
Communication and quotation services | 112,742 | 304,811 |
Professional fees | 1,133,567 | 693,928 |
Travel and entertainment | 69,972 | 64,167 |
Settlement expense | 208,500 | 198,917 |
Bad debt expense | 359,058 | 569,928 |
Depreciation and amortization | 18,910 | 5,370 |
Licenses, taxes and insurance | 607,356 | 588,521 |
Interest | 23,028 | ' |
Loss on asset disposition | 9,256 | ' |
Other | 302,081 | 387,660 |
12,296,056 | 8,120,400 | |
Loss before income taxes | -1,461,933 | -395,809 |
Income tax expense (benefit): | ' | ' |
Current | 0 | 0 |
Deferred | 0 | 0 |
0 | 0 | |
Net loss | -1,461,933 | -395,809 |
Income attributable to non-controlling interests | -63,390 | ' |
Net loss attributable to Paulson Capital Corp. common shareholders | ($1,525,323) | ($395,809) |
Basic and diluted net loss per share attributed to Legacy Shareholders (in Dollars per share) | ($0.32) | ($0.07) |
Basic net income per share attributed to Non-Legacy Shareholders (in Dollars per share) | $0.06 | ' |
Diluted net income per share attributed to Non-Legacy Shareholders (in Dollars per share) | $0.01 | ' |
Shares used in basic and diluted per share calculations: | ' | ' |
Basic and diluted net loss per share attributed to Legacy Shareholders (in Shares) | 5,776,033 | 5,767,212 |
Basic net income per share attributed to Non-Legacy Shareholders (in Shares) | 5,805,485 | ' |
Diluted net income per share attributed to Non-Legacy Shareholders (in Shares) | 22,353,614 | ' |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at December 31, 2011 at Dec. 31, 2011 | $2,163,941 | $12,205,836 | $14,369,777 | ' | $14,369,777 |
Balance at December 31, 2011 (in Shares) at Dec. 31, 2011 | 5,767,985 | ' | ' | ' | ' |
Redemption of common stock | -230 | -1,020 | -1,250 | ' | -1,250 |
Redemption of common stock (in Shares) | -1,000 | ' | ' | ' | -1,000 |
Dividends paid to common shareholders | ' | -1,153,397 | -1,153,397 | ' | -1,153,397 |
Net loss | ' | -395,809 | -395,809 | ' | -395,809 |
Balance at December 31, 2012 | 2,163,711 | 10,655,610 | 12,819,321 | ' | 12,819,321 |
Balance at December 31, 2012 (in Shares) | 5,766,985 | ' | ' | ' | ' |
Balance at December 31, 2013 at Dec. 31, 2012 | ' | ' | ' | ' | 12,819,321 |
Balance at December 31, 2013 (in Shares) at Dec. 31, 2012 | 5,766,985 | ' | ' | ' | ' |
Balance at December 31, 2011 at Dec. 31, 2012 | 2,163,711 | 10,655,610 | 12,819,321 | ' | 12,819,321 |
Redemption of common stock (in Shares) | ' | ' | ' | ' | 0 |
Net loss | ' | -1,525,323 | -1,525,323 | 63,390 | -1,461,933 |
Balance at December 31, 2012 | ' | ' | ' | ' | 11,468,503 |
Balance at December 31, 2012 (in Shares) | 5,805,485 | ' | ' | ' | ' |
Stock option grant | 131,000 | ' | 131,000 | ' | 131,000 |
Exercise of common stock options | 43,505 | ' | 43,505 | ' | 43,505 |
Exercise of common stock options (in Shares) | 38,500 | ' | ' | ' | ' |
Investment by non-controlling interest in consolidated entities | ' | ' | ' | 1,500,000,000,000 | 1,500,000,000,000 |
Balance at December 31, 2013 at Dec. 31, 2013 | $2,338,216 | $9,130,287 | $11,468,503 | $1,563,390 | $13,031,893 |
Balance at December 31, 2013 (in Shares) at Dec. 31, 2013 | 5,805,485 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,461,933) | ($395,809) |
Adjustments to reconcile net loss to net cash flows from operating activities: | ' | ' |
Receipt of underwriter warrants | -6,523,000 | -301,000 |
Unrealized depreciation/expiration of underwriter warrants | 2,795,000 | 148,000 |
Stock-based compensation | 131,000 | 0 |
Receipt of securities from investing activities | ' | -1,415,416 |
Depreciation and amortization | 18,910 | 5,370 |
Bad debt expense | 359,058 | 569,928 |
Loss on asset disposition | 9,256 | 702 |
Gain on sale of assets | ' | -1,489,252 |
Receivables from/payable to clearing organization, net | 1,733,790 | 2,966,047 |
Notes and other receivables | -2,036,794 | -63,674 |
Income taxes receivable | 43,834 | -32,999 |
Trading and investment securities owned | 3,591,735 | 623,796 |
Prepaid and deferred expenses | -34,576 | 106,547 |
Other assets | -78,467 | ' |
Deferred revenue | -59,523 | -170,067 |
Accounts payable, accrued liabilities and compensation payables | 539,080 | -408,642 |
Trading securities sold, not yet purchased | ' | -356,705 |
Underwriter warrants payable to employees | 3,641,035 | ' |
Net cash provided by (used in) operating activities | 2,668,405 | -213,174 |
Cash flows from investing activities: | ' | ' |
Additions to furniture and equipment | -129,702 | -800 |
Proceeds from sale of fixed assets | ' | 250 |
Proceeds from sale of assets | 109,336 | 1,413,505 |
Net cash provided by (used in) investing activities | -20,366 | 1,412,955 |
Cash flows from financing activities: | ' | ' |
Proceeds from note payable | 700,000 | ' |
Proceeds from advance from related party | 1,500,000 | ' |
Proceeds from issuance of non-controlling interest in consolidated entity | 1,500,000 | ' |
Proceeds from stock option exercise | 43,505 | ' |
Redemption of common stock | ' | -1,250 |
Dividends paid to common shareholders | ' | -1,153,397 |
Net cash provided by (used in) financing activities | 3,743,505 | -1,154,647 |
Increase in cash | 6,391,544 | 45,134 |
Cash: | ' | ' |
Beginning of year | 337,136 | 292,002 |
End of year | 6,728,680 | 337,136 |
Supplemental cash flow information: | ' | ' |
Cash (paid) received during the period for income taxes, net | 7,000 | -26,000 |
Receivable from sale of assets | ' | $109,336 |
Note_1_Organization_and_Summar
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Organization | |
Paulson Capital Corp. is a holding company whose majority owned subsidiary, Paulson Investment Company, Inc., is a registered broker-dealer in securities under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority (“FINRA”). We provide broker-dealer services in securities on both an agency and a principal basis to our customers who are introduced to RBC Correspondent Services, a division of RBC Capital Markets Corporation, our clearing organization, on a fully disclosed basis. We also act as the managing underwriter, placement agent or participating selling group member of initial and follow-on public offerings, private investments in public equity (“PIPEs”) and private placements for smaller companies. We conduct business throughout the United States. | |
We operate under the provision of paragraph (k)(2)(ii) of rule 15c3-3 of the Securities and Exchange Act of 1934 and, accordingly, are exempt from the remaining provisions of that rule. Essentially, the requirements of paragraph (k)(2)(ii) provide that we clear all transactions on behalf of our customers on a fully disclosed basis with a clearing broker-dealer and promptly transmit all customer funds and securities to the clearing broker-dealer. The clearing broker-dealer carries all of the accounts of the customers and maintains and preserves all related books and records as are customarily kept by a clearing broker-dealer. | |
We also have a 100% owned subsidiary, Paulson Capital Properties, LLC, for the purpose of purchasing, improving and remarketing undervalued real estate. Through December 31, 2013, we had not purchased any real estate. | |
During the second quarter of fiscal 2012 ended June 30, 2012, we sold substantially all of our retail brokerage business to JHS Capital Advisors, LLC and are focusing operations on boutique investment banking. (See Note 3) | |
Note 4 describes a transaction that, if completed and approved by FINRA, will impact the organization. | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Paulson Capital Corp. and its wholly owned subsidiary Paulson Capital Properties, LLC and its majority owned subsidiary, Paulson Investment Company, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our estimates regarding the fair value of underwriter warrants, not readily marketable securities and legal reserves are significant estimates and these estimates could change in the near term. Actual results could differ from those estimates. | |
Revenue Recognition | |
Securities transactions and related commissions revenue, including the sale of investment company shares, are recorded on a trade date basis. Underwriter’s fees and other underwriting revenues are recognized at the time the underwriting is completed. Revenue from sales of other securities including tax deferred units and insurance products is recorded when the units are sold. Revenue from the receipt of underwriter warrants is recognized when the underwriting is completed and the warrants are received based on the estimated fair value of the securities received using the Black-Scholes option-pricing model taking into account the exercise price, remaining life of the warrant, the current price of the underlying stock and its expected volatility, expected dividends on the stock and the risk-free interest rate for the remaining term of the warrant. | |
Cash | |
Cash includes cash on hand and cash on deposit with banks. | |
Notes and Other Receivables | |
Receivables are reviewed on a regular and continual basis by our management and, if events or changes in circumstances cause us to doubt the collectability of the contractual payments, a receivable will be assessed for impairment. The Company considers a receivable to be impaired when, based on upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the receivable agreement. When we determine collection to be doubtful, an allowance for doubtful amounts receivable is recorded and the receivable is placed on a nonperforming (nonaccrual) status. Payments received on nonaccrual receivables are applied first to reduce the outstanding interest, and are then applied to the receivable unless we determine impairment is likely in which case payments are applied to the outstanding receivable balance (cost recovery method). | |
Interest received on impaired receivables is recorded using the cash receipts method unless management determines further impairment is probable. No impairment loss is recorded if the carrying amount of the receivable (principal and accrued interest) is expected to be fully recovered through borrower payments and enforcement of action against the borrower's collateral, if any. | |
The conclusion that a receivable may become uncollectible, in whole or in part, is a matter of judgment. We do not have a formal risk rating system. Receivables and the related accrued interest are analyzed on an individual and continuous basis for recoverability. | |
Delinquencies are determined based upon contractual terms. A provision is made for doubtful accounts to adjust the allowance for doubtful accounts to an amount considered to be adequate, with due consideration to workout agreements, to provide for unrecoverable receivables and receivables, including impaired receivables, other receivables, and accrued interest. Uncollectible receivables and related interest receivable are charged directly to the allowance account once it is determined that the full amount is not collectible. | |
Fair Value of Trading and Investment Securities Owned | |
Our trading and investment securities owned consist of both marketable securities and not readily marketable securities and are recorded at fair value. Changes in the value of these securities are reflected currently in our results of operations as a component of investment income. See also Notes 7 and 8. | |
Fair Value of Underwriter Warrants and Underwriter Warrants Payable to Employees | |
We are required to estimate the value of all securities that we hold at the date of the financial statements and to include that value, and changes in such value, in the financial statements. Accordingly, the aggregate fair value of our underwriter warrants is recorded as an asset on our balance sheet. When a new warrant is received, its fair value is included in corporate finance revenue on the date on which it is earned. Subsequently, any change in fair value is recorded as investment income or loss in the period incurred. When a warrant is exercised, the fair value is adjusted to reflect the value of the securities purchased, net of the exercise price, and the adjustment amount is recorded as income or loss for the relevant period. If a warrant expires unexercised, the fair value is adjusted to zero and the decrease is recorded as a loss in the relevant period. Underwriter warrants payable to employees represent warrants that are held by PIC, but are distributable to employees as compensation. | |
Fair Value of Financial Instruments | |
Substantially all of our financial instruments are carried at fair value or amounts that approximate fair value. The carrying amounts reflected in the financial statements for cash, receivables and payables approximate their respective fair values due to the short-term nature of these items. The fair value of certain long-term notes receivable from employees approximate the carrying value of the receivable due to the employment nature of the receivable. The fair values 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 currently in our results of operations. The fair value of debt approximates carrying value due to the short term and convertible nature of the obligations. Other than those separately disclosed in Note 7, our remaining financial instruments are generally short-term in nature and their carrying values approximate fair value. | |
Furniture and Equipment | |
