<SEC-DOCUMENT>0001354488-15-001467.txt : 20150331
<SEC-HEADER>0001354488-15-001467.hdr.sgml : 20150331
<ACCEPTANCE-DATETIME>20150331131825
ACCESSION NUMBER:		0001354488-15-001467
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20140331
FILED AS OF DATE:		20150331
DATE AS OF CHANGE:		20150331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIEBERT FINANCIAL CORP
		CENTRAL INDEX KEY:			0000065596
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				111796714
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		15737886

	BUSINESS ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2126442400

	MAIL ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>n1443_10-k.htm
<DESCRIPTION>ANNUAL REPORT
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 <P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES</B></FONT></P>
 </TD>
 </TR>
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 <P ALIGN=CENTER><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=3><B>Washington,
 D.C. 20549</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=5><B>Form
 10-K</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2>(Mark
 One)</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&#9746;</FONT><FONT STYLE="font: small WINGDINGS"><B>
</B></FONT><B><FONT STYLE="font-size: small">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)</FONT></B></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=3><B>OF THE
 SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2><B>For the fiscal year ended: December 31, 2014</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER>&#9744;<FONT STYLE="font-size: small"><B> TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=3><B>OF THE
 SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2>For
 the transition period from______________to________________</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>Commission file number 0-5703</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>

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 <P ALIGN=CENTER><FONT SIZE=6><B>Siebert
 Financial Corp.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Exact
 name of registrant as specified in its charter)</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>New York<BR>
 (State or other jurisdiction of<BR>
 incorporation or organization)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>11-1796714<BR>
 (I.R.S. Employer<BR>
 Identification No.)</B></FONT></P>
 </TD>
 </TR>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>885 Third Avenue, New York, New York<BR>
 (Address of principal executive offices)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>10022<BR>
 (Zip Code)</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 <TR STYLE="FONT-SIZE:1PX">
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 <P ALIGN=CENTER><FONT SIZE=2><B> (212) 644-2400</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Registrant&#146;s telephone number, including area code</B></FONT></P>
 </TD>
 </TR>
 <TR  STYLE="FONT-SIZE:1PX">
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 <P ALIGN=CENTER>&nbsp;</P>
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 <TR>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Securities
 registered pursuant to Section 12(b) of the Exchange Act:</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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 </TR>
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 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Title
 of each class</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>Name
 of each exchange on which registered</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>COMMON STOCK, PAR VALUE $.01 PER SHARE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>THE NASDAQ CAPITAL MARKET</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>Securities registered under Section 12(g) of the Exchange Act:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NONE</B><BR>
(Title of class)</FONT></P>

<P><FONT STYLE="font-size: x-small">Indicate by check mark if the registrant is a well- known seasoned issuer, as defined in Rule
405 of the Securities Act. YES &#9744; NO &#9746;</FONT></P>

<P><FONT STYLE="font-size: x-small">Indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or Section 15(d) of the Act. YES &#9744; NO &#9746;</FONT></P>

<P><FONT STYLE="font-size: x-small">Indicate by check mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES &#9746; NO &#9744;</FONT></P>

<P><FONT STYLE="font-size: x-small">Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES &#9746; NO &#9744;</FONT></P>

<P><FONT STYLE="font-size: x-small">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-K is not contained herein, and will not be contained, to the best of registrant&#146;s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. &#9746;</FONT></P>

<P><FONT SIZE=2>Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule
12b-2 of the Exchange Act. (Check one): </FONT></P>

<P><FONT STYLE="font-size: x-small">Large accelerated filer &#9744; Accelerated filer &#9744; Non-accelerated filer &#9744; Smaller
reporting company &#9746;</FONT></P>

<P><FONT STYLE="font-size: x-small">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2
of the Act). YES &#9744; NO &#9746;</FONT></P>

<HR WIDTH="100%" SIZE="1" noshade color=black style="margin-top: -2px">
<HR WIDTH="100%" SIZE="4" noshade color=black style="margin-top: -10px">

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate market value of the Common Stock held by non-affiliates of the
registrant (based upon the last sale price of the Common Stock reported on the
NASDAQ Capital Market as of the last business day of the registrant&#146;s most
recently completed second fiscal quarter (June 30, 2014), was $5,517,182.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares of the registrant&#146;s outstanding Common Stock, as of March 13,
2015, was 22,085,126 shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents
Incorporated by Reference: Definitive Proxy Statement to be filed pursuant to
Regulation 14A of the Exchange Act on or before April 30, 2015 is incorporated
by reference into Part III. </FONT></P>

<P><FONT SIZE=2><B>Special Note Regarding Forward-Looking Statements </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements
in this Annual Report on Form 10-K, as well as oral statements that may be made
by the Company or by officers, directors or employees of the Company acting on
the Company&#146;s behalf, that are not statements of historical or current fact
constitute &#147;forward looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward looking statements
involve risks and uncertainties and known and unknown factors that could cause
the actual results of the Company to be materially different from historical
results or from any future results expressed or implied by such forward looking
statements, including without limitation: changes in general economic and
market conditions; changes and prospects for changes in interest rates;
fluctuations in volume and prices of securities; demand for brokerage and
investment banking services; competition within and without the discount
brokerage business, including the offer of broader services; competition from
electronic discount brokerage firms offering greater discounts on commissions
than the Company; the prevalence of a flat fee environment; decline in
participation in corporate or municipal finance underwritings; limited trading
opportunities; the method of placing trades by the Company&#146;s customers;
computer and telephone system failures; the level of spending by the Company on
advertising and promotion; trading errors and the possibility of losses from
customer non-payment of amounts due; other increases in expenses and changes in
net capital or other regulatory requirements. We undertake no obligation to
publicly release the results of any revisions to these forward-looking
statements which may be made to reflect events or circumstances after the date
when such statements were made or to reflect the occurrence of unanticipated
events. An investment in us involves various risks, including those mentioned
above and those which are detailed from time to time in our Securities and
Exchange Commission filings. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 2 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>PART I </B></FONT></P>

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 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 1.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>BUSINESS </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>General </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
Financial Corp. is a holding company that conducts its retail discount
brokerage and investment banking business through its wholly-owned subsidiary,
Muriel Siebert &amp; Co., Inc., a Delaware corporation. In addition, in 2014 we began business as a registered investment advisor through our wholly-owned
subsidiary, Siebert Investment Advisors, Inc. The estate of Muriel F.
Siebert, our former Chairwoman, Chief Executive Officer and President, owns
approximately 90% of our outstanding common stock, par value $.01 per share
(the &#147;Common Stock&#148;). For purposes of this Annual Report, the terms &#147;Siebert,&#148;
&#147;Company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Siebert Financial Corp. and its
consolidated subsidiaries, unless the context otherwise requires. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal offices are located at 885 Third Avenue, New York, New York 10022,
and our phone number is (212) 644-2400. Our Internet address is
www.siebertnet.com. Our SEC filings are available through our website at <U>www.siebertnet.com</U>,
where you are able to obtain copies of the Company&#146;s public filings free of
charge. Our Common Stock trades on the NASDAQ Capital Market under the symbol
&#147;SIEB&#148;. </FONT></P>

<P><FONT SIZE=2><B>Business Overview </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert&#146;s
principal activity is providing online and traditional discount brokerage and
related services to retail investors. In addition, Siebert, Brandford, Shank
Financial, L.L.C. (&#147;SBSF&#148;), a company in which Siebert holds a 49% ownership
interest, is the largest Minority and Women&#146;s Business Enterprise (&#147;MWBE&#148;) in
the tax-exempt underwriting business in the United States. </FONT></P>

<P><FONT SIZE=2><B>The Retail Division </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Discount Brokerage and Related Services.</B>
Siebert became a discount broker on May 1, 1975. Siebert believes that it has
been in business and a member of The New York Stock Exchange, Inc. (the &#147;NYSE&#148;)
longer than any other discount broker. In 1998, Siebert began to offer its customers
access to their accounts through SiebertNet, its Internet website. Siebert&#146;s
focus in its discount brokerage business is to serve retail clients seeking a
wide selection of quality investment services, including trading through a
broker on the telephone, through a wireless device or via the Internet, at
commissions that are substantially lower than those of full-commission firms.
Siebert clears its securities transactions on a fully disclosed basis through
National Financial Services Corp. (&#147;NFS&#148;), a wholly owned subsidiary of
Fidelity Investments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
serves investors who make their own investment decisions. Siebert seeks to
assist its customers in their investment decisions by offering a number of
value added services, including easy access to account information. Siebert&#146;s
representatives are available to assist customers with information via
toll-free 800 service Monday through Friday between 7:30 a.m. and 7:30 p.m.
Eastern Time. Through its SiebertNet, Mobile Broker, inter-active voice
recognition and Siebert Brokerage Express services, 24-hour access is available
to customers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Independent Retail Execution Services.</B>
Siebert and our clearing agent monitor order flow in an effort to ensure that
we are getting the best possible trade executions for customers. Siebert does
not make markets in securities, nor does it take positions against customer
orders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert&#146;s
equity orders are routed by its clearing agent in a manner intended to afford
its customers the opportunity for price improvement on all orders. The firm
also offers customers execution services through various electronic
communication networks (&#147;ECNs&#148;) for an additional fee. These systems give
customers access to numerous ECNs before and after regular market hours.
Siebert believes that its over-the counter executions consistently afford its
customers the opportunity for price improvement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers
may also indicate online interest in buying or selling fixed income securities,
including municipal bonds, corporate bonds, mortgage-backed securities,
government sponsored enterprises, unit investment trusts or certificates of
deposit. These transactions are serviced by registered representatives. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Retail Customer Service.</B> Siebert believes that
superior customer service enhances its ability to compete with larger discount
brokerage firms and therefore provides retail customers, at no additional
charge, with personal service via toll-free access to dedicated customer
support personnel for all of its products and services. Customer service
personnel are located in each of Siebert&#146;s branch offices. Siebert has retail
offices in New York, New York; Jersey City, New Jersey; Boca Raton, Florida;
and Beverly Hills, California. Siebert uses a proprietary Customer Relationship
Management System that enables representatives, no matter where located, to
view a customer&#146;s service requests and the response thereto. Siebert&#146;s
telephone system permits the automatic routing of calls to the next available
agent having the appropriate skill set. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Retirement Accounts.</B> Siebert offers
customers a variety of self-directed retirement accounts for which it acts as
agent on all transactions. Custodial services are provided through an affiliate
of NFS, the firm&#146;s clearing agent, which also serves as trustee for such
accounts. Each IRA, SEP IRA, ROTH IRA, 401(k) and KEOGH account can be invested
in mutual funds, stocks, bonds and other investments in a consolidated account.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Customer Financing.</B> Customer&#146;s margin
accounts are carried through Siebert&#146;s clearing agent which lends customers a
portion of the market value of certain securities held in the customer&#146;s
account. Margin loans are collateralized by these securities. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 3 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Customers also
may sell securities short in a margin account, subject to minimum equity and
applicable margin requirements, and the availability of such securities to be
borrowed. In permitting customers to engage in margin, short sale or any other
transaction, Siebert assumes the risk of its customers&#146; failure to meet their
obligations in the event of adverse changes in the market value of the
securities positions. Both Siebert and its clearing agents reserve the right to
set margin requirements higher than those established by the Federal Reserve
Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
has established policies with respect to maximum purchase commitments for new
customers or customers with inadequate collateral to support a requested
purchase. Managers have some flexibility in the allowance of certain
transactions. When transactions occur outside normal guidelines, Siebert
monitors accounts closely until their payment obligations are completed; if the
customer does not meet the commitment, Siebert takes steps to close out the
position and minimize any loss. Siebert has not had significant credit losses
in the last five years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Information and Communications Systems.</B>
Siebert relies heavily on the data technology platform provided by its clearing
agent, NFS. This platform offers an interface to NFS&#146; main frame computing
system where all customer account records are kept and is accessible by
Siebert&#146;s network. Siebert&#146;s systems also utilize browser based access and
other types of data communications. Siebert&#146;s representatives use NFS systems,
by way of Siebert&#146;s technology platform, to perform daily operational functions
which include trade entry, trade reporting, clearing related activities, risk
management and account maintenance. </FONT></P>

<P><FONT SIZE=2>Siebert&#146;s data
technology platform offers services used in direct relation to customer related
activities as well as support for corporate use. Some of these services include
email and messaging, market data systems and third party trading systems,
business productivity tools and customer relationship management systems.
Siebert&#146;s branch offices are connected to the main offices in New York, New
York and Jersey City, New Jersey via a virtual private network. Siebert&#146;s data
network is designed with redundancy in case a significant business disruption
occurs. </FONT></P>

<P><FONT SIZE=2>Siebert&#146;s
voice network offers a call center feature that can route and queue calls for
certain departments within the organization. Additionally, the systems call
manager offers reporting and tracking features which enable staff to determine
how calls are being managed, such as time on hold, call duration and total
calls by agent. </FONT></P>

<P><FONT SIZE=2>To ensure
reliability and to conform to regulatory requirements related to business
continuity, Siebert maintains backup systems and backup data. However, in the
event of a wide-spread disruption, such as a massive natural disaster,
Siebert&#146;s ability to satisfy the obligations to customers and other securities
firms could be significantly hampered or completely disrupted. For more
information regarding Siebert&#146;s Business Continuity Plan, please visit our
website at <U>www.siebertnet.com</U> or write to us at Muriel Siebert &amp;
Co., Inc., Compliance Department, 885 Third Avenue, Suite 3100, New York, NY
10022. </FONT></P>

<P><FONT SIZE=2>Our website
has design, navigation, and functionality features such as: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9642;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Informative
 trading screens: Customers can stay in touch while trading, double-check
 balances, positions and order status, see real time quotes, intraday and
 annual charts and news headlines &#150; automatically &#150; as they place orders. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9642;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Multiple
 orders: Customers can place as many as 10 orders at one time. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9642;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Tax-lot
 trading: Our online equity order entry screen allows customers to specify tax
 lots which display with cost basis and current gain/loss on a real-time
 positions page. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9642;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Trailing
 stop orders: Customers can enter an order that trails the market as a
 percentage of share price or with a flat dollar value and the system will
 execute their instructions automatically. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 </TD>
 </TR>
 <TR>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9642;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Contingent
 orders: Customers can place One-Triggers-Two Bracket and One-Cancels-Other
 Bracket orders. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 </TD>
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 <TR>
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 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9642;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>An
 easy-to-install desktop security program that may be installed to help
 protect against certain types of online fraud such as &#147;keylogging&#148; and
 &#147;phishing.&#148;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>- 4 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>The Capital Markets Division </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert&#146;s
Capital Markets Group (&#147;SCM&#148;) division served the Company as a co-manager,
underwriting syndicate member, or selling group member on a wide spectrum of
securities offerings for corporations and Federal agencies. The principal
activities of  SCM were investment banking and
institutional equity execution services. SCM provided Muriel Siebert &amp; Co.,
Inc. high-quality brokerage service to both institutional investors and issuers
of equity and fixed-income securities. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November 4, 2014, the Company, which held a 49% membership interest in, and the
other members of, Siebert Brandford Shank &amp; Co., LLC (&#147;SBS&#148;), contributed
their SBS membership interests into a newly formed Delaware limited liability
company, Siebert Brandford Shank Financial, L.L.C. (&#147;SBSF&#148;), in exchange for
the same percentage interests in SBSF. On the same day, the Company entered
into an Asset Purchase Agreement (the &#147;Purchase Agreement&#148;) with SBS and SBSF,
pursuant to which the Company sold substantially all of the SCM assets to SBSF. Pursuant to the Purchase
Agreement, SBSF assumed post-closing liabilities relating to the transferred
business.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement provides for an aggregate purchase price for the disposition
of $3,000,000, payable by SBSF after closing in annual installments commencing
on March 1, 2016 and continuing on each of March 1, 2017, 2018, 2019 and 2020.
The transferred business was contributed by SBSF to, and operated by SBS. The
amount payable to the Company on each annual payment date will equal 50% of the
net income attributable to the transferred business recognized by SBS in
accordance with generally accepted accounting principles during the fiscal year
ending immediately preceding the applicable payment date; provided that, if net
income attributable to the transferred business generated prior to the fifth
annual payment date is insufficient to pay the remaining balance of the
purchase price in full on the fifth annual payment date, then the unpaid amount
of the purchase price will be paid in full on March 1, 2021.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred
assets of SCM, consisted of customer accounts and goodwill, which had no
carrying value to the Company, and the Company recorded a gain on sale of
$1,820,000, which reflected the fair value of the purchase obligation. Such
fair value was based on the present value of estimated annual installments to
be received during 2016 through 2020 from forecasted net income of the
transferred business plus a final settlement in 2021, discounted at 11.5%
(representing SBS&#146;s weighted average cost of capital).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discount recorded for the purchase obligation will be amortized as interest
income using an effective yield initially calculated based on the original
carrying amount of the obligation and estimated annual installments to be
received and adjusted in future periods to reflect actual installments received
and changes in estimates of future installments. Interest income recognized on
the obligation for the period from November 4, 2014 to December 31, 2014
amounted to approximately $37,000 based on a yield of approximately 12%. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the Company&#146;s continuing involvement in the capital markets
business through its 49% ownership in SBSF, results of operations of the
capital market business and the gain on sale were not reflected as discontinued
operations in the accompanying financial statements.</FONT></P>

<P><FONT SIZE=2><B>Siebert, Brandford, Shank Financial, L.L.C. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muriel
Siebert &amp; Co., Inc. (&#147;Siebert&#148;) owns 49% of Siebert, Brandford, Shank
Financial, L.L.C. (&#147;SBSF&#148;). The remaining 51% is owned by Napoleon Brandford
III and Suzanne F. Shank. SBSF has been serving the public sector and growing
the firm since 1996. SBSF provides municipal underwriting and financial
advisory services to state and local governments across the nation for the
funding of education, housing, health services, transportation, utilities,
capital facilities, redevelopment and general infrastructure projects, serving
important issuers across the nation. SBSF has offices across the nation. With
the purchase discussed above SBSF will serve as a co-manager, underwriting
syndicate member, or selling group member on a wide spectrum of securities
offerings for corporations and Federal agencies. The principal activities of
SCM, purchased as described above, are investment banking and
institutional equity execution services which provide high-quality brokerage
service to both institutional investors and issuers of equity and fixed-income
securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
April 19, 2005, Siebert Financial Corp. (&#147;SFC&#148;) entered into an Operating
Agreement with Suzanne Shank and Napoleon Brandford III, the two individual
principals (the &#147;Principals&#148;) of SBS Financial Products Company, LLC, a
Delaware limited liability company (&#147;SBSFPC&#148;). Pursuant to the terms of the
Operating Agreement, SFC and each of the Principals made an initial capital
contribution of 33.33% initial interest in SBSFPC. SBSFPC engaged in
derivatives transactions related to the municipal underwriting business. SBSFPC
closed down operations as of December 31, 2014.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
risks are involved in the underwriting of securities. Underwriting syndicates
agree to purchase securities at a discount from the initial public offering
price. An underwriter is exposed to losses on the securities that it has
committed to purchase if the securities must be sold below the cost to the
syndicate. In the last several years, investment banking firms have increasingly
underwritten corporate and municipal offerings with fewer syndicate
participants or, in some cases, without an underwriting syndicate. </FONT></P>

<P><FONT SIZE=2>In these
cases, the underwriter assumes a larger part or all of the risk of an
underwriting transaction. Under Federal securities laws, other laws and court
decisions, an underwriter is exposed to substantial potential liability for
material misstatements or omissions of fact in the prospectus used to describe
the securities being offered.</FONT></P>

<P><FONT SIZE=2><B>Siebert Investment Advisors, Inc.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
Investment Advisors Inc. (&ldquo;SIA&rdquo;) is a registered investment adviser that began business in 2014. SIA is a wholly owned
subsidiary of Siebert Financial Corp and affiliated with Muriel Siebert &amp; Co., a registered broker dealer. SIA is a boutique
investment management firm that greatly extends our ability to meet our customer&rsquo;s investment needs.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIA
offers advice to clients regarding asset allocation and the selection of investments. Our investment management services include
the design, implementation, and continued monitoring of client accounts on a discretionary or non-discretionary basis. Investment
selections and recommendation are guided by the stated objectives of the customer, other considerations include the customer&rsquo;s
risk profile and financial status.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIA offers to its clients a number of Asset Management Programs (&ldquo;Managed Programs&rdquo;) consisting of asset allocation, flexible
asset management and focused or completion strategies. In these Managed Programs, SIA acts as the co-adviser to clients. IA Representatives
will assist each client in reviewing information about the programs, completing a client questionnaire to determine the client's
risk tolerance, financial situation and investment objectives and selecting an investment strategy. SIA does not ever act as portfolio
manager directly; SIA selects other investment advisers to act as portfolio manager on behalf of its clients.</FONT></P>



<P ALIGN=CENTER><FONT SIZE=2>- 5 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Advertising, Marketing and Promotion </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
develops and maintains its retail customer base through printed advertising in
financial publications, broadcast commercials over national and local cable TV
channels. Additionally, a significant number of the firm&#146;s new accounts are
developed directly from referrals by satisfied customers. </FONT></P>

<P><FONT SIZE=2><B>Competition </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
encounters significant competition from full-commission, online and discount
brokerage firms, as well as from financial institutions, mutual fund sponsors
and other organizations, many of which are significantly larger and better
capitalized than Siebert. Although there has been consolidation in the industry
in both the online and traditional brokerage business during recent years,
Siebert believes that additional competitors such as banks, insurance
companies, providers of online financial and information services and others
will continue to be attracted to the online brokerage industry. Many of these
competitors are larger, more diversified, have greater capital resources, and
offer a wider range of services and financial products than Siebert. Some of
these firms are offering their services over the Internet and have devoted more
resources to and have more elaborate websites than Siebert. Siebert competes with
a wide variety of vendors of financial services for the same customers. Siebert
believes that its main competitive advantages are high quality customer
service, responsiveness, cost and products offered, the breadth of product line
and excellent executions. </FONT></P>

<P><FONT SIZE=2><B>Regulation </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
securities industry in the United States is subject to extensive regulation
under both Federal and state laws. The Securities and Exchange Commission
(&#147;SEC&#148;) is the Federal agency charged with administration of the Federal securities
laws. Siebert is registered as a broker-dealer with the SEC, and is a member of
the New York Stock Exchange (&#147;NYSE&#148;) and the Financial Industry Regulatory
Authority (&#147;FINRA&#148;). Much of the regulation of broker-dealers has been
delegated to self-regulatory organizations, principally FINRA and national
securities exchanges such as the NYSE, which is Siebert&#146;s primary regulator
with respect to financial and operational compliance. These self-regulatory
organizations adopt rules (subject to approval by the SEC) governing the
industry and conduct periodic examinations of broker-dealers. Securities firms
are also subject to regulation by state securities authorities in the states in
which they do business. Siebert is registered as a broker-dealer in 50 states,
the District of Columbia and Puerto Rico. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal purpose of regulation and discipline of broker-dealers is the
protection of customers and the securities markets, rather than protection of
creditors and stockholders of broker-dealers. The regulations to which
broker-dealers are subject cover all aspects of the securities business,
including training of personnel, sales methods, trading practices among
broker-dealers, uses and safekeeping of customers&#146; funds and securities,
capital structure of securities firms, record keeping, fee arrangements,
disclosure to clients, and the conduct of directors, officers and employees.
Additional legislation, changes in rules promulgated by the SEC and by
self-regulatory organizations or changes in the interpretation or enforcement
of existing laws and rules may directly affect the method of operation and
profitability of broker-dealers. The SEC, self-regulatory organizations and
state securities authorities may conduct administrative proceedings which can
result in censure, fine, cease and desist orders or suspension or expulsion of
a broker-dealer, its officers or its employees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a registered broker-dealer and FINRA member organization, Siebert is required
by Federal law to belong to the Securities Investor Protection Corporation
(&#147;SIPC&#148;) which provides, in the event of the liquidation of a broker-dealer,
protection for securities held in customer accounts held by the firm of up to
$500,000 per customer, subject to a limitation of $250,000 on claims for cash
balances. SIPC is funded through assessments on registered broker-dealers. In
addition, Siebert, through its clearing agent, has purchased from private
insurers additional account protection in the event of liquidation up to the
net asset value, as defined, of each account. Stocks, bonds, mutual funds and
money market funds are included at net asset value for purposes of SIPC
protection and the additional protection. Neither SIPC protection nor the
additional protection insures against fluctuations in the market value of
securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
is also authorized by the Municipal Securities Rulemaking Board (the &#147;MSRB&#148;) to
effect transactions in municipal securities on behalf of its customers and has
obtained certain additional registrations with the SEC and state regulatory
agencies necessary to permit it to engage in certain other activities
incidental to its brokerage business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Margin
lending arranged by Siebert is subject to the margin rules of the Board of
Governors of the Federal Reserve System and the NYSE. Under such rules,
broker-dealers are limited in the amount they may lend in connection with
certain purchases and short sales of securities and are also required to impose
certain maintenance requirements on the amount of securities and cash held in
margin accounts. In addition, those rules and rules of the Chicago Board
Options Exchange govern the amount of margin customers must provide and
maintain in writing uncovered options. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 6 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Net Capital Requirements </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a registered broker-dealer, Siebert is subject to the SEC&#146;s Uniform Net Capital
Rule (Rule 15c3-1) (the &#147;Net Capital Rule&#148;), which has also been adopted by the
NYSE. The Net Capital Rule specifies minimum net capital requirements for all
registered broker-dealers and is designed to measure financial integrity and
liquidity. Failure to maintain the required regulatory net capital may subject
a firm to suspension or expulsion by the NYSE and FINRA, certain punitive
actions by the SEC and other regulatory bodies and, ultimately, may require a
firm&#146;s liquidation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
net capital is defined as net worth (assets minus liabilities), plus qualifying
subordinated borrowings, less certain deductions that result from excluding
assets that are not readily convertible into cash and from conservatively
valuing certain other assets. These deductions include charges that discount
the value of security positions held by Siebert to reflect the possibility of
adverse changes in market value prior to disposition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Net Capital Rule requires notice of equity capital withdrawals to be provided
to the SEC prior to and subsequent to withdrawals exceeding certain sizes. The
Net Capital Rule also allows the SEC, under limited circumstances, to restrict
a broker-dealer from withdrawing equity capital for up to 20 business days. The
Net Capital Rule of the NYSE also provides that equity capital may not be drawn
or cash dividends paid if resulting net capital would be less than 5 percent of
aggregate debits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
applicable regulations, Siebert is required to maintain regulatory net capital
of at least $250,000. At December 31, 2014 and 2013, Siebert had net capital of
$5.1 million and $13.0 million, respectively. Siebert claims exemption from the
reserve requirement under Section 15c3-3(k)(2)(ii). </FONT></P>