Depreciation of furniture and equipment is generally computed using the straight-line method over their estimated useful lives (typically 3 or 5 years). Leasehold improvements are amortized over the lesser of their estimated useful life or the remaining lives of their related leases. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that includes the enactment date. | |
We recognize benefits for uncertain tax positions if we determine that they are “more-likely-than-not” to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recognized as tax expense. | |
Earnings Per Share | |
The Company presents earnings per share for two classifications of Common Stock. The “Legacy Shareholder” classification includes those shareholders of record on October 11, 2013 (the “Record Date”), and reflects the results for the year-to-date up to and including the Record Date, as well as the results after the Record Date of the Trust Assets (as described below in Note 5), in which the Legacy Shareholders have a beneficial interest. The “Non-Legacy Shareholder” classification includes those who were not shareholders on the Record Date, but purchased shares thereafter, and only reflects the operating results of the Company after the Record Date, excluding the results on the Trust Assets for which they do not have a beneficial interest. | |
We computed basic earnings per common share using net income (loss) available to common stockholders and the weighted average number of common shares outstanding during the year. We computed diluted earnings per common share using net income available to common stockholders and the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the year. | |
Potentially dilutive common shares from other instruments are determined by applying the treasury stock method to the assumed exercise of outstanding stock options. Potentially dilutive common shares are determined by applying the if-converted method. | |
Stock-Based Compensation | |
Stock-based compensation cost for equity classified awards is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). We utilize the Black-Scholes option pricing model for determining the fair value of awards. See also Note 11. | |
Comprehensive Income (Loss) | |
We had no comprehensive income (loss) items; accordingly, net income (loss) and comprehensive income (loss) are the same. |
Note_2_Receivable_From_and_Pay
Note 2 - Receivable From and Payable to Clearing Organization | 12 Months Ended |
Dec. 31, 2013 | |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | ' |
Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block] | ' |
NOTE 2 - RECEIVABLE FROM AND PAYABLE TO CLEARING ORGANIZATION | |
We introduce all customer transactions in securities traded on U.S. securities markets to RBC CS on a fully-disclosed basis. The agreement with our clearing broker provides that we are obligated to assume any exposure related to nonperformance by customers or counterparties. We monitor clearance and settlement of all customer transactions on a daily basis. The exposure to credit risk associated with the nonperformance of customers and counterparties in fulfilling their contractual obligations pursuant to these securities transactions can be directly impacted by volatile trading markets which may impair the customer’s or counterparty’s ability to satisfy their obligations. In the event of nonperformance, we may be required to purchase or sell financial instruments at unfavorable market prices, resulting in a loss. We have not experienced credit losses in the past, and we do not anticipate experiencing credit losses in the future, due to significant nonperformance by our customers and counterparties. | |
At December 31, 2013 and 2012, the receivable from RBC CS was comprised of $8,000 and $5,000, respectively, in commissions receivable and $437,000 and $2.2 million, respectively, in deposits to facilitate principal trading activity. | |
At December 31, 2012, the payable to RBC CS was comprised entirely of amounts used to finance principal trading activity. |
Note_3_Divestiture_of_Brokerag
Note 3 - Divestiture of Brokerage Operations | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
NOTE 3 - DIVESTITURE OF BROKERAGE OPERATIONS | |
In the first quarter of 2012, we reached an agreement with JHS Capital Advisors, LLC (“JHS”) to sell substantially all of our retail brokerage operations, including many of our branch and nonbranch offices as well as registered personnel (employees and independent contractors), to JHS. The sale closed on April 16, 2012. In consideration of the sale, we were to be paid approximately $1,653,247 net of certain deductions for compensation expenses. The final purchase price was subject to recalculation after six months based upon the aggregate gross dealer commissions for the 12-month period ended at that time. The final purchase price was $1,522,841. During the year ended December 31, 2012, we received a total of $1,413,505. During the year ended December 31, 2013, the final installment of $109,336 was received. |
Note_4_Restructure_of_Paulson_
Note 4 - Restructure of Paulson Investment Company, Inc. | 12 Months Ended |
Dec. 31, 2013 | |
Investments Schedule [Abstract] | ' |
Investment [Text Block] | ' |
NOTE 4 - RESTRUCTURE OF PAULSON INVESTMENT COMPANY, INC. | |
The Company is in the process of restructuring the business involving the broker-dealer license held by the Company’s subsidiary, Paulson Investment Company, Inc. (“PIC”). The restructuring, which is subject to approval by the Financial Industry Regulatory Authority (FINRA), is contemplated to result in PIC being ultimately owned by management of PIC and outside investors. | |
During the first quarter of fiscal 2013, PIC received a $1,500,000 loan from a related-party investor pursuant to a convertible promissory note bearing 5% simple interest which is due on January 13, 2016. The note is convertible, subject to FINRA approval, into preferred stock of PIC, representing approximately 35% ownership interest in PIC on a fully diluted basis. The noteholder agreed the note would stop accruing interest after April 30, 2013. | |
During the second quarter of fiscal 2013, PIC issued 215,438 shares of series B preferred stock for $1,500,000. The series B preferred stock is afforded no conversion or voting rights. Upon a liquidation event, the shareholder would be given a liquidation preference equal to 15.79%. | |
During the fourth quarter of fiscal 2013, PIC received a $700,000 loan from an outside investor pursuant to a convertible promissory note bearing 5% simple interest which is due on July 1, 2014. The note is convertible into 11.6% of the equity of PIC upon the earlier (i) all necessary FINRA and NASDAQ approvals and (ii) July 1, 2014. |
Note_5_Proposed_Corporate_Reor
Note 5 - Proposed Corporate Reorganization | 12 Months Ended | ||
Dec. 31, 2013 | |||
Restructuring and Related Activities [Abstract] | ' | ||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||
NOTE 5 – PROPOSED CORPORATE REORGANIZATION | |||
a) | Proposed Financing | ||
On July 25, 2013, the Company entered into a series of agreements intended to secure investment in the Company of $5,250,000 (the “Investment Funds”) with DKR Ventures, LLC, a Delaware limited liability company, and Hudson Bay Master Fund Ltd., a Cayman Islands limited partnership (collectively, the “Investors”), in a private placement transaction (the “Proposed Financing”) intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), subject to satisfaction of certain conditions. | |||
Under the agreements, the Company will complete the private placement of a Unit consisting of (i) 287,773 shares of Common Stock; (ii) 500,000 shares of Series A Preferred Stock; (iii) a Class A Warrant; and (iv) a Class B Warrant. Each share of Series A Preferred Stock has a stated value of $0.806974 and a conversion ratio of 2.305640603 per share of Common Stock, subject to adjustment. Each share of Series B Preferred Stock will be convertible into one share of Common Stock and have a stated value of $0.35 per share and a conversion ratio equal to one share of Common Stock for each share of Series B Preferred Stock outstanding, equal to a purchase price of $0.35 per share of Common Stock, subject to adjustment. The Class A Warrant is exercisable for up to 7,500,000 shares of Series B Preferred Stock at a per share exercise price of $0.80, subject to adjustment, beginning on the date that is six months following the date of issuance and ending on the date that is five years thereafter. The Class B Warrant is exercisable for up to 13,559,407 shares of Series B Preferred Stock. The purchase price of one share of Common Stock underlying the Class B Warrant is deemed to be $0.35, subject to adjustment, without any payment of consideration by the Holder upon exercise. The Class B Warrant is exercisable beginning on the date that is six months following the date of issuance and ending on the date that is two years thereafter. | |||
On January 29, 2014, the Company closed the private sale of 500,000 shares of its Common Stock to six accredited investors at a price of $0.50 per share for gross proceeds of $250,000. The shares were sold without registration in reliance upon the private transaction exemption set forth in Section 4(a)(2) of the Securities Act, and/or Rule 506 of Regulation D promulgated under the Securities Act. | |||
b) | Formation of Liquidating Trust | ||
In connection with the Proposed Financing, the Board of Directors of the Company has also approved the formation of a trust (the "Trust") for the benefit of shareholders of the Company as of the record date of October 11, 2013 (the “Record Date”). The Trust, if and when formed, will hold certain non-operating assets of PIC (the “Trust Assets”). Common shareholders of record (the “Legacy Shareholders”) will be given non-transferable beneficial interests in the Trust in proportion to their pro rata ownership interest in our Common Stock as of the Record Date. It is expected the assets in the Trust will be liquidated and distributed to the Legacy Shareholders over time. | |||
c) | Proposed Changes to the Articles of Incorporation | ||
At the 2013 Annual Meeting of Shareholders held on November 8, 2013 (the “2013 Shareholders Meeting”), the shareholders approved a proposal to change the Company’s state of incorporation to Delaware from Oregon (the “Reincorporation”). As of the date of this report, the reincorporation of the Company had not been effected. | |||
At the 2013 Shareholders Meeting, shareholders also approved the amendment and restatement of the Company’s Articles of Incorporation to increase the authorized capital stock from 10,000,000 shares of Common Stock, no par value per share, and 500,000 shares of preferred stock, no par value, to 90,000,000 shares of Common Stock, par value $0.0001 per share, and 30,000,000 shares of “Blank Check” Preferred Stock, par value $0.0001 per share. As of the date of this report, the Articles of Incorporation had not been amended and restated to change the authorized capital stock. | |||
d) | Proposed Reverse Stock Split of Common Stock | ||
At the 2013 Shareholders Meeting, shareholders approved the proposal to grant the Board of Directors the authority to effect a reverse stock split of its Common Stock. The proposal permits, but does not require, the Board of Directors to effect a reverse stock split of the issued and outstanding Common Stock at any time prior to 18 months from the date of approval by a ratio of not less than one-for-two and not more than one-for-ten, with the exact ratio to be set within this range at the sole discretion of the Board of Directors. The Board reserves the right to elect to abandon the Reverse Stock Split, including any or all proposed reverse stock split ratios, if it determines, in its sole discretion, that the Reverse Stock Split is no longer in the best interests of the Company and its shareholders. As of the date of this report, the Board of Directors had not acted to effect a reverse stock split of the Common Stock. |
Note_6_Notes_and_Other_Receiva
Note 6 - Notes and Other Receivables | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | ||||||||||||||||||||||||
NOTE 6 - NOTES AND OTHER RECEIVABLES | |||||||||||||||||||||||||
Notes and other receivables generally are stated at their outstanding unpaid principal balance. Interest income on receivables is recognized on an accrual basis. | |||||||||||||||||||||||||
Notes and other receivables consisted of the following (in thousands): | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Employees | $ | 1,958 | $ | 620 | |||||||||||||||||||||
Corporate finance | 66 | 316 | |||||||||||||||||||||||
Other | 656 | 123 | |||||||||||||||||||||||
2,680 | 1,059 | ||||||||||||||||||||||||
Allowance for doubtful accounts | (901 | ) | (848 | ) | |||||||||||||||||||||
Total | $ | 1,779 | $ | 211 | |||||||||||||||||||||
Employee receivables include several promissory notes issued to new employees totaling approximately $1.2 million that are payable in three years and bear 1% interest. These notes will be forgiven if the employees meet certain performance milestones and are still employed by the Company at the end of the three-year term. Other employee receivables relate to advances and expenses in excess of commission earnings and investment losses charged to our current and former employees and registered representatives. Corporate finance receivables are unsecured and principally relate to bridge loans and other short-term advances to corporate finance clients. Other receivables primarily consist of the final installment due from the sale of one private investment. | |||||||||||||||||||||||||