<P><FONT SIZE=2><B>Employees </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 13, 2015, we had approximately 48 full-time employees, one of whom was
a corporate officer. None of our employees is represented by a union, and we
believe that relations with our employees are good. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 7 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 1A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>RISK FACTORS </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><I><B>Securities market
volatility and other securities industry risk could adversely affect our
business</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most
of our revenues are derived from our securities brokerage business. Like other
businesses operating in the securities industry, our business is directly
affected by volatile trading markets, fluctuations in the volume of market
activity, economic and political conditions, upward and downward trends in
business and finance at large, legislation and regulation affecting the
national and international business and financial communities, currency values,
inflation, market conditions, the availability and cost of short-term or
long-term funding and capital, the credit capacity or perceived
credit-worthiness of the securities industry in the marketplace and the level
and volatility of interest rates. We also face risks relating to trading
losses, losses resulting from the ownership or underwriting of securities,
counterparty failure to meet commitments, customer fraud, employee fraud,
issuer fraud, errors and misconduct, failures in connection with the processing
of securities transactions and litigation. A reduction in our revenues or a
loss resulting from our underwriting or ownership of securities or sales or
trading of securities could have a material adverse effect on our business,
results of operations and financial condition. In addition, as a result of
these risks, our revenues and operating results may be subject to significant
fluctuations from quarter to quarter and from year to year. </FONT></P>

<P><FONT SIZE=2><I><B>Lower price levels
in the securities markets may reduce our profitability.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower
price levels of securities may result in (i) reduced volumes of securities,
options and futures transactions, with a consequent reduction in our commission
revenues, and (ii) losses from declines in the market value of securities we
held in investment and underwriting positions. In periods of low volume, our
levels of profitability are further adversely affected because certain of our
expenses remain relatively fixed. Sudden sharp declines in market values of
securities and the failure of issuers and counterparties to perform their
obligations can result in illiquid markets which, in turn, may result in our
having difficulty selling securities. Such negative market conditions, if
prolonged, may also lower our revenues from investment banking and other
activities. A reduction in our revenues from investment banking or other
activities could have a material adverse affect on our business, results of
operations and financial condition. </FONT></P>

<P><FONT SIZE=2><I><B>There is intense
competition in the brokerage industry.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
encounters significant competition from full-commission, online and other
discount brokerage firms, as well as from financial institutions, mutual fund
sponsors and other organizations many of which are significantly larger and
better capitalized than Siebert. SBS also encounters significant competition
from firms engaged in the municipal finance business. Over the past several
years, price wars and lower commission rates in the discount brokerage business
in general have strengthened our competitors. Siebert believes that such
changes in the industry will continue to strengthen existing competitors and
attract additional competitors such as banks, insurance companies, providers of
online financial and information services, and others. Many of these
competitors are larger, more diversified, have greater capital resources, and
offer a wider range of services and financial products than Siebert. Siebert
competes with a wide variety of vendors of financial services for the same
customers. Siebert may not be able to compete effectively with current or
future competitors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
competitors in the discount brokerage business offer services which we may not.
In addition, some competitors have continued to offer lower flat rate execution
fees that are difficult for any conventional discount firm to meet.
Industry-wide changes in trading practices are expected to cause continuing
pressure on fees earned by discount brokers for the sale of order flow. Many of
the flat fee brokers impose charges for services such as mailing, transfers and
handling exchanges which Siebert does not and also direct their execution to
captive market makers. Continued or increased competition from ultra low cost,
flat fee brokers and broader service offerings from other discount brokers
could limit our growth or lead to a decline in Siebert&#146;s customer base which
would adversely affect our business, results of operations and financial
condition. </FONT></P>

<P><FONT SIZE=2><I><B>We are subject to
extensive government regulation.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business is subject to extensive regulation in the United States, at both the
Federal and state level. We are also subject to regulation by self&#150;regulatory
organizations and other regulatory bodies in the United States, such as the
SEC, the NYSE, FINRA and the MSRB. We are registered as a broker-dealer in 50
states, the District of Columbia and Puerto Rico. The regulations to which we
are subject as a broker-dealer cover all aspects of the securities business
including: training of personnel, sales methods, trading practices, uses and
safe keeping of customers&#146; funds and securities, capital structure, record
keeping, fee arrangements, disclosure and the conduct of directors, officers
and employees. Failure to comply with any of these laws, rules or regulations,
which may be subject to the uncertainties of interpretation, could result in
civil penalties, fines, suspension or expulsion and have a material adverse
effect on our business, results of operations and financial condition. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 8 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
laws, rules and regulations, as well as governmental policies and accounting
principles, governing our business and the financial services and banking
industries generally have changed significantly over recent years and are
expected to continue to do so. We cannot predict which changes in laws, rules,
regulations, governmental policies or accounting principles will be adopted.
Any changes in the laws, rules, regulations, governmental policies or
accounting principles relating to our business could materially and adversely
affect our business, results of operations and financial condition. </FONT></P>

<P><FONT SIZE=2><I><B>We are subject to
net capital requirements.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC, FINRA, and various other securities and commodities exchanges and other
regulatory bodies in the United States have rules with respect to net capital
requirements which affect us. These rules have the effect of requiring that at
least a substantial portion of a broker-dealer&#146;s assets be kept in cash or
highly liquid investments. Our compliance with the net capital requirements
could limit operations that require intensive use of capital, such as
underwriting or trading activities. These rules could also restrict our ability
to withdraw our capital, even in circumstances where we have more than the
minimum amount of required capital, which, in turn, could limit our ability to
implement growth strategies. In addition, a change in such rules, or the
imposition of new rules, affecting the scope, coverage, calculation or amount
of such net capital requirements, or a significant operating loss or any
unusually large charge against net capital, could have similar adverse effects.
</FONT></P>

<P><FONT SIZE=2><I><B>Our customers may
fail to pay us.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
principal credit risk to which we are exposed on a regular basis is that our
customers may fail to pay for their purchases or fail to maintain the minimum
required collateral for amounts borrowed against securities positions
maintained by them. We cannot assure you that the policies and procedures we
have established will be adequate to prevent a significant credit loss. </FONT></P>

<P><FONT SIZE=2><I><B>We face risks
relating to our investment banking activities.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
risks are involved in the underwriting of securities. Investment banking and
underwriting syndicates agree to purchase securities at a discount from the
public offering price. If the securities must be sold below the syndicate cost,
an underwriter is exposed to losses on the securities that it has committed to
purchase. In the last several years, investment banking firms increasingly have
underwritten corporate and municipal offerings with fewer syndicate
participants or, in some cases, without an underwriting syndicate. In these
cases, the underwriter assumes a larger part or all of the risk of an
underwriting transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Federal securities laws, other laws and court decisions, an underwriter is
exposed to substantial potential liability for material misstatements or
omissions of fact in the prospectus used to describe the securities being
offered. While municipal securities are exempt from the registration
requirements of the Securities Act of 1933, underwriters of municipal
securities are exposed to substantial potential liability for material
misstatements or omissions of fact in the offering documents prepared for these
offerings. </FONT></P>

<P><FONT SIZE=2><I><B>An increase in
volume on our systems or other events could cause them to malfunction.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2014, we received and processed up to approximately 67% of our trade orders
electronically. This method of trading is heavily dependent on the integrity of
the electronic systems supporting it. While we have never experienced a
significant failure of our trading systems, heavy stress placed on our systems
during peak trading times could cause our systems to operate at unacceptably
low speeds or fail altogether. Any significant degradation or failure of our
systems or the systems of third parties involved in the trading process (e.g.,
online and Internet service providers, record keeping and data processing
functions performed by third parties, and third party software), even for a
short time, could cause customers to suffer delays in trading. These delays
could cause substantial losses for customers and could subject us to claims
from these customers for losses. There can be no assurance that our network
structure will operate appropriately in the event of a subsystem, component or
software failure. In addition, we cannot assure you that we will be able to
prevent an extended systems failure in the event of a power or
telecommunications failure, an earthquake, terrorist attack, fire or any act of
God. Any systems failure that causes interruptions in our operations could have
a material adverse effect on our business, financial condition and operating
results. </FONT></P>

<P><FONT SIZE=2><I><B>We rely on
information processing and communications systems to process and record our
transactions.</B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operations rely heavily on information processing and communications systems.
Our system for processing securities transactions is highly automated. Failure
of our information processing or communications systems for a significant
period of time could limit our ability to process a large volume of transactions
accurately and rapidly. This could cause us to be unable to satisfy our
obligations to customers and other securities firms, and could result in
regulatory violations. External events, such as an earthquake, terrorist attack
or power failure, loss of external information feeds, such as security price
information, as well as internal malfunctions such as those that could occur
during the implementation of system modifications, could render part or all of
these systems inoperative. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 9 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><I><B>We may not be able
to keep up pace with continuing changes in technology. </B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
market is characterized by rapidly changing technology. To be successful, we
must adapt to this rapidly changing environment by continually improving the
performance, features and reliability of our services. We could incur
substantial costs if we need to modify our services or infrastructure or adapt
our technology to respond to these changes. A delay or failure to address
technological advances and developments or an increase in costs resulting from
these changes could have a material and adverse effect on our business,
financial condition and results of operations. </FONT></P>

<P><FONT SIZE=2><I><B>We depend on our
ability to attract and retain key personnel. </B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
continued success was principally dependent on our founder, Muriel F. Siebert,
our former Chairwoman, Chief Executive Officer and President, and our senior
management. In addition, the continued success of SBSF may be dependent on the
services of Napoleon Brandford III and Suzanne Shank. The loss of the services
of any of these individuals could significantly harm our business, financial
condition and operating results. However the appointment of Suzanne Shank as
Acting Chief Executive Officer and Joseph Ramos as Chief Operating Officer has
stabilized the Company as a result of our loss of Ms. Siebert. On March 3, 2015
Suzanne Shank completed her role as acting Chief Executive Officer of our
Company to devote full time to her continuing position as Chief Executive
Officer of SBSF. </FONT></P>

<P><FONT SIZE=2><I><B>Our principal shareholder
may control many key decisions. </B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estate of Ms. Muriel F. Siebert currently owns approximately 90% of our
outstanding common stock. The executors of the estate, Jane Macon and Patricia
Francy, who are both directors of the Company, have the power to elect the
entire Board of Directors and, except as otherwise provided by law or our
Certificate of Incorporation or by-laws, to approve any action requiring
shareholder approval without a shareholders meeting. </FONT></P>