Impaired Receivables | |||||||||||||||||||||||||
The following is a summary of the Company's impaired receivables as of December 31, 2013: | |||||||||||||||||||||||||
Recorded | Unpaid | Related | # of | Average | Interest | ||||||||||||||||||||
Receivable | Balance | Allowance | Receivables | Recorded | Income | ||||||||||||||||||||
Receivable | Recognized | ||||||||||||||||||||||||
Employees | $ | 601,541 | $ | 601,541 | $ | 601,541 | 6 | $ | 100,257 | $ | - | ||||||||||||||
Other | 643,176 | 643,176 | 300,000 | 1 | 643,176 | - | |||||||||||||||||||
Total | $ | 1,244,717 | $ | 1,244,717 | $ | 901,541 | 7 | $ | 177,817 | $ | - | ||||||||||||||
The following is a summary of the Company's impaired receivables as of December 31, 2012: | |||||||||||||||||||||||||
Recorded | Unpaid | Related | # of | Average | Interest | ||||||||||||||||||||
Receivable | Balance | Allowance | Receivables | Recorded | Income | ||||||||||||||||||||
Receivable | Recognized | ||||||||||||||||||||||||
Employees | $ | 590,141 | $ | 590,141 | $ | 567,169 | 6 | $ | 98,357 | $ | 3,094 | ||||||||||||||
Corporate finance | 280,627 | 280,627 | 280,627 | 2 | 140,313 | 24,454 | |||||||||||||||||||
Total | $ | 870,768 | $ | 870,768 | $ | 847,796 | 8 | $ | 108,846 | $ | 27,548 | ||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||||||
Allowance for receivables from employees principally consists of uncollectible unsecured forgivable promissory notes to registered representatives that are forgiven over a specific period, typically 5 years, if the borrower remains an employee of the Company and meets certain performance criteria. Any amounts remaining under the note become due immediately when the individual either leaves the Company voluntarily or is terminated. Amounts from corporate finance clients principally consist of bridge loans and other advances to underwriting clients. | |||||||||||||||||||||||||
The following is a summary of the Company's allowance for doubtful accounts for the years ended December 31, 2012 and 2013: | |||||||||||||||||||||||||
Allowance for doubtful accounts as of December 31, 2011 | $ | 387,853 | |||||||||||||||||||||||
Bad debt expense in fiscal 2012 | 569,928 | ||||||||||||||||||||||||
Direct write-off against allowance in fiscal 2012 | (109,985 | ) | |||||||||||||||||||||||
Allowance for doubtful accounts as of December 31, 2012 | $ | 847,796 | |||||||||||||||||||||||
Bad debt expense in fiscal 2013 | 359,058 | ||||||||||||||||||||||||
Direct write-off against allowance in fiscal 2013 | (305,313 | ) | |||||||||||||||||||||||
Allowance for doubtful accounts as of December 31, 2013 | $ | 901,541 | |||||||||||||||||||||||
Note_7_Fair_Value_Measurements
Note 7 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||
NOTE 7 – FAIR VALUE MEASUREMENTS | |||||||||||||||||||
Various inputs are used in determining the fair value of our financial assets and liabilities and are summarized into three broad categories: | |||||||||||||||||||
● | Level 1 – unadjusted quoted prices in active markets for identical securities; | ||||||||||||||||||
● | Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.; and | ||||||||||||||||||
● | Level 3 – significant unobservable inputs, including our own assumptions in determining fair value. | ||||||||||||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | |||||||||||||||||||
Following are the disclosures related to our financial assets and (liabilities) (in thousands): | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair | Input | Fair | Input | ||||||||||||||||
Value | Level | Value | Level | ||||||||||||||||
Trading and investment securities owned: | |||||||||||||||||||
Corporate equities, marketable | $ | 3,720 | Level 1 | $ | 3,463 | Level 1 | |||||||||||||
Corporate equities, not readily marketable | 1,122 | Level 3 | 4,878 | Level 3 | |||||||||||||||
Corporate options/warrants, marketable | 67 | Level 1 | 159 | Level 1 | |||||||||||||||
Underwriter warrants | 5,276 | Level 3 | 1,548 | Level 3 | |||||||||||||||
Underwriter warrants payable to employees | (3,641 | ) | Level 3 | - | Level 3 | ||||||||||||||
Following is a summary of activity related to our Level 3 financial assets and liabilities (in thousands): | |||||||||||||||||||
Underwriter | Underwriter | Not Readily | |||||||||||||||||
Warrants | Warrants | Marketable | |||||||||||||||||
Payable to | Investment | ||||||||||||||||||
Employees | Securities | ||||||||||||||||||
Balance, December 31, 2011 | $ | 1,395 | $ | - | $ | 3,857 | |||||||||||||
Fair value of securities received included as a component of corporate finance income | 301 | - | 27 | ||||||||||||||||
Conversion of corporate finance client note receivable to equity investment | - | - | 1,389 | ||||||||||||||||
Net unrealized loss, included as a component of investment loss related to securities held at December 31, 2012 | (148 | ) | - | (395 | ) | ||||||||||||||
Balance, December 31, 2012 | $ | 1,548 | - | $ | 4,878 | ||||||||||||||
Fair value of securities received included as a component of corporate finance income | 6,523 | - | - | ||||||||||||||||
Fair value of securities received included as a component of compensation expense | - | (3,641 | ) | - | |||||||||||||||
Investment in privately held company | - | - | 200 | ||||||||||||||||
Sale of investment in privately held company | - | - | (5,629 | ) | |||||||||||||||
Net unrealized gain (loss), included as a component of investment loss related to securities held at December 31, 2013 | (2,746 | ) | - | 1,673 | |||||||||||||||
Underwriter warrants exercised or expired included as a component of investment income | (49 | ) | - | - | |||||||||||||||
Balance, December 31, 2013 | $ | 5,276 | $ | (3,641 | ) | $ | 1,122 | ||||||||||||
Valuation of Marketable Trading and Investment Securities Owned | |||||||||||||||||||
The fair value of our 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 at the last quoted bid price. | |||||||||||||||||||
Valuation of Not Readily Marketable Investment Securities Owned | |||||||||||||||||||
Securities not readily marketable include investment securities (a) for which there is no market on a securities exchange or no independent publicly quoted market, (b) that cannot be publicly offered or sold unless registration has been effected under the Securities Act of 1933, or (c) that cannot be offered or sold because of other arrangements, restrictions or conditions applicable to the securities or to us. The fair value of not readily marketable securities is estimated by management using available information including the following: quoted market prices of similar securities (i.e., unrestricted shares of the same company); price of recent known trades of the same or similar securities; the cost of the security, if recently purchased, adjusted for changes in the financial condition of the issuer; all other information available from review of available documents related to the issuer or discussions with management of the issuer. Significant unobservable inputs include the discount rate for lack of liquidity, and the volatility index of comparable companies. Changes to these unobservable inputs would cause the fair value to fluctuate substantially. | |||||||||||||||||||
Valuation of Underwriter Warrants and Underwriter Warrants Payable to Employees | |||||||||||||||||||
We estimate the fair value of underwriter warrants using the Black-Scholes Option Pricing Model. The warrants generally have a five-year expiration date and vest immediately. The warrants are generally subject to a restriction period of six months to one year in which the warrants cannot be exercised. The Black-Scholes model requires us to use five inputs including: stock price, risk free rate, exercise price, time remaining on the warrant and price volatility. After stock price, the most influential factor in this model is price volatility, which we calculate for each company’s warrants based on each company’s own historical closing stock prices as well as an index of historical prices for comparable companies. When we initially receive a new underwriter warrant from an initial public offering, its calculated volatility factor is entirely based on the volatility of an index of comparable companies, since there is no price history for a new publicly traded company. For publicly traded companies, as each underwriter warrant approaches its expiration date, its volatility factor is derived primarily from the historical prices of its underlying common stock. Private company underwriter warrant valuations use the volatility index of comparable companies. There is no assurance that we will ultimately be able to exercise any of our warrants in a way that will realize the fair value that has been recorded in the financial statements based on this model. Underwriter warrants payable to employees represent warrants that are held by the Company, but are distributable to employees as compensation at December 31, 2013. | |||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||
Fair Value at | Valuation | Unobservable | Range | Weighted | |||||||||||||||
December 31, | Technique | Input | Average | ||||||||||||||||
2013 | |||||||||||||||||||
(in thousands) | Minimum | Maximum | |||||||||||||||||
Investments in privately held companies | $ | 1,122 | Market approach; Asset approach | Discount rate for lack of liquidity | 13 | % | 20 | % | 15.3 | % | |||||||||
Underwriter warrants | 5,276 | ||||||||||||||||||
Underwriter warrants payable to employees | (3,641 | ) | Black-Scholes Option Pricing Model | Volatility index of comparable companies | 66.7 | % | 99.5 | % | 76.5 | % | |||||||||
$ | 2,757 | ||||||||||||||||||
Note_8_Trading_and_Investment_
Note 8 - Trading and Investment Securities Owned | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Table Text Block [Abstract] | ' | ||||||||||||||||
Trading Securities [Table Text Block] | ' | ||||||||||||||||
NOTE 8 - TRADING AND INVESTMENT SECURITIES OWNED | |||||||||||||||||
Certain information regarding our trading and investment securities owned was as follows (in thousands): | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Fair Value: | Trading | Invest- | Trading | Invest- | |||||||||||||
Securities | ment | Securities | ment | ||||||||||||||
Securities | Securities | ||||||||||||||||
Corporate equities | $ | 3,720 | $ | 1,122 | $ | 3,465 | $ | 4,876 | |||||||||
Corporate options/warrants | 37 | 30 | 159 | - | |||||||||||||
$ | 3,757 | $ | 1,152 | $ | 3,624 | $ | 4,876 | ||||||||||
The cost basis for our investment securities was $2,615,000 and $4,811,000 as December 31, 2013 and 2012, respectively. |
Note_9_Furniture_and_Equipment
Note 9 - Furniture and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 9 - FURNITURE AND EQUIPMENT, NET | |||||||||
Furniture and equipment are stated at cost and consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Furniture and equipment | $ | 160 | $ | 133 | |||||
Leasehold improvements | 17 | 32 | |||||||
177 | 165 | ||||||||
Less accumulated depreciation and amortization | (66 | ) | (155 | ) | |||||
$ | 111 | $ | 10 | ||||||
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 10 - INCOME TAXES | |||||||||
Income tax expense (benefit) consisted of the following (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Current tax expense (benefit): | |||||||||
Federal | $ | - | $ | - | |||||
State and local | - | - | |||||||
- | - | ||||||||
Deferred tax expense (benefit): | |||||||||
Federal | - | - | |||||||
State and local | - | - | |||||||
- | - | ||||||||
$ | - | $ | - | ||||||
Income tax expense (benefit) for each year varies from the amount computed by applying the statutory federal income tax rate to earnings before income taxes as follows (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory federal tax rate | $ | (497 | ) | $ | (135 | ) | |||
State and local taxes, net of federal tax effect | - | (10 | ) | ||||||
Permanent differences – employee stock options, officer life insurance and other | 63 | 67 | |||||||
Change in valuation allowance on net deferred tax asset | 434 | 17 | |||||||
Expiration of state tax credit carryforward | - | 5 | |||||||
State capital loss rate and true-up | - | 56 | |||||||
Other, net | - | - | |||||||
$ | - | $ | - | ||||||
The deferred income tax asset (liability) consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred revenue | $ | - | $ | 23 | |||||
Furniture and equipment | 23 | 23 | |||||||
Allowance for doubtful accounts | 353 | 333 | |||||||
Federal net operating loss carryforward | 1,859 | 2,108 | |||||||
State net operating loss carryforwards and credits | 751 | 880 | |||||||
State net capital loss carryforwards | 171 | 238 | |||||||
Compensation and benefits | 52 | 31 | |||||||
Unrealized loss on securities | 158 | - | |||||||
Deferred rent | 27 | - | |||||||
Charitable contribution carryforwards and other | - | 23 | |||||||
3,394 | 3,659 | ||||||||
Valuation allowance | (3,342 | ) | (3,000 | ) | |||||
52 | 659 | ||||||||
Prepaid expenses | (42 | ) | (27 | ) | |||||
Unrealized appreciation on securities | - | (622 | ) | ||||||
Basis difference in non-consolidating entity | (10 | ) | (10 | ) | |||||
$ | - | $ | - | ||||||