<P><FONT SIZE=2><I><B>There may be no
public market for our common stock. </B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
approximately 2,200,000 shares, or approximately 10% of our shares outstanding,
are currently held by the public. Although our common stock is traded in The
NASDAQ Capital Market, there can be no assurance that an active public market
will continue. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 1B.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>UNRESOLVED STAFF COMMENTS</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>None.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 2.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>PROPERTIES </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
currently maintains four retail discount brokerage offices. Customers can visit
these offices to obtain market information, place orders, open accounts,
deliver and receive checks and securities, and obtain related customer services
in person. Nevertheless, most of Siebert&#146;s activities are conducted on the
Internet or by telephone and mail.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 10 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>Siebert
operates its business out of the following four leased offices: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1><B>Location</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Approximate<BR>
 Office Area in<BR>
 Square Feet</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Expiration Date<BR>
 of<BR>
 Current Lease</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Renewal<BR>
 Terms</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2><U>Corporate
 Headquarters, Retail and Investment Banking Office</U></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>885 Third
 Avenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>New York, NY
 10022</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,585</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2/28/17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>None</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2><U>Retail
 Offices</U></FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>9701
 Wilshire Boulevard, Suite 1111</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Beverly
 Hills, CA 90212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,189</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10/31/15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>None</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>4400 North
 Federal Highway</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>Boca Raton,
 FL 33431</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,438</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>Month to Month</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>None</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>111 Pavonia
 Avenue<SUP>(1)</SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Jersey City,
 NJ 07310</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,141</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6/30/15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>None</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Certain of our administrative and back office functions are performed
 at this location. We believe that our properties are in good condition and
 are suitable for our operations.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 3.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>LEGAL PROCEEDINGS </B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2012,
Siebert was named as one of the defendants in a class action pending in the
United States District Court, Southern District of New York. The complaint was
brought on behalf of a class of purchasers in a public offering by Lehman
Brothers Holdings, Inc. of $1,500,000,000 of 6.75% Subordinated Notes due 2017
(the &#147;Notes&#148;) as to Siebert and certain smaller issuances of other securities.
The complaint asserted that Siebert and other underwriters of the Notes
violated Section 11 of the Securities Act of 1933 in that relevant offering
materials were false and misleading. Siebert had agreed to purchase $15 million
of the Notes and $462,953 of the other securities as an underwriter in the
offerings. Siebert and the plaintiffs&#146; class agreed to resolve all claims
against Siebert in consideration of a $1 million payment by Siebert in the
prior year. Certain plaintiffs did not agree to a settlement or purchased
securities which were not covered by the settlement. In 2013 all such claims
were either dismissed or settled for an amount that was not material. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
July 2014, the Company entered into a settlement agreement in regards to a
dispute with a former employee, in which the former employee sought, among
other things, damages arising from his separation from the Company. The Company
asserted counter claims in the arbitration. Pursuant to the settlement, the
Company paid $4,300,000 to the former employee, and the claims and
counterclaims have been dismissed and released. The accompanying statement of
operations reflects a change to give effect to the settlement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is party to certain claims, suits and complaints arising in the
ordinary course of business. In the opinion of management, all such matters are
without merit, or involve amounts which would not have a significant effect on
the financial position of the Company.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 4.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>MINE SAFETY DISCLOSURES</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 11 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>PART II </B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 5.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
 AND ISSUER PURCHASES OF EQUITY SECURITIES</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common
stock traded on the NASDAQ Global Market until June 29, 2011 when our common
stock started trading on the NASDAQ Capital Market, under the symbol &#147;SIEB&#148;.
The high and low sales prices of our common stock reported by NASDAQ during the
following calendar quarters were: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="71%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>High</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Low</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>First
 Quarter - 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1.81</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Second
 Quarter - 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>Third
 Quarter - 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1.82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Fourth
 Quarter - 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.77</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.43</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>First
 Quarter &#150; 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>4.45</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1.61</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Second
 Quarter &#150; 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3.44</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2.67</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>Third
 Quarter &#150; 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>2.85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>2.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Fourth
 Quarter &#150; 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2.90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March
13, 2015, the closing price of our common stock on the NASDAQ Capital Market
was $1.70 per share. There were 130 holders of record of our common stock and
more than 1,500 beneficial owners of our common stock on March 13, 2015. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January
4, 2011, we received notice from The NASDAQ Stock Market stating that for more
than 30 consecutive business days, the market value of publicly held shares
closed below the minimum $5 million required for continued listing on The
NASDAQ Global Market under NASDAQ Rule 5450(b)(1)(C). Market value of publicly
held shares is calculated by multiplying the publicly held shares, which is
total shares outstanding less any shares held by officers, directors, or
beneficial owners of more than 10%, by the closing bid price. The estate of
Muriel F. Siebert owns approximately 90% of our outstanding common stock. The
value of shares by the estate of Muriel F. Siebert&#146;s estate, and the value of
shares beneficially owned by other officers and directors of the Company, is
therefore excluded from the market value of publicly held shares of the
Company. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ Rule
5810(c)(3)(D) provided the Company a grace period of 180 calendar days, or
until July 5, 2011, to regain compliance with The NASDAQ Stock Market
requirement. As the market value of publicly held shares did not reach the
required value during the grace period, our common stock was transferred to the
NASDAQ Capital Market on June 29, 2011. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Dividend Policy </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board
of Directors periodically considers whether to declare dividends. In
considering whether to pay such dividends, our Board of Directors will review
our earnings capital requirements, economic forecasts and such other factors as
are deemed relevant. Some portion of our earnings will be retained to provide
capital for the operation and expansion of our business. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Issuer Purchases of Equity Securities </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January
23, 2008, our Board of Directors authorized the repurchase of up to 300,000
shares of our common stock. We will purchase shares from time to time, in our
discretion, in the open market and in private transactions. No shares were
purchased in 2014. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 12 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>A summary of
our repurchase activity for the three months ended December 31, 2014 is as
follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="31%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Period</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Total<BR>
 Number<BR>
 Of Shares<BR>
 Purchased</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Average Price<BR>
 Paid Per<BR>
 Share</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Cumulative Number<BR>
 of<BR>
 Shares Purchased<BR>
 as Part of Publicly<BR>
 Announced Plans</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Maximum<BR>
 Number of<BR>
 Shares<BR>
 That May Yet Be<BR>
 Purchased Under<BR>
 The Plan</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>October 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>129,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>170,863</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>November
 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>129,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>170,863</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>December
 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>129,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>170,863</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>129,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=2>170,863</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>Equity Compensation Plan Information</B></FONT></P>

<P><FONT SIZE=2>The following
table sets forth information as of December 31, 2014 with respect to our equity
compensation plans. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Plan Category</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Number of Securities to be<BR>
 issued upon exercise of<BR>
 outstanding options,<BR>
 warrants and rights</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Weighted-<BR>
 average<BR>
 exercise price of<BR>
 outstanding<BR>
 options,<BR>
 warrants and<BR>
 rights</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Number of Securities<BR>
 remaining available for<BR>
 issuance under equity<BR>
 compensation plans<BR>
 (excluding securities<BR>
 reflected in column (a))</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=CENTER><FONT SIZE=1><B> (a)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B> (b)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B> (c)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Equity compensation plans approved by
 security holders (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>265,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>3.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1,760,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>265,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,760,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Consists of our 1997 and 2007
 compensation plans.</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>- 13 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Our Performance</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The graph
 below compares our performance from December 31, 2009 through December 31,
 2014 against the performance of the NASDAQ Composite Index and a peer group.
 The peer group consists of A.B. Watley Group Inc., Ameritrade Holding Corporation,
 E*Trade Financial Corporation and The Charles Schwab Corporation. </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<P ALIGN=CENTER><FONT SIZE=2><img src="nh1443001_v1.jpg" alt="(BAR GRAPH)"></FONT></P>

<P><FONT SIZE=1>&nbsp;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 14 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 6.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>SELECTED FINANCIAL DATA </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>(In thousands
except share and per share data) </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>The Following Selected Financial Information
Should Be Read In Conjunction with Our Consolidated Financial<BR>
Statements and the Related Notes Thereto.</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2014</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2013</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Income statement data:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total Revenues</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15,852</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16,401</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20,983</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20,770</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net loss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(6,557</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(5,912</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(5,379</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(2,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net loss per share of common stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Basic</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Diluted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(0.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Weighted average shares outstanding (basic)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>22,085,126</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>22,087,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>22,100,759</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>22,114,121</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>22,167,218</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Weighted average shares outstanding
 (diluted)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,085,126</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,087,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,100,759</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,114,121</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22,167,218</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Statement of financial condition data (at
 year end):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20,728</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>27,970</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>33,456</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>34,823</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>40,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total liabilities excluding subordinated
 borrowings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,176</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,861</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>2,416</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>3,599</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>3,477</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Stockholders&#146; equity</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18,552</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>25,109</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>31,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>31,224</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>36,626</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash dividends declared on common shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 7.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
 RESULTS OF OPERATIONS </B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion should be read in conjunction with our audited Consolidated
Financial Statements and the Notes thereto contained elsewhere in this Annual
Report. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our working
capital is invested primarily in money market funds, so that liquidity has not
been materially affected. The recent financial crisis did have the effect of
reducing participation in the securities market by our retail and institutional
customers, which had an adverse effect on our revenues. While the stock market
improved in 2014 our revenues did not. In 2012 we did have one customer account
generate commissions that accounted for 12% of the total revenue. Income of our
affiliate, SBSF, decreased in 2014 to $171,000 as a result of a decrease in the
number of offerings by municipalities. As a result, the Company&#146;s income from
SBSF decreased in 2014 to $84,000. The Company&#146;s professional expenses during
2014, 2013 and 2012 include the costs of an arbitration proceeding commenced by
a former employee following the termination of his employment, which was
resolved in 2014 resulting in a $4,300,000 settlement payment. The action has
adversely affected the Company&#146;s results of operations. Competition in the
brokerage industry remains intense. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November
4, 2014, the Company, which held a 49% membership interest in, and the other
members of, Siebert Brandford Shank &amp; Co., LLC (&#147;SBS&#148;), contributed their
SBS membership interests into a newly formed Delaware limited liability
company, Siebert Brandford Shank Financial, L.L.C. (&#147;SBSF&#148;), in exchange for
the same percentage interests in SBSF. On the same day, the Company entered
into an Asset Purchase Agreement (the &#147;Purchase Agreement&#148;) with SBS and SBSF,
pursuant to which the Company sold substantially all of the assets relating to
the Company&#146;s capital markets business to SBSF. Pursuant to the Purchase
Agreement, SBSF assumed post-closing liabilities relating to the transferred
business.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement provides for an aggregate purchase price for the disposition
of $3,000,000, payable by SBSF after closing in annual installments commencing
on March 1, 2016 and continuing on each of March 1, 2017, 2018, 2019 and 2020.
The transferred business was contributed by SBSF to, and operated by SBS. The
amount payable to the Company on each annual payment date will equal 50% of the
net income attributable to the transferred business recognized by SBS in
accordance with generally accepted accounting principles during the fiscal year
ending immediately preceding the applicable payment date; provided that, if net
income attributable to the transferred business generated prior to the fifth
annual payment date is insufficient to pay the remaining </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 15 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>balance of the purchase price in full on the fifth annual payment date,
then the unpaid amount of the purchase price will be paid in full on March 1,
2021.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred
assets of the Company&#146;s capital markets business consisted of issuer
relationships and goodwill, which assets had no carrying value to the Company,
and the Company recorded a gain on sale of $ 1,820,000, which reflected the
fair value of the purchase obligation. Such fair value (Level 3) was based on
the present value of estimated annual installments to be received during 2016
through 2020 from forecasted net income of the transferred business plus a
final settlement in 2021, discounted at 11.5% (representing SBS&#146;s weighted
average cost of capital),</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discount recorded for the purchase obligation will be amortized as interest
income using an effective yield, initially calculated based on the original
carrying amount of the obligation and estimated annual installments to be
received and adjusted in future periods to reflect actual installments received
and changes in estimates of future installments. Interest income recognized on
the obligation for the period from November 4, 2014 to December 31, 2014,
amounted to approximately $37,000 based on a yield of approximately 12%.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result
of the Company&#146;s continuing involvement in the capital markets business through
its 49% ownership in SBSF, results of operations of the capital markets
business and the gain on sale were not reflected as discontinued operations in
the accompanying statement of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain metrics as of December 31, 2014, 2013 and 2012,
respectively, which we use in evaluating our business. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>For the Twelve Months<BR>
 ended December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1><B>Retail
 Customer Activity:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2014</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2013</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>Total retail
 trades:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>293,419</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>327,285</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>321,687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Average
 commission per retail trade:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21.70</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>27.80</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="65%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>As of December 31,</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2014</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'>
 <P ALIGN=CENTER><FONT SIZE=1><B>2013</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>Retail
 customer balances:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Retail
 customer net worth (in billions):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>Retail
 customer money market fund value (in billions):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>1.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Retail
 customer margin debit balances (in millions):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>232.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>215.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=2>Retail
 customer accounts with positions:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>32,962</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P ALIGN=RIGHT><FONT SIZE=2>35,591</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><U>Description: </U></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Total retail
 trades represents retail trades that generate commissions. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Average
 commission per retail trade represents the average commission generated for
 all types of retail customer trades. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Retail
 customer net worth represents the total value of securities and cash in the
 retail customer accounts before deducting margin debits. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Retail
 customer money market fund value represents all retail customers accounts
 invested in money market funds. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Retail
 customer margin debit balances represents credit extended to our customers to
 finance their purchases against current positions. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Retail
 customer accounts with positions represent retail customers with cash and/or
 securities in their accounts.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We,
like other securities firms, are directly affected by general economic and
market conditions including fluctuations in volume and prices of securities,
changes and the prospect of changes in interest rates, and demand for brokerage
and investment banking services, all of which can affect our profitability. In
addition, in periods of reduced financial market activity, profitability is
likely to be adversely affected because certain expenses remain relatively
fixed, including salaries and related costs, portions of communications costs
and occupancy expenses. Accordingly, earnings for any period should not be
considered representative of earnings to be expected for any other period. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 16 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition
continues to intensify among all types of brokerage firms, including
established discount brokers and new firms entering the on-line brokerage
business. Electronic trading continues to account for an increasing amount of
trading activity, with some firms charging very low trading execution fees that
are difficult for any conventional discount firm to meet. Some of these
brokers, however, impose asset based charges for services such as mailing,
transfers and handling exchanges which we do not currently impose, and also
direct their orders to market makers where they have a financial interest.
Continued competition could limit our growth or even lead to a decline in our
customer base, which would adversely affect our results of operations.
Industry-wide changes in trading practices, such as the continued use of
Electronic Communications Networks, are expected to put continuing pressure on
commissions/fees earned by brokers while increasing volatility. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a party to an Operating Agreement (the &#147;Operating Agreement&#148;), with Suzanne
Shank and Napoleon Brandford III, the two individual principals (the
&#147;Principals&#148;) of SBSFPC. Pursuant to the terms of the Operating Agreement, the
Company and each of the Principals made an initial capital contribution of
$400,000 in exchange for a 33.33% initial interest in SBSFPC. SBSFPC engages in
derivatives transactions related to the municipal underwriting business. The
Operating Agreement provides that profit and loss will be shared 66.66% by the
Principals and 33.33% by us. The Company and principals closed down the
operations of SBSFPC in 2014. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2014, we began business as a registered investment advisor through our wholly-owned subsidiary, Siebert Investment Advisors, Inc.
(&ldquo;SIA&rdquo;). SIA is a boutique investment management firm that greatly extends our ability to meet our customer&rsquo;s
investment needs. SIA offers advice to clients regarding asset allocation and the selection of investments. Our investment management services include
the design, implementation, and continued monitoring of client accounts on a discretionary or non-discretionary basis. Investment
selections and recommendation are guided by the stated objectives of the customer, other considerations include the customer&rsquo;s
risk profile and financial status.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIA
offers to its clients a number of Asset Management Programs (&ldquo;Managed Programs&rdquo;) consisting of asset allocation, flexible
asset management and focused or completion strategies. In these Managed Programs, SIA acts as the co-adviser to clients. IA Representatives
will assist each client in reviewing information about the programs, completing a client questionnaire to determine the client's
risk tolerance, financial situation and investment objectives and selecting an investment strategy. SIA does not ever act as portfolio
manager directly, SIA selects other investment advisers to act as portfolio manager on behalf of its clients. During 2014, the
results of SIA operations are immaterial to the operations of the Company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 23, 2008, our Board of Directors authorized a buy back of up to 300,000
shares of our common stock. Under this program, shares are purchased from time
to time, at our discretion, in the open market and in private transactions. No
shares were purchased during 2014. </FONT></P>