We recorded an increase to our valuation allowance for 2013 and 2012 of $342,170 and $17,188, respectively, based upon management’s assessment that it is more likely than not that no portion of the deferred tax assets will be fully realized. The Company generated taxable income during the 2013 tax year and will utilize available net operating losses carried forward from prior years to offset the amount of income. The Company still has a substantial amount of federal and state net operating loss carryforwards, as well as state capital loss carryforwards. The recognition of taxable income during the period is seen as an outlier due to realized tax gains on sale of investment securities in excess of amounts recorded for financial reporting purposes. The realization of any deferred tax assets is dependent on having future taxable income. If we generate income before income taxes in future periods, our conclusion about the realizability of our deferred tax assets, and therefore the appropriateness of the valuation allowance, could change in a future period and we could record a substantial gain on our statement of operations when that occurs. | |||||||||
Federal net operating loss carryforwards of $5.5 million at December 31, 2013 fully expire in 2033. State net operating loss carryforwards of $15.8 million at December 31, 2013, expire from 2014 through 2033. State net capital losses of $4.1 million at December 31, 2013 expire from 2014 to 2017. | |||||||||
The future utilization of net operating loss carryforwards may be subject to annual limitations if there is a change in control as defined under Internal Revenue Code Section 382. | |||||||||
As of December 31, 2013, we had no uncertain tax positions and as such, did not have any reserves for uncertain tax positions. | |||||||||
We are no longer subject to U.S. federal income tax examinations by tax authorities for years prior to the tax year ended December 31, 2009. Depending on the jurisdiction, we are no longer subject to state examinations by tax authorities for years prior to the December 31, 2009 tax years. The tax years which remain open to examination in the U.S., our only major taxing jurisdiction, are 2009 through 2013. |
Note_11_StockBased_Compensatio
Note 11 - Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||
NOTE 11 - STOCK-BASED COMPENSATION PLANS | |||||||||||||||||||||||
1999 Stock Option Plan | |||||||||||||||||||||||
Our 1999 Stock Option Plan (the “1999 Plan”) reserves 1.0 million shares of our common stock for issuance upon exercise of options granted under the 1999 Plan. The 1999 Plan expired in September 2009, and, accordingly, there were no options available for grant at December 31, 2013. At December 31, 2013, 180,000 shares of our common stock were reserved for issuance related to the 1999 Plan. | |||||||||||||||||||||||
2013 Equity Incentive Plan | |||||||||||||||||||||||
Our 2013 Equity Incentive Plan (the “2013 Plan”) reserves 1.5 million shares of our common stock for issuance of equity and cash and equity-linked awards to certain management, consultants and others. On June 19, 2013, the Board of Directors granted 300,000 stock options to purchase shares of common stock at a purchase price equal to the closing price of stock on that date. | |||||||||||||||||||||||
Activity under the 1999 Plan and 2013 Plan for the two most recent fiscal years was as follows: | |||||||||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining Contractual | Value at | |||||||||||||||||||||
Price per | Term (years) | Date | |||||||||||||||||||||
Share | Indicated | ||||||||||||||||||||||
Options outstanding at December 31, 2011 | 406,000 | $ | 1.13 | 4.5 | $ | 0 | |||||||||||||||||
Options granted | - | - | |||||||||||||||||||||
Options exercised | - | - | |||||||||||||||||||||
Options expired / forfeited | (187,500 | ) | 1.13 | ||||||||||||||||||||
Options outstanding at December 31, 2012 | 218,500 | $ | 1.13 | 3.5 | $ | 0 | |||||||||||||||||
Options granted | 300,000 | 0.76 | |||||||||||||||||||||
Options exercised | (38,500 | ) | 1.13 | ||||||||||||||||||||
Options expired / forfeited | - | - | |||||||||||||||||||||
Options outstanding at December 31, 2013 | 480,000 | $ | 0.9 | 6.9 | $ | 75,000 | |||||||||||||||||
The following table summarizes information about stock options outstanding under all of our option plans at December 31, 2013. | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||
Prices | Remaining | Exercise | Exercise | ||||||||||||||||||||
Years to | Price | Price | |||||||||||||||||||||
Expiration | |||||||||||||||||||||||
$ | 0.76 | 300,000 | 9.5 | $ | 0.76 | 300,000 | $ | 0.76 | |||||||||||||||
$ | 1.13 | 180,000 | 2.5 | $ | 1.13 | 180,000 | $ | 1.13 | |||||||||||||||
480,000 | 6.9 | $ | 0.9 | 480,000 | $ | 0.9 | |||||||||||||||||
We did not record any income tax benefits for stock-based compensation arrangements for the year ended December 31, 2013 or 2012, as we have cumulative operating losses and have established full valuation allowances for our income tax benefits. | |||||||||||||||||||||||
We estimate the fair value of stock options using the Black-Scholes option pricing model. This valuation model takes into account the exercise price of the award, as well as a variety of significant assumptions. We believe that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of our stock options. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards. Our options are fully vested upon the date of grant. Accordingly, we recognize the related stock-based compensation expense on the grant date as a component of commissions and salaries on our consolidated statements of operations. Stock-based compensation totaled $131,000 and $0 in 2013 and 2012, respectively. | |||||||||||||||||||||||
The following weighted average assumptions were utilized in determining fair value pursuant to the Black-Scholes option pricing model: | |||||||||||||||||||||||
Year Ended December 31, | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.24 | % | |||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||
Expected lives (years) | 5 | ||||||||||||||||||||||
Volatility | 69.16 | % | |||||||||||||||||||||
Discount for post vesting restrictions | 0 | % | |||||||||||||||||||||
No options were granted during 2012. | |||||||||||||||||||||||
The risk-free rate used is based on the U.S. Treasury yield over the expected life of the options granted. Expected lives were estimated using the simplified method, which considers the vesting term and original contract term. The expected volatility is calculated based on the historical volatility of our common stock. | |||||||||||||||||||||||
Shares to be issued upon the exercise of stock options will come from newly issued shares. | |||||||||||||||||||||||
Certain information regarding our stock-based compensation plan was as follows (in thousands, except per share amounts): | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Weighted average grant-date per share fair value of share options granted | $ | 0.43 | $ | — | |||||||||||||||||||
Total intrinsic value of share options exercised | $ | 12.6 | — | ||||||||||||||||||||
Cash received from options exercised | $ | 43.5 | — | ||||||||||||||||||||
Tax deduction realized related to stock options exercised | $ | — | — | ||||||||||||||||||||
As of December 31, 2013, there was no unrecognized stock-based compensation. |
Note_12_Earnings_Loss_Per_Shar
Note 12 - Earnings (Loss) Per Share | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Earnings Per Share [Abstract] | ' | ||||
Earnings Per Share [Text Block] | ' | ||||
NOTE 12 – EARNINGS (LOSS) PER SHARE | |||||
Net income (loss) used in earnings per share calculations for December 31, | 2013 | ||||
Net loss attributed to Legacy Shareholders | $ | (1,847,991 | ) | ||
Net income attributed to Non-Legacy Shareholders | 322,668 | ||||
Net income (loss) | $ | (1,525,323 | ) | ||
Legacy Shareholder basic earnings per share is the same as diluted earnings per share for the years ended December 31, 2013 and 2012 since we were in a loss position in both years. | |||||
Non-Legacy Shareholder earnings per share after the Record Date included 16,477,003 contingently issuable common shares in the calculation of diluted earnings per common share that were held in escrow pending the subsequent closing of a financing transaction. The contingently issuable common shares are described in Note 5. Following is a reconciliation of our shares used for our basic net income (loss) per share and our diluted net income (loss) per share: | |||||
Non-Legacy Shareholder earnings per share for December 31, | 2013 | ||||
Shares used for basic net income per share | 5,805,485 | ||||
Effect of dilutive stock options | 71,126 | ||||
Effect of contingently issuable common shares | 16,477,003 | ||||
Shares used for diluted net income per share | 22,353,615 | ||||
Stock options not included in diluted net income per share because their effect would have been antidilutive | 180,000 | ||||
Note_13_Commitments_Contingenc
Note 13 - Commitments, Contingencies and Guarantees | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
NOTE 13 – COMMITMENTS, CONTINGENCIES AND GUARANTEES | |||||
Leases | |||||
We lease office space under the terms of various non-cancellable operating leases. The Company signed an 18-month sublease for office space in Portland, Oregon commencing in April 2013; a five-year lease for New York City office space commencing in June 2013; and a two-year lease for office space in Novato, California commencing in October 2013. | |||||
The future minimum payments for each of the next five years required for leases were as follows: | |||||
As of December 31, | |||||
2013 | |||||
Years ended December 31, | |||||
2014 | $ | 342,728 | |||
2015 | 272,863 | ||||
2016 | 212,124 | ||||
2017 | 219,346 | ||||
2018 | 92,517 | ||||
Total | $ | 1,139,578 | |||
Legal | |||||
We have been named by individuals in certain legal actions, some of which claim state and federal securities law violations and claim principal and punitive damages. Included in the financial statements is an accrual of $52,500 for pending settlements near and subsequent to our year-end. As preliminary hearings and discovery in the remaining cases are not complete, it is not possible to assess the degree of liability, the probability of an unfavorable outcome or the impact on our financial statements, if any. Our management denies the charges in the remaining legal actions and is vigorously defending against them. No provision for any liability that may result from the remaining contingencies has been made in the financial statements. | |||||
Guarantees | |||||
There are no guarantees made by the Company that may result in a loss or future obligations as of December 31, 2013. |
Note_14_Net_Capital_Requiremen
Note 14 - Net Capital Requirement | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Capital Requirements on Trust Assets [Text Block] | ' |
NOTE 14 - NET CAPITAL REQUIREMENT | |
We are subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital (as defined) of 6 2/3% of total aggregate indebtedness or $100,000, whichever is greater. At December 31, 2013, the required minimum net capital was $464,011. At December 31, 2013, we had net capital of $6,584,250, which was $6,120,239 in excess of our required net capital of $464,011. In addition, we are not allowed to have a ratio of aggregate indebtedness to net capital in excess of 15 to 1. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. Our net capital ratio was 1.06 to 1 at December 31, 2013. |
Note_15_Share_Repurchase_Plan
Note 15 - Share Repurchase Plan | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | ' |
NOTE 15 - SHARE REPURCHASE PLAN | |
In September 2001, our Board of Directors approved a stock repurchase program pursuant to which we are authorized to repurchase up to 600,000 shares of our common stock. In addition, in June 2008, our Board of Directors approved the repurchase of up to a total of an additional 200,000 shares of our common stock. During 2013 and 2012, we repurchased a total of 0 and 1000 shares for $1,250, respectively, and, at December 31, 2013, 68,011 shares remained available for repurchase. These repurchase programs do not have an expiration date. |
Note_16_Concentration_of_Risk_
Note 16 - Concentration of Risk and Geographic Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Concentration Risk Disclosure [Text Block] | ' | ||||||||
NOTE 16 - CONCENTRATION OF RISK AND GEOGRAPHIC INFORMATION | |||||||||
Our trading and investment securities owned include investments in the common stock and warrants of the following companies, which represent more than 10% of trading and investment securities owned at December 31, 2013 and 2012 (dollars in thousands): | |||||||||
As at December 31, 2013 | Investment | Percentage | |||||||
at Fair | of Total | ||||||||
Value | |||||||||
Charles & Colvard, Ltd. | $ | 3,607 | 73.4 | % | |||||
Yamhill Valley Vineyards | 525 | 10.6 | % | ||||||
$ | 4,132 | 84 | % | ||||||
As at December 31, 2012 | Investment | Percentage | |||||||
at Fair | of Total | ||||||||
Value | |||||||||
Company | |||||||||
Charles & Colvard, Ltd. | $ | 2,989 | 35.2 | % | |||||
Patron Company, Inc. | 1,477 | 17.4 | % | ||||||
Shiftwise | 2,400 | 28.2 | % | ||||||
$ | 6,866 | 80.8 | % | ||||||
Warrants from one company represented 87.1% of the total underwriting warrants owned as of December 31, 2013. | |||||||||
We received 80.2% of our commissions revenue from three investment banking clients, and 89.4% of our revenue from underwriting, including warrants received, from one investment banking client during 2013. | |||||||||
We are also exposed to concentrations of credit risk related to our cash deposits. We maintain cash at a financial institution where the total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to its limit. At any given time, our cash balance may exceed the balance insured by the FDIC. We monitor such credit risk at the financial institution and have not experienced any losses related to such risks to date. | |||||||||
In addition, we are engaged in trading and brokerage activities with RBC CS. In the event RBC CS does not fulfill its obligations, we may be exposed to risk. The risk of default depends on the creditworthiness of RBC CS. It is our policy to review, as necessary, the credit standing of RBC CS. |
Note_17_Related_Party_Transact
Note 17 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 17 - RELATED PARTY TRANSACTIONS | |
During the years ended December 31, 2013 and 2012, we paid approximately $127,000 and $57,000, respectively, of legal costs on behalf of our officers, employees and independent contractors. | |
In January 2013, PIC received a $1,500,000 loan from a related party investor pursuant to a convertible promissory note bearing 5% simple interest which is due on January 13, 2016. The note is convertible, subject to FINRA approval, into preferred stock of PIC, representing approximately 35% ownership interest in PIC on a fully diluted basis. The noteholder agreed the note would stop accruing interest after April 30, 2013. |
Note_18_Deferred_Revenue
Note 18 - Deferred Revenue | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Revenue Disclosure [Abstract] | ' |
Deferred Revenue Disclosure [Text Block] | ' |
NOTE 18 - DEFERRED REVENUE | |
Deferred revenue consists of amounts received related to our clearing firm agreement. Other income in both 2013 and 2012 included $60,000 and $170,000, respectively, in amortization of deferred revenue. |
Note_19_Dividends
Note 19 - Dividends | 12 Months Ended |
Dec. 31, 2013 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' |
Schedule of Dividends Payable [Table Text Block] | ' |
NOTE 19 – DIVIDENDS | |
During 2012, we paid two special cash dividends to our common shareholders. In March 2012, the Board of Directors approved a special cash dividend of $0.05 per common share payable April 16, 2012 to shareholders of record April 4, 2012. In December 2012, the Board approved a special cash dividend of $0.15 per share payable December 28, 2012 to shareholders of record December 14, 2012. | |
In connection with the Proposed Financing described in Note 5, the Board approved the formation of the Trust (as defined in Note 5) for the benefit of shareholders as of the Record Date (as defined in Note 5). The Trust, if and when formed, will hold certain Trust Assets (as defined in Note 5) which are expected to be liquidated and distributed to the Legacy Shareholders (as defined in Note 5) over time. As of March 18, 2014, the Trust had not yet been formed, nor had any distributions been made. |
Note_20_New_Accounting_Guidanc
Note 20 - New Accounting Guidance | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE 20 - NEW ACCOUNTING GUIDANCE | |
Management has reviewed the new accounting guidance and determined that there is not a material impact on our financial statements. |
Note_21_Subsequent_Events
Note 21 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 21 – SUBSEQUENT EVENTS | |
On January 29, 2014, the Company closed the private sale of 500,000 shares of its Common Stock to six accredited investors at a price of $0.50 per share for gross proceeds of $250,000. The shares were sold without registration in reliance upon the private transaction exemption set forth in Section 4(a)(2) of the Securities Act, and/or Rule 506 of Regulation D promulgated under the Securities Act. |
Supplementary_Schedule_of_Warr
Supplementary Schedule of Warrants Owned | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||
Summary of Investment Holdings, Schedule of Investments [Text Block] | ' | ||||||||||
SUPPLEMENTARY SCHEDULE OF WARRANTS OWNED | |||||||||||
As of December 31, 2013 | |||||||||||
Number of | Date | Exercise | Expiration | ||||||||
Description | Warrants | Exercisable | Price per | Date | |||||||
Warrant | |||||||||||
BioCurex, Inc. (units) | 108,000 | 1/19/11 | 6 | 1/19/15 | |||||||
BioDirection, Inc. (units) | 9,439 | 3/21/14 | 8 | 3/21/18 | |||||||
CytoDyn Inc. (common) | 4,860,092 | 10/23/13 | 0.75 | 10/23/20 | |||||||
ICOP Digital (units) | 6,500 | 6/1/10 | 55.2 | 6/1/14 | |||||||
Manhattan Bridge Capital, Inc. (common) | 20,000 | 12/28/10 | 2.5 | 12/28/15 | |||||||
Methes Energies International Ltd. (units) | 42,000 | 10/12/13 | 6 | 10/12/17 | |||||||
Methes Energies International Ltd. (PIPE) (units) | 10,410 | 2/19/14 | 4.2 | 2/19/18 | |||||||
Patron Company (units) | 112,500 | 4/30/11 | 1.2 | 4/30/18 | |||||||
Patron Company (units) | 47,500 | 7/18/11 | 1.2 | 7/18/18 | |||||||
Patron Company (units) | 6,500 | 7/29/11 | 1.2 | 7/29/18 | |||||||
Patron Company (units) | 24,887 | 12/31/12 | 1.5 | 12/31/19 | |||||||
S&W Seed (units) | 94,500 | 5/3/11 | 13.2 | 5/3/15 | |||||||
Vanguard Energy (units) | 427,500 | 11/14/12 | 1.2 | 11/14/16 | |||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Paulson Capital Corp. and its wholly owned subsidiary Paulson Capital Properties, LLC and its majority owned subsidiary, Paulson Investment Company, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Our estimates regarding the fair value of underwriter warrants, not readily marketable securities and legal reserves are significant estimates and these estimates could change in the near term. Actual results could differ from those estimates. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenue Recognition | |
Securities transactions and related commissions revenue, including the sale of investment company shares, are recorded on a trade date basis. Underwriter’s fees and other underwriting revenues are recognized at the time the underwriting is completed. Revenue from sales of other securities including tax deferred units and insurance products is recorded when the units are sold. Revenue from the receipt of underwriter warrants is recognized when the underwriting is completed and the warrants are received based on the estimated fair value of the securities received using the Black-Scholes option-pricing model taking into account the exercise price, remaining life of the warrant, the current price of the underlying stock and its expected volatility, expected dividends on the stock and the risk-free interest rate for the remaining term of the warrant. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash | |
Cash includes cash on hand and cash on deposit with banks. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' |
Notes and Other Receivables | |
Receivables are reviewed on a regular and continual basis by our management and, if events or changes in circumstances cause us to doubt the collectability of the contractual payments, a receivable will be assessed for impairment. The Company considers a receivable to be impaired when, based on upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the receivable agreement. When we determine collection to be doubtful, an allowance for doubtful amounts receivable is recorded and the receivable is placed on a nonperforming (nonaccrual) status. Payments received on nonaccrual receivables are applied first to reduce the outstanding interest, and are then applied to the receivable unless we determine impairment is likely in which case payments are applied to the outstanding receivable balance (cost recovery method). | |
Interest received on impaired receivables is recorded using the cash receipts method unless management determines further impairment is probable. No impairment loss is recorded if the carrying amount of the receivable (principal and accrued interest) is expected to be fully recovered through borrower payments and enforcement of action against the borrower's collateral, if any. | |
The conclusion that a receivable may become uncollectible, in whole or in part, is a matter of judgment. We do not have a formal risk rating system. Receivables and the related accrued interest are analyzed on an individual and continuous basis for recoverability. | |
Delinquencies are determined based upon contractual terms. A provision is made for doubtful accounts to adjust the allowance for doubtful accounts to an amount considered to be adequate, with due consideration to workout agreements, to provide for unrecoverable receivables and receivables, including impaired receivables, other receivables, and accrued interest. Uncollectible receivables and related interest receivable are charged directly to the allowance account once it is determined that the full amount is not collectible. | |
Investment, Policy [Policy Text Block] | ' |
Fair Value of Trading and Investment Securities Owned | |
Our trading and investment securities owned consist of both marketable securities and not readily marketable securities and are recorded at fair value. Changes in the value of these securities are reflected currently in our results of operations as a component of investment income. See also Notes 7 and 8. | |
Fair Value Of Underwriter Warrants [Policy Text Block] | ' |
Fair Value of Underwriter Warrants and Underwriter Warrants Payable to Employees | |
We are required to estimate the value of all securities that we hold at the date of the financial statements and to include that value, and changes in such value, in the financial statements. Accordingly, the aggregate fair value of our underwriter warrants is recorded as an asset on our balance sheet. When a new warrant is received, its fair value is included in corporate finance revenue on the date on which it is earned. Subsequently, any change in fair value is recorded as investment income or loss in the period incurred. When a warrant is exercised, the fair value is adjusted to reflect the value of the securities purchased, net of the exercise price, and the adjustment amount is recorded as income or loss for the relevant period. If a warrant expires unexercised, the fair value is adjusted to zero and the decrease is recorded as a loss in the relevant period. Underwriter warrants payable to employees represent warrants that are held by PIC, but are distributable to employees as compensation. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Fair Value of Financial Instruments | |
Substantially all of our financial instruments are carried at fair value or amounts that approximate fair value. The carrying amounts reflected in the financial statements for cash, receivables and payables approximate their respective fair values due to the short-term nature of these items. The fair value of certain long-term notes receivable from employees approximate the carrying value of the receivable due to the employment nature of the receivable. The fair values 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 currently in our results of operations. The fair value of debt approximates carrying value due to the short term and convertible nature of the obligations. Other than those separately disclosed in Note 7, our remaining financial instruments are generally short-term in nature and their carrying values approximate fair value. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Furniture and Equipment | |
Depreciation of furniture and equipment is generally computed using the straight-line method over their estimated useful lives (typically 3 or 5 years). Leasehold improvements are amortized over the lesser of their estimated useful life or the remaining lives of their related leases. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that includes the enactment date. | |
We recognize benefits for uncertain tax positions if we determine that they are “more-likely-than-not” to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recognized as tax expense. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings Per Share | |
The Company presents earnings per share for two classifications of Common Stock. The “Legacy Shareholder” classification includes those shareholders of record on October 11, 2013 (the “Record Date”), and reflects the results for the year-to-date up to and including the Record Date, as well as the results after the Record Date of the Trust Assets (as described below in Note 5), in which the Legacy Shareholders have a beneficial interest. The “Non-Legacy Shareholder” classification includes those who were not shareholders on the Record Date, but purchased shares thereafter, and only reflects the operating results of the Company after the Record Date, excluding the results on the Trust Assets for which they do not have a beneficial interest. | |
We computed basic earnings per common share using net income (loss) available to common stockholders and the weighted average number of common shares outstanding during the year. We computed diluted earnings per common share using net income available to common stockholders and the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the year. | |
Potentially dilutive common shares from other instruments are determined by applying the treasury stock method to the assumed exercise of outstanding stock options. Potentially dilutive common shares are determined by applying the if-converted method. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