<P><FONT SIZE=2><B>Critical Accounting Policies </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally follow accounting policies standard in the brokerage industry and
believe that our policies appropriately reflect our financial position and
results of operations. Our management makes significant estimates that affect
the reported amounts of assets, liabilities, revenues and expenses and the
related disclosure of contingent assets and liabilities included in the
financial statements. The estimates relate primarily to revenue and expense
items in the normal course of business as to which we receive no confirmations,
invoices, or other documentation, at the time the books are closed for a
period. We use our best judgment, based on our knowledge of revenue
transactions and expenses incurred, to estimate the amount of such revenue and
expenses. We are not aware of any material differences between the estimates
used in closing our books for the last five years and the actual amounts of
revenue and expenses incurred when we subsequently receive the actual
confirmations, invoices or other documentation. Estimates are also used in
determining the useful lives of intangibles assets, and the fair market value
of intangible assets. Our management believes that its estimates are
reasonable.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 17 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2><B>Results of Operations </B></FONT></P>

<P><FONT SIZE=2><I><B>Year Ended December
31, 2014 Compared to Year Ended December 31, 2013 </B></I></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues.</I>
Total revenues for 2014 were $15.9 million, a decrease of $549,000, or 3.3%,
from 2013. Commission and fee income decreased $1.2 million, or 9.9%, from the
prior year to $10.8 million primarily due to a decrease in retail trading and
in the average commission charged per retail trade. Capital Markets Division
was sold to our affiliate SBSF on November 4, 2014 resulting in reduced
institutional trading commissions and investment banking revenues. Commission
recapture operations were shut down on September 30, 2014. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
banking revenues decreased $588,000 or 24.3%, from the prior year to $1.8
million in 2014 due to our participation in fewer new issues in the equity and
debt capital markets. The Capital Markets division was sold on November 4, 2014
to our affiliate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
profits decreased $625,000, or 31.6%, from the prior year to $1.4 million in
2014 primarily due to an overall decrease in trading volume primarily in the
debt markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
recorded a gain on the sale of our Capital Markets Segment of $ 1,820,000,
which reflected the fair value of the purchase obligation (transferred assets
of the Company&#146;s capital markets business, consisted of customer accounts and
goodwill, which had no carrying value to the Company. Such fair value was based
on the present value of estimated annual installments to be received during
2016 through 2020 from forecasted net income of the transferred business plus a
final settlement in 2021, discounted at 11.5% (representing SBS&#146;s weighted
average cost of capital), the sale was for $3,000,000 recorded at a discount.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discount recorded for the purchase obligation will be amortized as interest
income using an effective yield initially calculated based on the original
carrying amount of the obligation and estimated annual installments to be
received and adjusted in future periods to reflect actual installments received
and changes in estimates of future installments. Interest income recognized on
the obligation for the period from November 4, 2014 to December 31, 2014
amounted to $36,641 based on a yield of approximately 12%.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from interest and dividends increased $32,000, or 51.6%, from the prior year to
$94,000 in 2014 primarily due to accrued interest on our receivable from
business sold to affiliate (see above paragraph). </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses.</I>
Total expenses for 2014 were $22.5 million, an increase of $247,000, or 1.1%,
from the prior year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
compensation and benefit costs decreased $995,000, or 10.7%, from the prior
year to $8.3 million in 2014. This decrease was due a reduction in head count
from the previous year.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing
and floor brokerage fees decreased $717,000, or 30.1%, from the prior year to
$1.7 million in 2014 primarily due to lower retail trading volumes, lower
execution charges for institutional equity trading, as well as shutting down
our rebate recapture business on September 30, 2014. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional
fees decreased $1.0 million, or 18.6% from the prior year to $4.3 million in
2014 primarily due to a decrease in legal fees relating to a dispute with a
former employee (see settlement of case below). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July
2014, the Company entered into a settlement agreement in regard to a dispute
with a former employee, in which the former employee sought, among other
things, damages arising from his separation from the Company. The Company asserted
counter claims in the arbitration. Pursuant to the settlement, the Company paid
$4,300,000 to the former employee, and the claims and counterclaims have been
dismissed and released.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising
and promotion expense decreased $157,000, or 38.8%, from the prior year to
$248,000 in 2014 due to a decrease in online and print advertising. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications
expense decreased $431,000, or 33.3%, from the prior year to $865,000 in 2014
due to a new phone system and phone vendor. Quote fees were down as well due to
the reduction in Bloomberg terminals due to the sale of our Capital Markets
segment on November 4, 2014. Retail trading revenues were down causing quotes
to go down. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy
costs decreased $258,000, or 24.7%, from the prior year to $788,000 in 2014 due
to our Palm Beach branch closing on March 31, 2014, reduction in our Jersey
City branch operating expenses, and New York rent rebates as per our lease. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
of intangibles of $300,000 in 2013 was the result of the Company writing down
the carrying value of its unamortized intangible assets to zero. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
general and administrative expenses decreased $212,000, or 9.4%, from the prior
year to $2.0 million in 2014 due decreases in office expense in travel, entertainment,
computer security updates, and registration expense. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 18 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from our equity investment in SBSF, an entity in which Siebert holds a 49%
equity interest, for 2014 was $84,000 compared to income of $94,000 for 2013, a
decrease of $10,000, primarily due to SBSF participating in fewer municipal
bond offerings as senior- and co-manager. Losses from our equity investment in
SBSFPC, an entity in which we hold a 33% equity interest, for 2014 was a loss
of $17,000 as compared to a loss of $159,000 from the same period in 2013. This
decrease was principally due to SBSFPC winding down and shutting down their
operations in 2014. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes.</I>
The tax provision for the year ended December 31, 2014 and 2013 was $0 and
$19,000, respectively. The provision for income taxes for 2013 represents New
York State, New York City and Internal Revenue Service payments. The Company
has recorded a valuation allowance to fully offset our deferred tax asset at
December 31, 2014 and 2013. </FONT></P>

<P><FONT SIZE=2><B>Results of Operations </B></FONT></P>

<P><FONT SIZE=2><I><B>Year Ended December
31, 2013 Compared to Year Ended December 31, 2012 </B></I></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues.</I>
Total revenues for 2013 were $16.4 million, a decrease of $4.6 million, or
21.8%, from 2012. Commission and fee income decreased $2.7 million, or 18.4%,
from the prior year to $11.9 million primarily due to a decrease in average
commission charged per trade as a result of a decrease in retail options
trading by one customer, which accounted for approximately 18% of total
commission and fees in 2012, as well as an decrease in our institutional
trading commissions and our commission recapture operations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
banking revenues decreased $1.5 million, or 38.3%, from the prior year to $2.4
million in 2013 due to our participation in fewer new issues in the equity and
debt capital markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
profits decreased $384,000, or 16.3%, from the prior year to $2.0 million in
2013 primarily due to a fixed income sales- trader being on medical leave. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from interest and dividends decreased $14,000, or 18.4%, from the prior year to
$62,000 in 2013 primarily due to lower cash balances. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses.</I>
Total expenses for 2013 were $22.2 million, an increase of $303,000, or 1.4%,
from the prior year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
compensation and benefit costs decreased $783,000, or 7.8%, from the prior year
to $9.3 million in 2013. This decrease was due to lower commission and bonus
payouts based on production offset by severance paid to former key employees
released in 2013. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearing
and floor brokerage fees decreased $360,000, or 13.1%, from the prior year to
$2.4 million in 2013 primarily due to lower retail trading volumes as well as
execution charges for institutional equity customers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional
fees increased $2.2 million, or 70.4% from the prior year to $5.3 million in
2013 primarily due to an increase in legal fees relating to a dispute with a
former employee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising
and promotion expense decreased $13,000, or 3.1%, from the prior year to $405,000
in 2013 due to an increase in online advertising. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications
expense decreased $305,000, or 19.1%, from the prior year to $1.3 million in
2013 due to the elimination of costs associated with the discontinuance of our
website developed and maintained by a software vendor as of June 2012. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy
costs increased $139,000, or 15.3%, from the prior year to $1.0 million in 2013
due to the lease in New York. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
of intangibles of $300,000 in 2013 was the result of the Company writing down
the carrying value of its unamortized intangible assets to zero. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write
off of software development costs of $433,000 in 2012 was due to the Company&#146;s
discontinuation of its relationship with a software vendor on June 30, 2012,
which had developed and maintained our website. As a result, the Company wrote
off its remaining unamortized carrying value of development costs of $433,000.
Effective July 1, 2012, such services are provided by our clearing broker. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
general and administrative expenses decreased $129,000 or 5.4% from the prior
year to $2.2 million in 2013 due to decreases in depreciation, computer
security updates, and registration expense offset by increases in office
expenses, sipc expenses, and state and local taxes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
from our equity investment in SBS, an entity in which Siebert holds a 49%
equity interest, for 2013 was $94,000 compared to income of $774,000 for 2012,
a decrease of $680,000, primarily due to SBS participating in less municipal
bond offerings as senior- and co-manager. Losses from our equity investment in
SBSFPC, an entity in which we hold a 33% equity interest, for 2013 was $159,000
as compared to income of $32,000 from the same period in 2012. This decrease
was principally due to </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 19 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>SBSFPC
terminating swap position and mark to market positions. Results of operations
of equity investees are considered to be integral to our operations and
material to the results of operations. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes.</I>
The tax provision for the year ended December 31, 2013 and 2012 was $19,000 and
$34,000, respectively. The provision for income taxes for 2013 represents New
York State, New York City and Internal Revenue Service payments. The Company
has recorded a valuation allowance to fully offset our deferred tax asset at
December 31, 2013 and 2012. </FONT></P>

<P><FONT SIZE=2><I><B>Liquidity and
Capital Resources </B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
assets are highly liquid, consisting generally of cash and money market funds.
Our total assets at December 31, 2014 were $20.7 million, of which we regarded
$7.7 million, or 37.2%, as highly liquid. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
is subject to the net capital requirements of the SEC, the NYSE and other
regulatory authorities. At December 31, 2014, Siebert&#146;s regulatory net capital
was $5.1 million, which was $4.8 million in excess of its minimum capital
requirement of $250,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siebert
has entered into a Secured Demand Note Collateral Agreement with SBS under which it is obligated to loan to
SBS up to $1.2 million on a subordinated basis collateralized by cash
equivalents of approximately $1.5 million as of December 31, 2014. Amounts
obligated to be loaned by Siebert under the facility are reflected on our
balance sheet as &#147;cash equivalents - restricted&#148;. SBS pays Siebert interest on
this amount at the rate of 4% per annum. The facility expires on August 31,
2015 at which time SBS is obligated to repay to Siebert any amounts borrowed by
SBS thereunder. </FONT></P>