Stock-based compensation cost for equity classified awards is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). We utilize the Black-Scholes option pricing model for determining the fair value of awards. See also Note 11. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
Comprehensive Income (Loss) | |
We had no comprehensive income (loss) items; accordingly, net income (loss) and comprehensive income (loss) are the same. |
Note_6_Notes_and_Other_Receiva1
Note 6 - Notes and Other Receivables (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Employees | $ | 1,958 | $ | 620 | |||||||||||||||||||||
Corporate finance | 66 | 316 | |||||||||||||||||||||||
Other | 656 | 123 | |||||||||||||||||||||||
2,680 | 1,059 | ||||||||||||||||||||||||
Allowance for doubtful accounts | (901 | ) | (848 | ) | |||||||||||||||||||||
Total | $ | 1,779 | $ | 211 | |||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
Recorded | Unpaid | Related | # of | Average | Interest | ||||||||||||||||||||
Receivable | Balance | Allowance | Receivables | Recorded | Income | ||||||||||||||||||||
Receivable | Recognized | ||||||||||||||||||||||||
Employees | $ | 601,541 | $ | 601,541 | $ | 601,541 | 6 | $ | 100,257 | $ | - | ||||||||||||||
Other | 643,176 | 643,176 | 300,000 | 1 | 643,176 | - | |||||||||||||||||||
Total | $ | 1,244,717 | $ | 1,244,717 | $ | 901,541 | 7 | $ | 177,817 | $ | - | ||||||||||||||
Recorded | Unpaid | Related | # of | Average | Interest | ||||||||||||||||||||
Receivable | Balance | Allowance | Receivables | Recorded | Income | ||||||||||||||||||||
Receivable | Recognized | ||||||||||||||||||||||||
Employees | $ | 590,141 | $ | 590,141 | $ | 567,169 | 6 | $ | 98,357 | $ | 3,094 | ||||||||||||||
Corporate finance | 280,627 | 280,627 | 280,627 | 2 | 140,313 | 24,454 | |||||||||||||||||||
Total | $ | 870,768 | $ | 870,768 | $ | 847,796 | 8 | $ | 108,846 | $ | 27,548 | ||||||||||||||
Summary of Valuation Allowance [Table Text Block] | ' | ||||||||||||||||||||||||
Allowance for doubtful accounts as of December 31, 2011 | $ | 387,853 | |||||||||||||||||||||||
Bad debt expense in fiscal 2012 | 569,928 | ||||||||||||||||||||||||
Direct write-off against allowance in fiscal 2012 | (109,985 | ) | |||||||||||||||||||||||
Allowance for doubtful accounts as of December 31, 2012 | $ | 847,796 | |||||||||||||||||||||||
Bad debt expense in fiscal 2013 | 359,058 | ||||||||||||||||||||||||
Direct write-off against allowance in fiscal 2013 | (305,313 | ) | |||||||||||||||||||||||
Allowance for doubtful accounts as of December 31, 2013 | $ | 901,541 |
Note_7_Fair_Value_Measurements1
Note 7 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair | Input | Fair | Input | ||||||||||||||||
Value | Level | Value | Level | ||||||||||||||||
Trading and investment securities owned: | |||||||||||||||||||
Corporate equities, marketable | $ | 3,720 | Level 1 | $ | 3,463 | Level 1 | |||||||||||||
Corporate equities, not readily marketable | 1,122 | Level 3 | 4,878 | Level 3 | |||||||||||||||
Corporate options/warrants, marketable | 67 | Level 1 | 159 | Level 1 | |||||||||||||||
Underwriter warrants | 5,276 | Level 3 | 1,548 | Level 3 | |||||||||||||||
Underwriter warrants payable to employees | (3,641 | ) | Level 3 | - | Level 3 | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||
Underwriter | Underwriter | Not Readily | |||||||||||||||||
Warrants | Warrants | Marketable | |||||||||||||||||
Payable to | Investment | ||||||||||||||||||
Employees | Securities | ||||||||||||||||||
Balance, December 31, 2011 | $ | 1,395 | $ | - | $ | 3,857 | |||||||||||||
Fair value of securities received included as a component of corporate finance income | 301 | - | 27 | ||||||||||||||||
Conversion of corporate finance client note receivable to equity investment | - | - | 1,389 | ||||||||||||||||
Net unrealized loss, included as a component of investment loss related to securities held at December 31, 2012 | (148 | ) | - | (395 | ) | ||||||||||||||
Balance, December 31, 2012 | $ | 1,548 | - | $ | 4,878 | ||||||||||||||
Fair value of securities received included as a component of corporate finance income | 6,523 | - | - | ||||||||||||||||
Fair value of securities received included as a component of compensation expense | - | (3,641 | ) | - | |||||||||||||||
Investment in privately held company | - | - | 200 | ||||||||||||||||
Sale of investment in privately held company | - | - | (5,629 | ) | |||||||||||||||
Net unrealized gain (loss), included as a component of investment loss related to securities held at December 31, 2013 | (2,746 | ) | - | 1,673 | |||||||||||||||
Underwriter warrants exercised or expired included as a component of investment income | (49 | ) | - | - | |||||||||||||||
Balance, December 31, 2013 | $ | 5,276 | $ | (3,641 | ) | $ | 1,122 | ||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||
Fair Value at | Valuation | Unobservable | Range | Weighted | |||||||||||||||
December 31, | Technique | Input | Average | ||||||||||||||||
2013 | |||||||||||||||||||
(in thousands) | Minimum | Maximum | |||||||||||||||||
Investments in privately held companies | $ | 1,122 | Market approach; Asset approach | Discount rate for lack of liquidity | 13 | % | 20 | % | 15.3 | % | |||||||||
Underwriter warrants | 5,276 | ||||||||||||||||||
Underwriter warrants payable to employees | (3,641 | ) | Black-Scholes Option Pricing Model | Volatility index of comparable companies | 66.7 | % | 99.5 | % | 76.5 | % | |||||||||
$ | 2,757 |
Note_8_Trading_and_Investment_1
Note 8 - Trading and Investment Securities Owned (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Table Text Block [Abstract] | ' | ||||||||||||||||
Schedule Of Trading And Investment Securities Owned And Trading Securities Sold Not Yet Purchased [Table Text Block] | ' | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Fair Value: | Trading | Invest- | Trading | Invest- | |||||||||||||
Securities | ment | Securities | ment | ||||||||||||||
Securities | Securities | ||||||||||||||||
Corporate equities | $ | 3,720 | $ | 1,122 | $ | 3,465 | $ | 4,876 | |||||||||
Corporate options/warrants | 37 | 30 | 159 | - | |||||||||||||
$ | 3,757 | $ | 1,152 | $ | 3,624 | $ | 4,876 |
Note_9_Furniture_and_Equipment1
Note 9 - Furniture and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Furniture and equipment | $ | 160 | $ | 133 | |||||
Leasehold improvements | 17 | 32 | |||||||
177 | 165 | ||||||||
Less accumulated depreciation and amortization | (66 | ) | (155 | ) | |||||
$ | 111 | $ | 10 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Current tax expense (benefit): | |||||||||
Federal | $ | - | $ | - | |||||
State and local | - | - | |||||||
- | - | ||||||||
Deferred tax expense (benefit): | |||||||||
Federal | - | - | |||||||
State and local | - | - | |||||||
- | - | ||||||||
$ | - | $ | - | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory federal tax rate | $ | (497 | ) | $ | (135 | ) | |||
State and local taxes, net of federal tax effect | - | (10 | ) | ||||||
Permanent differences – employee stock options, officer life insurance and other | 63 | 67 | |||||||
Change in valuation allowance on net deferred tax asset | 434 | 17 | |||||||
Expiration of state tax credit carryforward | - | 5 | |||||||
State capital loss rate and true-up | - | 56 | |||||||
Other, net | - | - | |||||||
$ | - | $ | - | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred revenue | $ | - | $ | 23 | |||||
Furniture and equipment | 23 | 23 | |||||||
Allowance for doubtful accounts | 353 | 333 | |||||||
Federal net operating loss carryforward | 1,859 | 2,108 | |||||||
State net operating loss carryforwards and credits | 751 | 880 | |||||||
State net capital loss carryforwards | 171 | 238 | |||||||
Compensation and benefits | 52 | 31 | |||||||
Unrealized loss on securities | 158 | - | |||||||
Deferred rent | 27 | - | |||||||
Charitable contribution carryforwards and other | - | 23 | |||||||
3,394 | 3,659 | ||||||||
Valuation allowance | (3,342 | ) | (3,000 | ) | |||||
52 | 659 | ||||||||
Prepaid expenses | (42 | ) | (27 | ) | |||||
Unrealized appreciation on securities | - | (622 | ) | ||||||
Basis difference in non-consolidating entity | (10 | ) | (10 | ) | |||||
$ | - | $ | - |
Note_11_StockBased_Compensatio1
Note 11 - Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining Contractual | Value at | |||||||||||||||||||||
Price per | Term (years) | Date | |||||||||||||||||||||
Share | Indicated | ||||||||||||||||||||||
Options outstanding at December 31, 2011 | 406,000 | $ | 1.13 | 4.5 | $ | 0 | |||||||||||||||||
Options granted | - | - | |||||||||||||||||||||
Options exercised | - | - | |||||||||||||||||||||
Options expired / forfeited | (187,500 | ) | 1.13 | ||||||||||||||||||||
Options outstanding at December 31, 2012 | 218,500 | $ | 1.13 | 3.5 | $ | 0 | |||||||||||||||||
Options granted | 300,000 | 0.76 | |||||||||||||||||||||
Options exercised | (38,500 | ) | 1.13 | ||||||||||||||||||||
Options expired / forfeited | - | - | |||||||||||||||||||||
Options outstanding at December 31, 2013 | 480,000 | $ | 0.9 | 6.9 | $ | 75,000 | |||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||||
Prices | Remaining | Exercise | Exercise | ||||||||||||||||||||
Years to | Price | Price | |||||||||||||||||||||
Expiration | |||||||||||||||||||||||
$ | 0.76 | 300,000 | 9.5 | $ | 0.76 | 300,000 | $ | 0.76 | |||||||||||||||
$ | 1.13 | 180,000 | 2.5 | $ | 1.13 | 180,000 | $ | 1.13 | |||||||||||||||
480,000 | 6.9 | $ | 0.9 | 480,000 | $ | 0.9 | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||
Year Ended December 31, | 2013 | ||||||||||||||||||||||
Risk-free interest rate | 1.24 | % | |||||||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||||||||
Expected lives (years) | 5 | ||||||||||||||||||||||
Volatility | 69.16 | % | |||||||||||||||||||||
Discount for post vesting restrictions | 0 | % | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | ' | ||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Weighted average grant-date per share fair value of share options granted | $ | 0.43 | $ | — | |||||||||||||||||||
Total intrinsic value of share options exercised | $ | 12.6 | — | ||||||||||||||||||||
Cash received from options exercised | $ | 43.5 | — | ||||||||||||||||||||
Tax deduction realized related to stock options exercised | $ | — | — |
Note_12_Earnings_Loss_Per_Shar1
Note 12 - Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Earnings Per Share [Abstract] | ' | ||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||
Net income (loss) used in earnings per share calculations for December 31, | 2013 | ||||
Net loss attributed to Legacy Shareholders | $ | (1,847,991 | ) | ||
Net income attributed to Non-Legacy Shareholders | 322,668 | ||||
Net income (loss) | $ | (1,525,323 | ) | ||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||
Non-Legacy Shareholder earnings per share for December 31, | 2013 | ||||
Shares used for basic net income per share | 5,805,485 | ||||
Effect of dilutive stock options | 71,126 | ||||
Effect of contingently issuable common shares | 16,477,003 | ||||
Shares used for diluted net income per share | 22,353,615 | ||||
Stock options not included in diluted net income per share because their effect would have been antidilutive | 180,000 |
Note_13_Commitments_Contingenc1
Note 13 - Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
As of December 31, | |||||
2013 | |||||
Years ended December 31, | |||||
2014 | $ | 342,728 | |||
2015 | 272,863 | ||||
2016 | 212,124 | ||||
2017 | 219,346 | ||||
2018 | 92,517 | ||||
Total | $ | 1,139,578 |
Note_16_Concentration_of_Risk_1
Note 16 - Concentration of Risk and Geographic Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Schedule Of Major Investments Owned [Table Text Block] | ' | ||||||||
As at December 31, 2013 | Investment | Percentage | |||||||
at Fair | of Total | ||||||||
Value | |||||||||
Charles & Colvard, Ltd. | $ | 3,607 | 73.4 | % | |||||
Yamhill Valley Vineyards | 525 | 10.6 | % | ||||||
$ | 4,132 | 84 | % | ||||||
As at December 31, 2012 | Investment | Percentage | |||||||
at Fair | of Total | ||||||||
Value | |||||||||
Company | |||||||||
Charles & Colvard, Ltd. | $ | 2,989 | 35.2 | % | |||||
Patron Company, Inc. | 1,477 | 17.4 | % | ||||||
Shiftwise | 2,400 | 28.2 | % | ||||||
$ | 6,866 | 80.8 | % |
Note_1_Organization_and_Summar1
Note 1 - Organization and Summary of Significant Accounting Policies (Details) (Furniture and Fixtures [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | ' |
Note 1 - Organization and Summary of Significant Accounting Policies (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Note_2_Receivable_From_and_Pay1
Note 2 - Receivable From and Payable to Clearing Organization (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 2 - Receivable From and Payable to Clearing Organization (Details) [Line Items] | ' | ' |
Receivables from Clearing Organizations | $445,113 | $2,252,965 |
Commissions Receivable [Member] | ' | ' |
Note 2 - Receivable From and Payable to Clearing Organization (Details) [Line Items] | ' | ' |
Receivables from Clearing Organizations | 8,000 | 5,000 |
Deposits To Facilitate Principal Trading Activity [Member] | ' | ' |
Note 2 - Receivable From and Payable to Clearing Organization (Details) [Line Items] | ' | ' |
Receivables from Clearing Organizations | $437,000 | $2,200,000 |