<P><FONT SIZE=2><I><B>Contractual
Obligations </B></I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below
is a table that presents our obligations and commitments at December 31, 2014: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Payment Due By Period</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1><B>Contractual Obligations</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>Less Than<BR>
 1 Year</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>1-3 Years</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>3-5 Years</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>More Than<BR>
 Five Years</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Operating lease obligations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,177,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>615,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>562,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Off-Balance Sheet Arrangements </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail
customer transactions are cleared through clearing brokers on a fully disclosed
basis. If customers do not fulfill their contractual obligations, the clearing
broker may charge Siebert for any loss incurred in connection with the purchase
or sale of securities at prevailing market prices to satisfy the customer
obligations. Siebert regularly monitors the activity in its customer accounts
for compliance with its margin requirements. Siebert is exposed to the risk of
loss on unsettled customer transactions if customers and other counterparties
are unable to fulfill their contractual obligations. There were no material
losses for unsettled customer transactions in 2014. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 7A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Financial Instruments Held For Trading
Purposes: </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through
Siebert, we maintain inventories in exchange-listed equity securities and
municipal securities on both a long and short basis. We did not have any short
positions at December 31, 2014. The Company does not directly engage in
derivative transactions, has no interest in any special purpose entity and has
no liabilities, contingent or otherwise, for the debt of another entity except
for Siebert&#146;s obligation under its Secured Demand Note Collateral Agreement of
$1.2 million executed in favor of SBS. SBS pays Siebert interest on this amount
at the rate of 4% per annum. Siebert earned interest of $48,000 in 2014, 2013
and 2012, from SBS. </FONT></P>

<P><FONT SIZE=2><B>Financial Instruments Held For Purposes Other
Than Trading: </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally invest working capital temporarily in dollar denominated money market
funds and commercial paper. These investments are not subject to material
changes in value due to interest rate movements.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail
customer transactions are cleared through clearing brokers on a fully disclosed
basis. If customers do not fulfill their contractual obligations, the clearing
broker may charge Siebert for any loss incurred in connection with the purchase
or sale of securities at prevailing market prices to satisfy the customers&#146;
obligations. Siebert regularly monitors the activity in its customer accounts
for compliance with its margin requirements. Siebert is exposed to the risk of
loss on unsettled customer transactions if customers and other counterparties
are unable to fulfill their contractual obligations. There were no material
losses for unsettled customer transactions in 2014. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 20 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 8.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
financial statements and supplementary data required pursuant to this item
beginning on page F-1 of this Annual Report on Form 10-K. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 9.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
 FINANCIAL DISCLOSURE </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 9A.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>CONTROLS AND PROCEDURES</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
carried out an evaluation, under the supervision and with the participation of
management, including our former Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of our disclosure controls
and procedures as of the end of the period covered by this report pursuant to
Rule 13a-15 of Securities Exchange of 1934, as amended. Based on that
evaluation, our management, including our former Chief Executive Officer and
Chief Financial Officer, concluded that our disclosure controls and procedures
are effective to ensure that the information we are required to disclose in
reports that we file or submit under the Securities Exchange Act of 1934, as
amended, is recorded, processed, summarized and reported within the time
periods specified in the rules and forms of the Securities and Exchange
Commission and to ensure that information required to be disclosed is
accumulated and communicated to our management, including our former Chief
Executive Officer and Chief Financial Officer, to allow timely decisions
regarding timely disclosure. </FONT></P>

<P><FONT SIZE=2><B>Management&#146;s Report on Internal Control over
Financial Reporting </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
management is responsible for establishing and maintaining adequate internal
control over financial reporting (as that term is defined in Exchange Act Rule
13a-15(f)). To evaluate the effectiveness of our internal control over
financial reporting, we use the 2013 framework in Internal Control&#151;Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (the &#147;2013 COSO Framework&#148;). Using the 2013 COSO Framework, our
management, including our former Chief Executive Officer and Chief Financial
Officer, evaluated our internal control over financial reporting and concluded
that our internal control over financial reporting was effective as of December
31, 2014. </FONT></P>

<P><FONT SIZE=2><B>Changes in Internal Control over Financial
Reporting </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were no changes in our internal control over financial reporting during the most
recently completed fiscal quarter that materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting. </FONT></P>

<P><FONT SIZE=2><B>Limitation of the Effectiveness of Internal
Controls </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 9B.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>OTHER INFORMATION </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 21 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>PART III </B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 10.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Identification of Directors </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
information is incorporated by reference from our definitive proxy statement to
be filed by the Company pursuant to Regulation 14A on or prior to April 30,
2015. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Identification of Executive Officers </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="26%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1><B>Name</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Age</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'>
 <P><FONT SIZE=1><B>Position</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Joseph M.
 Ramos, Jr.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>56</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Executive
 Vice President, Chief Operating Officer, Chief Financial Officer and
 Secretary</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information regarding each executive officer&#146;s business experience is set forth
below. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph
M. Ramos,</I> <I>Jr</I>.
has been Executive Vice President, Chief Financial Officer and Assistant
Secretary of Siebert since February 10, 2003, Chief Financial Officer of
Siebert, Brandford, Shank, &amp;Co., L.L.C. since April 20, 2009 and Chief
Operating Officer Since June 10, 2013. From May 1999 to February 2002, Mr.
Ramos served as Chief Financial Officer of Internet Financial Services, Inc.
From November 1996 to May 1999, Mr. Ramos served as Chief Financial Officer of
Nikko Securities International, Inc. From September 1987 to March 1996, Mr.
Ramos worked at Cantor Fitzgerald and held various accounting and management
positions, the last as Chief Financial Officer of their registered
broker-dealer based in Los Angeles. From October 1982 to September 1987, Mr.
Ramos was an audit manager for Deloitte &amp;Touche LLP, a public accounting
firm. Mr. Ramos is a Certified Public Accountant licensed in the State of New
York. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Compliance with Section 16(a) of the Exchange Act </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
information is incorporated by reference from our definitive proxy statement to
be filed pursuant to Regulation 14A on or prior to April 30, 2015. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Code of Ethics </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have adopted a financial code of ethics that applies to our principal executive
officer, principal financial officer, principal accounting officer and all
other employees performing similar functions. This financial code of ethics is
posted on our website. The Internet address for our website is
http://www.siebertnet.com. We intend to satisfy the disclosure requirement
under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a
provision of this code of ethics by either filing a Form 8-K or posting such
information on our website, at the address and location specified above, within
four business days following the date of such amendment or waiver.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this item not set forth herein is incorporated by
reference to our definitive proxy statement to be filed pursuant to Regulation
14A on or prior to April 30, 2015. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 11.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>EXECUTIVE COMPENSATION </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this item is incorporated by reference from our
definitive proxy statement to be filed pursuant to Regulation 14A on or prior
to April 30, 2015. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 12.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
 RELATED STOCKHOLDER MATTERS </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this item is incorporated by reference from our
definitive proxy statement to be filed pursuant to Regulation 14A on or prior
to April 30, 2015. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 13.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
 INDEPENDENCE</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this item is incorporated by reference from our
definitive proxy statement to be filed pursuant to Regulation 14A on or prior
to April 30, 2015. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 14.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>PRINCIPAL ACCOUNTING FEES AND SERVICES</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required in this item is incorporated by reference from our
definitive proxy statement to be filed pursuant to Regulation 14A on or prior
to April 30, 2015. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 22 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>PART IV </B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 15.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>EXHIBITS, FINANCIAL STATEMENT SCHEDULES</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exhibits required by Item 601 of Regulation S-K filed as part of, or
incorporated by reference in, this Annual Report are listed in the accompanying
Exhibit Index. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 following documents are filed as part of this report:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Financial
 Statements </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated
Financial statements for the year ended December 31, 2014 commence on page F-1
of this Annual Report on Form 10-K.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Financial
 Statement Schedules </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Exhibits </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>The exhibits
required by Item 601 of Regulation S-K filed as part of, or incorporated by
reference in, this report are listed in the accompanying Exhibit Index. Exhibit
Numbers 10.1, 10.2 and 10.6 are management contracts, compensatory plans or
arrangements.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 23 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN="CENTER"><FONT SIZE=2><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 WIDTH="100%" CELLPADDING=0 STYLE='MARGIN-LEFT:-.4PT;BORDER-COLLAPSE:COLLAPSE'>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="92%" VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><B>SIEBERT FINANCIAL CORP.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2>Report of Independent Registered Public Accounting Firm</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a002_v1">Consolidated Statements of Financial Condition at December 31, 2014
 and 2013</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a003_v1">Consolidated Statements of Operations for each of the years in the
 three-year period ended December 31, 2014</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><a  href="#n1443a004_v1">Consolidated
 Statements of Changes in Stockholders&#146; Equity for each of the years in the
 three-year period ended December 31, 2014</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a005_v1">Consolidated Statements of Cash Flows for each of the years in the
 three-year period ended December 31, 2014</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a006_v1">Notes to Consolidated Financial Statements</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><B>SIEBERT, BRANDFORD, SHANK FINANCIAL, L.L.C.
AND SUBSIDIARY AT 2014 AND SIEBERT, BRANDFORD, SHANK &amp; CO., L.L.C. AT 2013</B></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2>Report of Independent Registered Public Accounting Firm</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a008_v1">Statements of Financial Condition at December 31, 2014 and 2013</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a009_v1">Statements of Operations for each of the years in the three-year
 period ended December 31, 2014</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a010_v1">Statements of Changes in Members&#146; Capital for each of the years in
 the three-year period ended December 31, 2014</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a011_v1">Statements of Cash Flows for each of the years in the three-year period
 ended December 31, 2014</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=2><a href="#n1443a012_v1">Notes to Financial Statements</A></FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='PADDING:0IN 0IN 0IN 0IN'>
 <P ALIGN=CENTER><FONT SIZE=2>F-20</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Board
of Directors and Shareholders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Siebert
Financial Corp.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have audited the accompanying consolidated statements of financial condition of Siebert Financial Corp. and subsidiaries (the
&#147;Company&#148;) as of December 31, 2014 and 2013, and the related consolidated statements of operations, changes in stockholders&#146;
equity and cash flows for each of the years in the three-year period ended December 31, 2014. These financial statements are the
responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these financial statements based on
our audits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control
over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company&#146;s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In our
opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position
of Siebert Financial Corp. and subsidiaries as of December 31, 2014 and 2013, and the consolidated results of their operations
and their cash flows for each of the years in the three-year period ended December 31, 2014, in conformity with accounting principles
generally accepted in the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
EisnerAmper LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><BR>
New York, New York<BR>
March 31, 2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>





<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small"><B>S<a name="n1443a001_v1"></A>IEBERT FINANCIAL CORP. AND SUBSIDIARIES</B></FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">C</FONT><a name="n1443a002_v1"></A><FONT STYLE="font-size: x-small">ONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">ASSETS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash
                                         and cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">6,749,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,424,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash
                                         equivalents - restricted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,532,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,532,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Receivable
                                         from brokers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">788,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,105,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Receivable
                                         from business sold to affiliate net of unamortized discount of $1,143,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,857,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Securities
                                         owned, at fair value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">488,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">406,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Furniture,
                                         equipment and leasehold improvements, net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">609,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">712,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Investments
                                         in and advances to affiliates</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,979,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,022,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Prepaid
                                         expenses and other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">718,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">751,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Intangibles,
                                         net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">18,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">20,728,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">27,970,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Liabilities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Accounts
                                         payable and accrued liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,176,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,861,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Commitments
                                         and contingent liabilities - Note I</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Stockholders&#146; equity:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Common
                                         stock, $.01 par value; 49,000,000 shares authorized, 23,211,846 shares issued, 22,085,126
                                         shares outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">232,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">232,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Additional paid-in capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Retained
                                         earnings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,590,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">10,147,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Less: 1,126,720 shares of treasury stock,
                                         at cost</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(4,760,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(4,760,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING-bottom:1px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">18,552,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">25,109,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">20,728,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">27,970,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">See notes to consolidated financial statements.</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN="LEFT"><FONT STYLE="font-size: x-small">C</FONT><a name="n1443a003_v1"></A><FONT STYLE="font-size: x-small">ONSOLIDATED
STATEMENTS OF OPERATIONS </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Year
                                         Ended December 31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Revenue:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Commissions
                                         and fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">10,757,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">11,945,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">14,630,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Investment
                                         banking</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,830,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,418,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,917,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Trading
                                         gains, net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,351,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,976,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,360,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Gain
                                         on the disposition of business to affiliate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,820,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Interest
                                         and dividends</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">57,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">62,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">76,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,815,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,401,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">20,983,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Expenses:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Employee
                                         compensation and benefits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,267,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">9,262,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">10,045,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Clearing
                                         fees, including floor brokerage</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,665,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,382,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,742,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Professional
                                         fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,310,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">5,293,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,106,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Loss
                                         related to arbitration settlement</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Advertising
                                         and promotion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">248,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">405,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">418,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Communications</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">865,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,296,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,601,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Occupancy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">788,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,046,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">907,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Impairment
                                         of intangibles</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Write
                                         off of software development costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">433,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Other
                                         general and administrative</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,033,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,245,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,374,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,476,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,229,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">21,926,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Income (loss) from equity investees, including,
                                         in 2014, interest on receivable of $37,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">104,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">806,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Loss
                                         before income taxes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,557,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(5,893,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(137,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Provision for income taxes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Net
                                         loss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,557,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING-bottom:1px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(5,912,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING-bottom:1px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(171,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING-bottom:1px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Net loss per share of common stock &#150;
                                         basic and diluted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(0.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(0.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Weighted
                                         average shares outstanding &#150; basic and diluted</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,085,126</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,087,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,100,759</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">See notes to consolidated financial statements.</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-3</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">C</FONT><a name="n1443a004_v1"></A><FONT STYLE="font-size: x-small">ONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS&#146; EQUITY</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=11 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Common
                                         Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN;BORDER-BOTTOM:SOLID BLACK 1px;'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Treasury
                                         Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Number</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Of</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">$.01
                                         Par</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Additional</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Paid -In</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Retained</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Earnings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Number</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Of</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Amount</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Balance
                                         - January 1, 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">23,211,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">232,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,230,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,106,347</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(4,728,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">31,224,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Net loss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(171,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(171,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Treasury
                                         share purchases</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,107</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(13,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(13,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Balance - December 31, 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">23,211,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">232,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,059,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,114,454</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(4,741,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">31,040,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Net
                                         loss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(5,912,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(5,912,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Treasury share purchases</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">12,266</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Balance
                                         - December 31, 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">23,211,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">232,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">10,147,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,126,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(4,760,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING-bottom:2px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">25,109,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Net loss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,557,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,557,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Balance
                                         - December 31, 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">23,211,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">232,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,590,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,126,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(4,760,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING-bottom:2px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">18,552,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">See notes to consolidated financial statements.</FONT></P>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-4</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">C</FONT><a name="n1443a005_v1"></A><FONT STYLE="font-size: x-small">ONSOLIDATED
STATEMENTS OF CASH FLOWS</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="59%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Year
                                         Ended December 31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Cash
                                         Flows From Operating Activities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Net loss</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,557,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(5,912,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(171,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Adjustments
                                         to reconcile net loss to net cash used in operating activities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Depreciation and amortization</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">267,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">284,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Gain
                                         on the disposition of business sold to affiliate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,820,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">(Income) loss from equity investees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(67,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(806,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Interest
                                         accrued on receivable from business sold to affiliate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(37,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Distributions from equity investees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">13,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,212,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">97,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Write
                                         off of software development costs</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">433,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Impairment of intangibles</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Changes
                                         in:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Securities
                                         owned, at fair value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(82,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(151,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Receivable
                                         from affiliate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(76,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Receivable
                                         from brokers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">317,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">818,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(890,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Prepaid
                                         expenses and other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">33,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">149,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(73,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Accounts
                                         payable and accrued liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(685,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">445,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,183,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net
                                         cash used in operating activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(8,694,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,944,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,014,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Cash Flows From Investing Activities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Purchase
                                         of furniture, equipment and leasehold improvements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(154,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(520,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(262,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Distributions from equity investees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">173,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">6,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">(Payment)
                                         collection of advances made to equity investees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">24,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net
                                         cash provided by/ (used in) investing activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(515,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(238,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Cash
                                         Flows From Financing Activities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Purchase of treasury shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(13,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Net
                                         decrease in cash and cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(8,675,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(3,478,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,265,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Cash and cash equivalents - beginning of
                                         year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,424,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">18,902,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">21,167,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Cash
                                         and cash equivalents - end of year</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">6,749,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,424,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">18,902,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Supplemental Cash Flow Disclosures:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:#CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">Cash
                                         for:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCCCCC" STYLE='BACKGROUND:  #CCCCCC;PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Income
                                         taxes paid (received), net</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING:0IN 0IN 0IN 0IN'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">See notes to consolidated financial statements.</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-5</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">S</FONT><a name="n1443a006_v1"></A><FONT STYLE="font-size: x-small">IEBERT FINANCIAL
CORP. AND SUBSIDIARIES</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></P>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note </FONT><FONT STYLE="font-size: x-small">A - Business: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert Financial Corp. (&#147;Financial&#148;), through its wholly - owned
                subsidiary, Muriel Siebert &amp;Co., Inc. (&#147;Siebert&#148;), engages in the business of providing discount
                brokerage services for retail customers, investment banking and equity execution services for institutional clients (representing
                the capital markets business) and trading securities for its own account. In addition, in 2014 we began business as a registered investment advisor through our wholly-owned
subsidiary, Siebert Investment Advisors, Inc. (&#147;SIA&#148;). On November 4, 2014, Siebert sold its
                capital markets business to an affiliate (see Note B). Another wholly owned subsidiary, Siebert&#146;s Women&#146;s
                Financial Network Inc. (&#147;WFN&#148;) engaged in providing products, services and information devoted to women&#146;s
                financial needs. In the fourth quarter of 2013, management decided to substantially reduce the resources allocated
                to the WFN operation (see Note F). The accompanying consolidated financial statements include the accounts of
                Financial and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Financial,
                Siebert, WFN and SIA collectively are referred to herein as the &#147;Company&#148;.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">The municipal bond investment banking business is conducted by Siebert, Brandford,
                Shank &amp;Co., L.L.C., a wholly-owned subsidiary of Siebert, Brandford, Shank Financial, L.L.C. (&#147;SBSF&#148;),
                and related derivatives transactions were conducted by SBS Financial Products Company, LLC (&#147;SBSFP&#148;),
                non - controlled investees in which the Company has a 49% and 33% equity interest respectively. Such investees are accounted
                for by the equity method of accounting (see Note D). The equity method provides that the Company records its share
                of the investees&#146; earnings or losses in its results of operations with a corresponding adjustment to the
                carrying value of its investment. In addition, the investment is adjusted for capital contributions to and distributions
                from the investees. Operations of equity investee SBSF are considered integral to the Company&#146;s operations.
                Operations of equity investee SBSFP ceased in December 2014.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">Note B &#150; SALE OF BUSINESS </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">On November 4, 2014, the Company, which held a 49% membership interest in,
                and the other members of, Siebert Brandford Shank &amp;Co., LLC (&#147;SBS&#148;), contributed their SBS membership
                interest into a newly formed Delaware limited liability company, Siebert Brandford Shank Financial, L.L.C. (&#147;SBSF&#148;),
                in exchange for the same percentage interests in SBSF. On the same day the Company entered an Asset Purchase Agreement
                (the &#147;Purchase Agreement&#148;) with SBS and SBSF, pursuant to which the Company sold substantially all of
                the assets relating to the Company&#146;s capital markets business to SBSF. Pursuant to the Purchase Agreement,
                SBSF assumed post-closing liabilities relating to the transferred business.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">The Purchase Agreement provides for an aggregate purchase price for the disposition
                of $3,000,000, payable by SBSF after closing in annual installments commencing on March 1, 2016 and continuing
                on each of March 1, 2017, 2018, 2019 and 2020. The transferred business was contributed by SBSF to, and operated
                by SBS. The amount payable to the Company on each annual payment date will equal 50% of the net income attributable
                to the transferred business recognized by SBS in accordance with generally accepted accounting principles during
                the fiscal year ending immediately preceding the applicable payment date; provided that, if net income attributable
                to the transferred business generated prior to the fifth annual payment date is insufficient to pay the remaining
                balance of the purchase price in full on the fifth annual payment date, then the unpaid amount of the purchase
                price will be paid in full on March 1, 2021.Transferred assets of the Company&#146;s capital markets business,
                consisted of customer accounts and goodwill, which had no carrying value to the Company, and the Company recorded
                a gain on sale of $1,820,000, which reflected the fair value of the purchase obligation. Such fair value (Level
                3) was based on the present value of estimated annual installments to be received during 2016 through 2020 from
                forecasted net income of the transferred business plus a final settlement in 2021, discounted at 11.5% (representing
                SBS&#146;s weighted average cost of capital).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">The discount recorded for the purchase obligation will be amortized as interest
                income using an effective yield initially calculated based on the original carrying amount of the obligation and
                estimated annual installments to be received and adjusted in future periods to reflect actual installments received
                and changes in estimates of future installments. Interest income recognized on the obligation for the period from
                November 4, 2014 to December 31, 2014 amounted to $36,641 based on a yield of approximately 12%.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">As a result of the Company&#146;s continuing involvement in the capital markets
                business through the its 49% ownership in SBSF, results of operations of the capital markets business and the
                gain on sale were not reflected as discontinued operations in the accompanying financial statements.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note C - Summary Of Significant Accounting Policies</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[1]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Cash Equivalents: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Cash equivalents consist of highly liquid investments purchased with an original
                maturity of 3 months or less. Cash equivalents are carried at fair value and amount to $6,179,000 and $14,839,000
                at December 31, 2014 and 2013, respectively, consisting of money market funds.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Cash equivalents &#150; restricted of $1,532,000 at December 31, 2014 and
                2013 representing cash invested in a money market fund which serves as collateral for a secured demand note payable
                in the amount of $1,200,000 to SBS (see Note J).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[2]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Securities: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Securities owned are carried at fair value with realized and unrealized gains
                and losses reflected in trading profits. Siebert clears all its security transactions through unaffiliated clearing
                firms on a fully disclosed basis. Accordingly, Siebert does not hold funds or securities for, or owe funds or
                securities to, its customers. Those functions are performed by the clearing firms.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[3]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Fair value of financial instruments: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Authoritative accounting guidance defines fair value, establishes a framework
                for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received
                to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement
                date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs
                to valuation techniques used to measure fair value into three levels:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Level 1 &#150; Unadjusted quoted prices in active markets for identical assets
                or liabilities.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Level 2 &#150; Inputs other than quoted market prices that are observable,
                either directly or indirectly, and reasonably available. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Level 3 &#150; Unobservable inputs which reflect the assumptions that management
                develops based on available information about the assumptions market participants would use in valuing the asset
                or liability.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">The classification of financial instruments valued at fair value as of December
                31, 2014 is as follows: </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="96%" style=margin-left:4%>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">Financial Instrument</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Level
                                         1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Level
                                         1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,711,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,371,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">488,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">406,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,199,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,777,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Securities consist of common stock, which is valued on the last business day
                of the year at the last available reported sales price on the primary securities exchange.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[4]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Income Taxes: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">The Company accounts for income taxes utilizing the asset and liability approach
                requiring the recognition of deferred tax assets and liabilities for the expected future tax consequences of net
                operating loss carryforwards and temporary differences between the basis of assets and liabilities for financial
                reporting purposes and tax purposes.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[5]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Furniture, Equipment and Leasehold Improvements: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Furniture, equipment and leasehold improvements are stated at cost, net of
                accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the
                estimated useful lives of the assets, generally five years. Leasehold improvements are amortized over the shorter
                of the estimated useful life of the improvements or period of the lease.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[6]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Advertising Costs: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Advertising costs are charged to expense as incurred.</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note C - Summary Of Significant Accounting Policies (continued)</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[7]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Use of Estimates: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">The preparation of financial statements in conformity with accounting principles
                generally accepted in the United States of America requires management to make estimates and assumptions that
                affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
                date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
                Actual results could differ from those estimates.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[8]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Per Share Data: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Basic earnings (loss) per share is calculated by dividing net income (loss)
                by the weighted average outstanding common shares during the year. Diluted earnings per share is calculated by
                dividing net income by the number of shares outstanding under the basic calculation and adding all dilutive securities,
                which consist of options. As the Company incurred a net loss for each of the years ended December 31, 2014, 2013
                and 2012, basic and diluted net loss per common share are the same for each year as the effect of stock options
                is anti-dilutive. In 2014, 2013 and 2012, 265,000, 350,000 and 400,000 common shares, respectively, issuable upon
                the exercise of options were not included in the computation.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[9]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Revenue: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Commission revenues and related clearing expenses are recorded on a trade-date
                basis. Fees, consisting principally of revenue participation with the Company&#146;s clearing broker in distribution
                fees and interest are recorded as earned. In 2014, fees also include investment advisory fees, which are recorded as earned.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Investment banking revenue includes gains and fees, net of syndicate expenses,
                arising from underwriting syndicates in which the Company participates. Investment banking management fees are
                recorded on the offering date, sales concessions on the settlement date and underwriting fees at the time the
                underwriting is completed and the income is reasonably determinable. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Trading gains and losses are also recorded on a trade-date basis and principally
                represent riskless principal transactions which the Company, after receiving an order, buys or sells securities
                as principal and at the same time sells or buys the securities with a markup or markdown to satisfy the order.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Interest is recorded on an accrual basis and dividends are recorded on the
                ex-dividend date. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[10]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Stock-Based Compensation: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Share-based payments to employees, including grants of employee stock options,
                are recognized in the statement of operations as an operating expense, based on their fair values on the grant
                date. Share-based compensation costs are recognized on a straight-line basis over the requisite service periods
                of awards which would normally be the vesting period of the options.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[11]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Intangibles: </FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>