Note_3_Divestiture_of_Brokerag1
Note 3 - Divestiture of Brokerage Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Apr. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Proceeds from Sales of Business, Affiliate and Productive Assets | $1,653,247 | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,522,841 | ' | ' |
Proceeds from Collection of Notes Receivable | ' | $109,336 | $1,413,505 |
Note_4_Restructure_of_Paulson_1
Note 4 - Restructure of Paulson Investment Company, Inc. (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Note 4 - Restructure of Paulson Investment Company, Inc. (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Loans (in Dollars) | ' | ' | $1,500,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ' | 5.00% | 5.00% |
Convertible Preferred Stock, Percent | 11.60% | ' | 35.00% | 11.60% |
Guarantor Obligations, Liquidation Proceeds, Percentage | ' | 15.79% | ' | ' |
Proceeds from Notes Payable (in Dollars) | 700,000 | ' | ' | 700,000 |
Preferred Class B [Member] | ' | ' | ' | ' |
Note 4 - Restructure of Paulson Investment Company, Inc. (Details) [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | ' | 215,438 | ' | ' |
Stock Issued During Period, Value, New Issues (in Dollars) | ' | 1,500,000 | ' | ' |
Note_5_Proposed_Corporate_Reor1
Note 5 - Proposed Corporate Reorganization (Details) (USD $) | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||
Jul. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 29, 2014 | Jul. 25, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Jun. 30, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | |
Subsequent Event [Member] | Class A Warrant [Member] | Class B Warrant [Member] | Common Stock [Member] | Preferred Class A [Member] | Preferred Class B [Member] | Preferred Class B [Member] | No Par Common Stock [Member] | Blank Check Preferred Stock [Member] | Minimum [Member] | Maximum [Member] | ||||
Common Stock [Member] | Preferred Class B [Member] | Preferred Class B [Member] | ||||||||||||
Note 5 - Proposed Corporate Reorganization (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement (in Dollars) | $5,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | 287,773 | 500,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Stated Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.81 | ' | $0.35 | ' | ' | ' | ' |
Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | 2.305640603 | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | ' | 7,500,000 | 13,559,407 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | 0.8 | 0.35 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 500,000 | ' | ' | ' | ' | 215,438 | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | ' | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 90,000,000 | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Preferred Stock, Shares Authorized | 500,000 | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' |
Preferred Stock, No Par Value (in Dollars per share) | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' |
Stockholders' Equity Note, Stock Split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-for-two | 'one-for-ten |
Note_6_Notes_and_Other_Receiva2
Note 6 - Notes and Other Receivables (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Receivables [Abstract] | ' |
Due from Employees | $1.20 |
Receivable, Interest Rate, Percent | 1.00% |
Uncollectible Unsecured Promissory Notes Forgivness Term | '5 years |
Note_6_Notes_and_Other_Receiva3
Note 6 - Notes and Other Receivables (Details) - Summary of Notes and Other Receivables (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes and other receivables | $2,680 | $1,059 |
Allowance for doubtful accounts | -901 | -848 |
Total | 1,779 | 211 |
Employees [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes and other receivables | 1,958 | 620 |
Corporate Finance [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes and other receivables | 66 | 316 |
Other Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Notes and other receivables | $656 | $123 |
Note_6_Notes_and_Other_Receiva4
Note 6 - Notes and Other Receivables (Details) - Summary of Impaired Receivables (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Receivable | $1,244,717 | $870,768 |
Unpaid Balance | 1,244,717 | 870,768 |
Related Allowance | 901,541 | 847,796 |
Number of Receivables | 7 | 8 |
Average Recorded Receivable | 177,817 | 108,846 |
Interest Income Recognized | ' | 27,548 |
Employees [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Receivable | 601,541 | 590,141 |
Unpaid Balance | 601,541 | 590,141 |
Related Allowance | 601,541 | 567,169 |
Number of Receivables | 6 | 6 |
Average Recorded Receivable | 100,257 | 98,357 |
Interest Income Recognized | ' | 3,094 |
Other Receivable [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Receivable | 643,176 | ' |
Unpaid Balance | 643,176 | ' |
Related Allowance | 300,000 | ' |
Number of Receivables | 1 | ' |
Average Recorded Receivable | 643,176 | ' |
Corporate Finance [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Receivable | ' | 280,627 |
Unpaid Balance | ' | 280,627 |
Related Allowance | ' | 280,627 |
Number of Receivables | ' | 2 |
Average Recorded Receivable | ' | 140,313 |
Interest Income Recognized | ' | $24,454 |
Note_6_Notes_and_Other_Receiva5
Note 6 - Notes and Other Receivables (Details) - Summary of the Allowance for Doubtful Accounts (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of the Allowance for Doubtful Accounts [Abstract] | ' | ' |
Allowance for doubtful accounts | $847,796 | $387,853 |
Bad debt expense | 359,058 | 569,928 |
Direct write-off | -305,313 | -109,985 |
Allowance for doubtful accounts | $901,541 | $847,796 |
Note_7_Fair_Value_Measurements2
Note 7 - Fair Value Measurements (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Note 7 - Fair Value Measurements (Details) [Line Items] | ' |
Underwriter Warrants Expiration Term | '5 years |
Minimum [Member] | ' |
Note 7 - Fair Value Measurements (Details) [Line Items] | ' |
Warrant Exercise Restriction Period | '6 months |
Maximum [Member] | ' |
Note 7 - Fair Value Measurements (Details) [Line Items] | ' |
Warrant Exercise Restriction Period | '1 year |
Note_7_Fair_Value_Measurements3
Note 7 - Fair Value Measurements (Details) - Disclosures Related to Financial Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Underwriter warrants | $5,276,000 | $1,548,000 |
Underwriter warrants payable to employees | -3,641,035 | ' |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Corporate securities, marketable | 3,720,000 | 3,463,000 |
Corporate Options/Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Corporate securities, marketable | 67,000 | 159,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Underwriter warrants | 5,276,000 | 1,548,000 |
Underwriter warrants payable to employees | -3,641,000 | ' |
Corporate equities, not readily marketable | $1,122,000 | $4,878,000 |
Note_7_Fair_Value_Measurements4
Note 7 - Fair Value Measurements (Details) - Summary of Activity Related to Level 3 Financial Assets and Liabilities (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Underwriter Warrants | $5,276,000 | $1,548,000 |
Underwriter Warrants [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Underwriter Warrants | 1,548,000 | 1,395,000 |
Fair value of underwriter warrants received included as a component of corporate finance income | 6,523,000 | 301,000 |
Net unrealized gain (loss), included as a component of investment income (loss) related to securities held | -2,746,000 | -148,000 |
Underwriter warrants exercised or expired included as a component of investment income | -49,000 | ' |
Underwriter Warrants | 5,276,000 | 1,548,000 |
Underwriter Warrants Payable to Employees [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of securities received included as a component of compensation expense | -3,641,000 | ' |
Underwriter Warrants | -3,641,000 | ' |
Not Readily Marketable Investment Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Underwriter Warrants | 4,878,000 | 3,857,000 |
Fair value of underwriter warrants received included as a component of corporate finance income | ' | 27,000 |
Investment in privately held company | 200,000 | ' |
Sale of investment in privately held company | -5,629,000 | ' |
Conversion of corporate finance client note receivable to equity investment | ' | 1,389,000 |
Net unrealized gain (loss), included as a component of investment income (loss) related to securities held | 1,673,000 | -395,000 |
Underwriter Warrants | $1,122,000 | $4,878,000 |
Note_7_Fair_Value_Measurements5
Note 7 - Fair Value Measurements (Details) - Quantitative Information about Level 3 Fair Value Measurements (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair Value (in Dollars) | $2,757 |
Investments In Privately Held Companies [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair Value (in Dollars) | 1,122 |
Valuation Technique | 'Market approach; Asset approach |
Unobservable Input | 'Discount rate for lack of liquidity |
Weighted Average | 15.30% |
Investments In Privately Held Companies [Member] | Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Range | 13.00% |
Investments In Privately Held Companies [Member] | Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Range | 20.00% |
Underwriter Warrants [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair Value (in Dollars) | 5,276 |
Underwriter Warrants Payable to Employees [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair Value (in Dollars) | ($3,641) |
Valuation Technique | 'Black-Scholes Option Pricing Model |
Unobservable Input | 'Volatility index of comparable companies |
Weighted Average | 76.50% |
Underwriter Warrants Payable to Employees [Member] | Minimum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Range | 66.70% |
Underwriter Warrants Payable to Employees [Member] | Maximum [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Range | 99.50% |
Note_8_Trading_and_Investment_2
Note 8 - Trading and Investment Securities Owned (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Table Text Block [Abstract] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $2,615,000 | $4,811,000 |
Note_8_Trading_and_Investment_3
Note 8 - Trading and Investment Securities Owned (Details) - Information Regarding Trading and Investment Securities Owned (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 8 - Trading and Investment Securities Owned (Details) - Information Regarding Trading and Investment Securities Owned [Line Items] | ' | ' |
Trading Securities | $3,757 | $3,624 |
Investment Securities | 1,152 | 4,876 |
Corporate Equities [Member] | ' | ' |
Note 8 - Trading and Investment Securities Owned (Details) - Information Regarding Trading and Investment Securities Owned [Line Items] | ' | ' |
Trading Securities | 3,720 | 3,465 |
Investment Securities | 1,122 | 4,876 |
Corporate Options/Warrants [Member] | ' | ' |
Note 8 - Trading and Investment Securities Owned (Details) - Information Regarding Trading and Investment Securities Owned [Line Items] | ' | ' |
Trading Securities | 37 | 159 |
Investment Securities | $30 | ' |
Note_9_Furniture_and_Equipment2
Note 9 - Furniture and Equipment, Net (Details) - Summary of Furniture and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Furniture and Equipment [Abstract] | ' | ' |
Furniture and equipment | $160,000 | $133,000 |
Leasehold improvements | 17,000 | 32,000 |
177,000 | 165,000 | |
Less accumulated depreciation and amortization | -66,041 | -155,519 |
$111,180 | $9,644 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $342,170 | $17,188 |
Unrecognized Tax Benefits | 0 | ' |
Domestic Tax Authority [Member] | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 5,500,000 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Note 10 - Income Taxes (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 15,800,000 | ' |
Tax Credit Carryforward, Amount | $4,100,000 | ' |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Components of Income Tax Expense (Benefit) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current tax expense (benefit): | ' | ' |
Federal | $0 | ' |
State and local | 0 | 0 |
0 | 0 | |
Deferred tax expense (benefit): | ' | ' |
Federal | 0 | 0 |
State and local | 0 | 0 |
0 | 0 | |
$0 | $0 |
Note_10_Income_Taxes_Details_S
Note 10 - Income Taxes (Details) - Summary of Effective Income Tax Rate Reconciliation (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Effective Income Tax Rate Reconciliation [Abstract] | ' | ' |
Income tax benefit at statutory federal tax rate | ($497,000) | ($135,000) |
State and local taxes, net of federal tax effect | ' | -10,000 |
Permanent differences b employee stock options, officer life insurance and other | 63,000 | 67,000 |
Change in valuation allowance on net deferred tax asset | 434,000 | 17,000 |
Expiration of state tax credit carryforward | ' | 5,000 |
State capital loss rate and true-up | ' | 56,000 |
Other, net | 0 | 0 |
$0 | $0 |
Note_10_Income_Taxes_Details_S1
Note 10 - Income Taxes (Details) - Summary of Deferred Income Tax Asset (Liability) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Deferred Income Tax Asset (Liability) [Abstract] | ' | ' |
Deferred revenue | ' | $23 |
Furniture and equipment | 23 | 23 |
Allowance for doubtful accounts | 353 | 333 |
Federal net operating loss carryforward | 1,859 | 2,108 |
State net operating loss carryforwards and credits | 751 | 880 |
State net capital loss carryforwards | 171 | 238 |
Compensation and benefits | 52 | 31 |
Unrealized loss on securities | 158 | ' |
Deferred rent | 27 | ' |
Charitable contribution carryforwards and other | ' | 23 |
3,394 | 3,659 | |
Valuation allowance | -3,342 | -3,000 |
52 | 659 | |
Prepaid expenses | -42 | -27 |
Unrealized appreciation on securities | ' | -622 |
Basis difference in non-consolidating entity | -10 | -10 |
$0 | $0 |
Note_11_StockBased_Compensatio2
Note 11 - Stock-Based Compensation Plans (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 1999 | Jun. 19, 2013 | Dec. 31, 2013 | |
1999 Stock Option Plan [Member] | 1999 Stock Option Plan [Member] | 2013 Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | |||
Note 11 - Stock-Based Compensation Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | 1,000,000 | ' | 1,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | 0 | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | 180,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 300,000 | 0 | ' | ' | 300,000 | ' |
Share-based Compensation (in Dollars) | $131,000 | $0 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $0 | ' | ' | ' | ' | ' |
Note_11_StockBased_Compensatio3
Note 11 - Stock-Based Compensation Plans (Details) - Stock Option Plan Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Option Plan Activity [Abstract] | ' | ' | ' |
Options Outstanding | 218,500 | ' | 406,000 |
Options Outstanding Weighted-Average Exercise Price | $1.13 | ' | $1.13 |
Weighted-Average Remining Contractual Term | '6 years 328 days | '3 years 6 months | '4 years 6 months |
Aggregate Intrinsic Value | $0 | ' | $0 |
Options Granted | 300,000 | 0 | ' |
Options Granted Weighted-Average Exercise Price | $0.76 | $0 | ' |
Options Exercised | -38,500 | 0 | ' |
Options Exercised Weighted-Average Exercise Price | $1.13 | $0 | ' |
Options Expired / Forfeited | 0 | -187,500 | ' |
Options Expired / Forfeited Weighted-Average Expercise Price | $0 | $1.13 | ' |
Options Outstanding | 480,000 | 218,500 | ' |
Options Outstanding Weighted-Average Exercise Price | $0.90 | $1.13 | ' |
Weighted-Average Remining Contractual Term | '6 years 328 days | '3 years 6 months | '4 years 6 months |
Aggregate Intrinsic Value | $75,000 | $0 | ' |
Note_11_StockBased_Compensatio4
Note 11 - Stock-Based Compensation Plans (Details) - Stock Options Outstanding (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding (in Shares) | 480,000 |
Weighted Average Remaining Years to Expiration | '6 years 328 days |
Weighted Average Exercise Price - Outstanding | $0.90 |
Number Exercisable (in Shares) | 480,000 |
Weighted Average Exercise Price - Exercisable | $0.90 |
Range 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | $0.76 |
Number Outstanding (in Shares) | 300,000 |
Weighted Average Remaining Years to Expiration | '9 years 6 months |
Weighted Average Exercise Price - Outstanding | $0.76 |
Number Exercisable (in Shares) | 300,000 |
Weighted Average Exercise Price - Exercisable | $0.76 |
Range 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices | $1.13 |
Number Outstanding (in Shares) | 180,000 |
Weighted Average Remaining Years to Expiration | '2 years 6 months |
Weighted Average Exercise Price - Outstanding | $1.13 |
Number Exercisable (in Shares) | 180,000 |
Weighted Average Exercise Price - Exercisable | $1.13 |
Note_11_StockBased_Compensatio5
Note 11 - Stock-Based Compensation Plans (Details) - Weighted Average Assumptions | 12 Months Ended |
Dec. 31, 2013 | |
Weighted Average Assumptions [Abstract] | ' |
Risk-free interest rate | 1.24% |
Dividend yield | 0.00% |
Expected lives (years) | '5 years |
Volatility | 69.16% |
Discount for post vesting restrictions | 0.00% |
Note_11_StockBased_Compensatio6
Note 11 - Stock-Based Compensation Plans (Details) - Additional Stock Option Disclosures (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Additional Stock Option Disclosures [Abstract] | ' |
Weighted average grant-date per share fair value of share options granted (in Dollars per share) | $0.43 |
Total intrinsic value of share options exercised | $12,600 |
Cash received from options exercised | $43,505 |
Note_12_Earnings_Loss_Per_Shar2
Note 12 - Earnings (Loss) Per Share (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 16,477,003 |
Note_12_Earnings_Loss_Per_Shar3
Note 12 - Earnings (Loss) Per Share (Details) - Net Income (Loss) Used in Earnings Per Share (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 12 - Earnings (Loss) Per Share (Details) - Net Income (Loss) Used in Earnings Per Share [Line Items] | ' | ' |
Net income (loss) | ($1,525,323) | ($395,809) |
Legacy Shareholders [Member] | ' | ' |
Note 12 - Earnings (Loss) Per Share (Details) - Net Income (Loss) Used in Earnings Per Share [Line Items] | ' | ' |
Net income (loss) | -1,847,991 | ' |
Non-Legacy Shareholders [Member] | ' | ' |
Note 12 - Earnings (Loss) Per Share (Details) - Net Income (Loss) Used in Earnings Per Share [Line Items] | ' | ' |
Net income (loss) | $322,668 | ' |
Note_12_Earnings_Loss_Per_Shar4
Note 12 - Earnings (Loss) Per Share (Details) - Antidilutive Shares | 12 Months Ended |
Dec. 31, 2013 | |
Antidilutive Shares [Abstract] | ' |
Shares used for basic net income per share | 5,805,485 |
Effect of dilutive stock options | 71,126 |
Effect of contingently issuable common shares | 16,477,003 |
Shares used for diluted net income per share | 22,353,614 |
Stock options not included in diluted net income per share because their effect would have been antidilutive | 180,000 |
Note_13_Commitments_Contingenc2
Note 13 - Commitments, Contingencies and Guarantees (Details) (USD $) | 1 Months Ended | |||
Apr. 30, 2013 | Jun. 30, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | |
Portland, Oregon [Member] | New York City [Member] | Novato, California [Member] | Pending Litigation [Member] | |
Note 13 - Commitments, Contingencies and Guarantees (Details) [Line Items] | ' | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '18 months | '5 years | '2 years | ' |
Loss Contingency Accrual (in Dollars) | ' | ' | ' | $52,500 |
Note_13_Commitments_Contingenc3
Note 13 - Commitments, Contingencies and Guarantees (Details) - Futurn Minimum Lease Payments (USD $) | Dec. 31, 2013 |
Futurn Minimum Lease Payments [Abstract] | ' |
2014 | $342,728 |
2015 | 272,863 |
2016 | 212,124 |
2017 | 219,346 |
2018 | 92,517 |
Total | $1,139,578 |
Note_14_Net_Capital_Requiremen1
Note 14 - Net Capital Requirement (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Note 14 - Net Capital Requirement (Details) [Line Items] | ' |
Minimum Net Capital Required | $464,011 |
Net Capital | 6,584,250 |
Excess Net Capital at 1000 Percent | $6,120,239 |
Net Capital Ratio | 1.06 |
No Equity Capital Withdrawals or Cash Dividend Payments [Member] | Maximum [Member] | ' |
Note 14 - Net Capital Requirement (Details) [Line Items] | ' |
Net Capital Ratio | 10 |
Maximum [Member] | ' |
Note 14 - Net Capital Requirement (Details) [Line Items] | ' |
Net Capital Ratio | 15 |
Note_15_Share_Repurchase_Plan_
Note 15 - Share Repurchase Plan (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2001 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | ' | ' | 600,000 |
Stock Repurchase Program Increase In Amount Of Shares Athorized To Be Repurchased | 200,000 | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 0 | 1,000 | ' |
Stock Repurchased During Period, Value (in Dollars) | ' | ' | $1,250 | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | ' | 68,011 | ' | ' |
Note_16_Concentration_of_Risk_2
Note 16 - Concentration of Risk and Geographic Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Warrant [Member] | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) [Line Items] | ' |
Concentration Risk, Percentage | 87.10% |
Investment Banking Customers [Member] | Commission Sales [Member] | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) [Line Items] | ' |
Concentration Risk, Percentage | 80.20% |
Concentration Risk, Customer | 'three |
Investment Banking Customers [Member] | Underwriting [Member] | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) [Line Items] | ' |
Concentration Risk, Percentage | 89.40% |
Concentration Risk, Customer | 'one |
Note_16_Concentration_of_Risk_3
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Investment at fair value | 4,132 | 6,866 |
Charles & Clovard Ltd [Member] | Investment [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Percentage of total | 73.40% | 35.20% |
Charles & Clovard Ltd [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Investment at fair value | 3,607 | 2,989 |
Yamhill Valley Vineyards [Member] | Investment [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Percentage of total | 10.60% | ' |
Yamhill Valley Vineyards [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Investment at fair value | 525 | ' |
Patron Company Inc [Member] | Investment [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Percentage of total | ' | 17.40% |
Patron Company Inc [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Investment at fair value | ' | 1,477 |
Shiftwise [Member] | Investment [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Percentage of total | ' | 28.20% |
Shiftwise [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Investment at fair value | ' | 2,400 |
Investment [Member] | ' | ' |
Note 16 - Concentration of Risk and Geographic Information (Details) - Major Trading and Investment Securities Owned [Line Items] | ' | ' |
Percentage of total | 84.00% | 80.80% |
Note_17_Related_Party_Transact1
Note 17 - Related Party Transactions (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jan. 31, 2013 | |
Investor [Member] | ||||
Note 17 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $127,000 | $57,000 | ' | ' |
Proceeds from (Repayments of) Related Party Debt | $1,500,000 | ' | ' | $1,500,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ' | 5.00% | 5.00% |
Debt Instrument, Conversion Feature, Ownership Interest, Percent | ' | ' | ' | 35.00% |
Note_18_Deferred_Revenue_Detai
Note 18 - Deferred Revenue (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Revenue Disclosure [Abstract] | ' | ' |
Recognition of Deferred Revenue | $60,000 | $170,000 |
Note_19_Dividends_Details
Note 19 - Dividends (Details) (USD $) | 1 Months Ended | |
Dec. 31, 2012 | Mar. 31, 2012 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.15 | $0.05 |
Note_21_Subsequent_Events_Deta
Note 21 - Subsequent Events (Details) (Subsequent Event [Member], Common Stock [Member], USD $) | 1 Months Ended |
Jan. 29, 2014 | |
Subsequent Event [Member] | Common Stock [Member] | ' |
Note 21 - Subsequent Events (Details) [Line Items] | ' |
Stock Issued During Period, Shares, New Issues | 500,000 |
Sale of Stock, Price Per Share | $0.50 |
Proceeds from Issuance of Common Stock | $250,000 |
Supplementary_Schedule_of_Warr1
Supplementary Schedule of Warrants Owned (Details) - Summary of Warrants Owned (USD $) | Dec. 31, 2013 |
Series 1 [Member] | Methes Energies International Ltd [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 42,000 |
Date exercisable | '10/12/13 |
Exercise price per warrant | $6 |
Expiration date | '10/12/17 |
Series 1 [Member] | Patron Company Inc [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 112,500 |
Date exercisable | '4/30/11 |
Exercise price per warrant | $1.20 |
Expiration date | '04/30/18 |
Series 2 [Member] | Methes Energies International Ltd [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 10,410 |
Date exercisable | '2/19/14 |
Exercise price per warrant | $4.20 |
Expiration date | '02/19/18 |
Series 2 [Member] | Patron Company Inc [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 47,500 |
Date exercisable | '7/18/11 |
Exercise price per warrant | $1.20 |
Expiration date | '07/18/18 |
Series 3 [Member] | Patron Company Inc [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 6,500 |
Date exercisable | '7/29/11 |
Exercise price per warrant | $1.20 |
Expiration date | '07/29/18 |
Series 4 [Member] | Patron Company Inc [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 24,887 |
Date exercisable | '12/31/12 |
Exercise price per warrant | $1.50 |
Expiration date | '12/31/19 |
BioCurex Inc [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 108,000 |
Date exercisable | '01/19/11 |
Exercise price per warrant | $6 |
Expiration date | '01/19/15 |
BioDirection, Inc. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 9,439 |
Date exercisable | '03/21/14 |
Exercise price per warrant | $8 |
Expiration date | '03/21/18 |
CytoDyn Inc. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 4,860,092 |
Date exercisable | '10/23/13 |
Exercise price per warrant | $0.75 |
Expiration date | '10/23/20 |
ICOP Digital [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 6,500 |
Date exercisable | '06/01/10 |
Exercise price per warrant | $55.20 |
Expiration date | '06/01/14 |
Manhattan Bridge Capital Inc [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 20,000 |
Date exercisable | '12/28/10 |
Exercise price per warrant | $2.50 |
Expiration date | '12/28/15 |
S&W Seed [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 94,500 |
Date exercisable | '05/03/11 |
Exercise price per warrant | $13.20 |
Expiration date | '05/03/15 |
Vanguard Energy [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of warrants | 427,500 |
Date exercisable | '11/14/12 |
Exercise price per warrant | $1.20 |
Expiration date | '11/14/16 |