 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Purchased intangibles which have finite useful lives are principally being
                amortized using the straight-line method over estimated useful lives of three to five years. Domain names and
                other intellectual property which are deemed to have an indefinite useful life are not amortized but are tested
                for impairment annually or more frequently if events or changes in circumstances indicate that the asset might
                be impaired. The impairment test for indefinite-lived intangibles consists of a comparison of their fair value
                with their carrying amount (see note F).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[12]</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Valuation of Long-Lived Assets: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">The Company evaluates the recoverability of its long-lived assets including
                amortizable intangibles and recognizes an impairment loss in the event the carrying value of these assets exceeds
                the estimated future undiscounted cash flows attributable to these assets. The Company assesses potential impairment
                to its long-lived assets when events or changes in circumstances indicate that its carrying value may not be recoverable.
                Should impairment exist, the impairment loss would be measured based on the excess of the carrying value of the
                assets over their fair value.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note D - Investment In Affiliates</FONT></P>

<P><FONT STYLE="font-size: x-small">Investment in and advances to, equity in income / (loss) of, and distributions received from,
affiliates consist of the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="36%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">December 31, 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SBSF</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SBSFPC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">TOTAL</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Investment and advances</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,979,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,979,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Income (loss) from equity investees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">84,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(17,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING-bottom:3px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;PADDING-bottom:1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">67,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">13,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">173,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">186,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">December 31, 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SBS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SBSFPC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">TOTAL</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Investment and advances</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,832,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">190,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,022,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Income (loss) from equity investees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">94,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(159,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING-bottom:3px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='PADDING-bottom:3px'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,212,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">6,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,218,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">December 31, 2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SBS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SBSFPC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">TOTAL</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Income from equity
                                         investees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">774,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">32,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">806,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">95,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">97,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">Siebert and two individuals (the &#147;Principals&#148;) formed SBS to succeed to the tax-exempt
underwriting business of the Siebert Brandford Shank division of Siebert. The agreements with the Principals provide that profits
will be shared 51% to the Principals and 49% to Siebert. </FONT></P>

<P><FONT STYLE="font-size: x-small">Pursuant to the terms of the Operating Agreement, Financial and each of the Principals owned
a 33.33% interest in SBSFPC which engaged in derivatives transactions related to the municipal underwriting business. The Operating
Agreement provides that income/(loss) be shared 66.66% by the Principals and 33.33% by Financial. SBSFPC ceased operations in
December 2014.</FONT></P>

<P><FONT STYLE="font-size: x-small">Summarized consolidated financial data of SBSF and SBS in 2014 and financial data for SBS
in 2013 and 2012 is as follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Total
                                         assets, including secured demand note of $1,200,000 in each year due from Siebert</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">28,518,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,999,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Total liabilities, including
                   subordinated liabilities $1,200,000 in each year and a purchase obligation of $1,857,000 in 2014 due to Siebert</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">12,458,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,083,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Total members&#146; capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,060,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,916,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Regulatory minimum net capital requirement</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Total revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">24,806,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">24,965,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">28,246,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Net income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">171,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">193,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,579,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">During 2014, 2013 and 2012 Siebert charged SBS $100,000, $100,000, and $75,000 for each year,
respectively, for general and administrative services, which Siebert believes approximates the cost of furnishing such services.
In addition, during each of the years 2014, 2013 and 2012, Siebert earned interest income of $48,000 from SBS in connection with
subordinated loans available or made to SBS and Siebert paid SBS interest earned on restricted cash equivalents of $1,028, $1,500
and $2,900 in 2014, 2013 and 2012, respectively. In addition, in 2014, Siebert earned interest income of $36,641 from SBSF on
the purchase obligation in connection with the sale of the capital markets business (see Note B).</FONT></P>

<P><FONT STYLE="font-size: x-small">Siebert&#146;s share of undistributed earnings from SBSF at December 31, 2014 amounted to
$7,477,000 and from SBS at December 31, 2013 amounted to $7,407,000. Undistributed earnings may not be immediately available for
distribution to Siebert for various reasons including the amount of SBSF&#146;s available cash, the provisions of the agreement
between Siebert and the Principals and SBSF&#146;s continued compliance with its regulatory net capital requirements. </FONT></P>

<P><FONT STYLE="font-size: x-small">Summarized financial data of SBSFPC is as follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Total assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">26,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">584,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Total liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">26,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Total members&#146; capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">569,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Total revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(222,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)*</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">293,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Net income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(51,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(478,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">98,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">*Negative balance was attributable to loss in derivative contracts</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note D - Investment In Affiliates (continued)</FONT></P>

<P><FONT STYLE="font-size: x-small">In July 2013, as a result of the filing of a bankruptcy petition by the City of Detroit, SBSFPC
unwound certain derivative contracts with a financial institution pursuant to the terms of the contracts. The contracts were recorded
as liabilities with a carrying value of $123,063,000. In connection therewith, SBSFPC assigned certain derivative contracts with
the City of Detroit to the financial institution, which were recorded as assets with a carrying value of $123,063,000. No gain
or loss was recognized by SBSFPC as a result of the unwinding and assignment of these derivative contracts and SBSFPC has no continuing
obligations or rights with respect to the derivative contracts. During the quarter ended March 31, 2013 SBSFPC incurred a loss
of $241,000 on the write down in value of the derivative contracts with the City of Detroit to adjust their carrying value to
the carrying value of the derivative contracts with the financial institution. The Company received distributions from SBSFPC of
$173,000 during 2014 and $6,000 during 2013 which is shown on the statement of cash flows as an investing activity as they represent
a return of capital.</FONT></P>

<P><FONT STYLE="font-size: x-small">Effective September 16, 2013, Suzanne Shank, one of the Principals having 25.5% ownership
in SBS and 33.3% interest in SBSFP became the Company&#146;s chief executive officer. On March 3, 2015 Ms. Shank completed her
role as acting chief executive officer of the Company to devote full time to her continuing position as chief executive officer
of SBSF. </FONT></P>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note E - Furniture, Equipment And Leasehold Improvements, Net</FONT></P>

<P><FONT STYLE="font-size: x-small">Furniture, equipment and leasehold improvements consist of the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="72%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Equipment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">524,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">518,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Leasehold improvements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">546,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">427,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Furniture and fixtures</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">43,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">14,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,113,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">959,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Less accumulated depreciation and amortization</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(504,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(247,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">609,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">712,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">Depreciation and amortization expense for the years ended December 31, 2014, 2013 and 2012
amounted to $257,000, $120,000 and $274,000, respectively. </FONT></P>

<P><FONT STYLE="font-size: x-small">Due to the Company&#146;s discontinuation of its relationship with a software vendor on June
30, 2012, which had developed and maintained the Company&#146;s website, the Company wrote-off remaining related software development
costs of $433,000. The unamortized carrying value of such development costs consisted of $1,856,000 of cost net of $1,423,000
of accumulation amortization. Effective July 1, 2012, such services are provided by the Company&#146;s clearing broker. </FONT></P>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note F - Intangible Assets</FONT></P>

<P><FONT STYLE="font-size: x-small">In 2000, WFN acquired the stock of Women&#146;s Financial Network, Inc. and HerDollar.com,
Inc., companies in the development stage which had yet to commence principal operations and had no significant revenue for aggregate
consideration of $2,310,000, including costs. The transactions were accounted for as purchases of assets consisting of domain
name, website and content, and a non-compete agreement (the &#147;Acquired Intangible Assets&#148;). Related deferred tax assets
attributable to net operating loss carryforwards of the acquired companies and deferred tax liabilities attributable to the excess
of the statement bases of the acquired assets over their tax bases were reflected as an adjustment to the carrying amount of such
intangibles (see Note G). </FONT></P>

<P><FONT STYLE="font-size: x-small">Intangible assets consist of the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="42%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31, 2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31, 2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Gross</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Carrying</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Amount</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Accumulated</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Amortization</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Gross</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Carrying</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Amount</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Amortization</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Accumulated</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: x-small">Amortizable intangible assets:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Website, content and non-compete</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,850,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,850,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,850,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,850,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Retail brokerage accounts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,638,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,630,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,638,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,620,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,488,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,480,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,488,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,470,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR >
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: x-small">Amortization expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note F - Intangible Assets (continued)</FONT></P>

<P><FONT STYLE="font-size: x-small">During 2012, the Company recorded impairment charges and wrote down the carrying value of
its unamortized intangible assets consisting of domain name and intellectual property by $300,000, representing the excess of
carrying value over its fair value due to a continuing decline in the Company&#146;s revenue attributable to such intangibles.
During the fourth quarter of 2013, as a result of management&#146;s continuing strategic review of its operations, the Company
determined to substantially reduce the amount of resources allocated to the WFN domain. Accordingly, the Company wrote off the
remaining carrying value of the intangible asset of $300,000. No significant residual value is estimated for the asset.</FONT></P>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note G - Income Taxes</FONT></P>

<P><FONT STYLE="font-size: x-small">Financial files a consolidated federal income tax return with its subsidiaries. </FONT></P>

<P><FONT STYLE="font-size: x-small">Income tax expense consists of the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Year
                                         Ended December 31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Federal income tax expense:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Current</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Deferred</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">State and local:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Current</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Deferred</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Total:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Current</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Deferred</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">Reconciliation between the income tax provision and income taxes computed by applying the
statutory Federal income tax rate to loss before income taxes is as follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Year
                                         Ended December 31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Expected income tax benefit
                                         at statutory Federal tax rate (34%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,229,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,004,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(47,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">State and local taxes, net of Federal tax effect</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(459,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(413,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Increase in valuation allowance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,551000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,342,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Permanent difference</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">39,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">46,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Other</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">98,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">48,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">23,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Income tax expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note G - Income Taxes (Continued)</FONT></P>

<P><FONT STYLE="font-size: x-small">The principal items giving rise to deferred tax assets (liabilities) are as follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="72%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM ><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Deferred tax assets:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Net operating loss credit carryforwards</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,046,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,670,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Alternative minimum tax carryforward</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">9,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Employee stock based compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">237,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">237,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Retail brokerage accounts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">211,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">281,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Contribution carryover</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">223,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">347,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Furniture, equipment and leasehold
                                         improvements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">115,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">96,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Accrued expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">337,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">83,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Investment in affiliate (a)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">736,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,001,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Accrued compensation and other</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">44,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Capital loss carryforwards</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">24,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Other</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">9,968,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">6,774,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Valuation allowance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(9,218,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,774,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Net deferred tax assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Deferred tax liability:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Receivable from affiliate
                                         (b)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:SOLID BLACK 1px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Attributable to non-deductible bonus accrued at December 31, 2014 and 2013
                by an affiliate, which will be deductible in 2015 and 2014, respectively.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Relates to receivable from business sold to affiliate treated as an installment
                sale for tax purposes.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">Due to cumulative losses incurred by the Company during the current and prior two years, the
Company is unable to conclude that it is more likely than not that it will realize its deferred tax asset in excess of the deferred
tax liability and, accordingly, has recorded a valuation allowance to fully offset such amount at December 31, 2014 and 2013.
</FONT></P>

<P><FONT STYLE="font-size: x-small">At December 31, 2014, the Company has state net operating loss carryforwards aggregating $23.6
million, which expires through 2034 in various states. In addition, the Company has federal net operating loss carryforwards of
$18.1 million at December 31, 2014, which expires through 2034. The Company also has additional federal net operating loss carryforwards
of $410,000 at December 31, 2014 which is attributable to WFN and expires through 2020. Utilization of WFN&#146;s federal net
operating loss carryforwards is subject to annual limitations under Section 382 of the Internal Revenue Code. </FONT></P>

<P><FONT STYLE="font-size: x-small">The Company applied the &#147;more-likely-than not&#148; recognition threshold to all tax
positions taken or expected to be taken in a tax return which resulted in no unrecognized tax benefits reflected in the financial
statements as of December 31, 2014. The Company classifies interest and penalties that would accrue according to the provisions
of relevant tax law as income taxes. </FONT></P>

<P><FONT STYLE="font-size: x-small">The provision for income taxes in 2013 represents a federal minimum tax assessment of $19,000
including $4,000 of interest and penalties, relating to the year 2012.The provision for income taxes in 2012 represents a state
tax assessment of 34,000 relating to years 2007, 2008 and 2009 based on a tax examination completed by New York State in 2012.
Tax years 2011 and thereafter are subject to examinations by federal and certain state authorities. For other states the 2009
through 2013 tax years remain open for examinations. The Company is currently under tax examination by New York State for the
tax years 2010 and 2011. </FONT></P>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note H - Stockholders&#146; Equity</FONT></P>

<P><FONT STYLE="font-size: x-small">Siebert is subject to the SEC&#146;s Uniform Net Capital Rule (Rule 15c3-1), which requires
the maintenance of minimum net capital. Siebert has elected to use the alternative method, permitted by the rule, which requires
that Siebert maintain minimum net capital, as defined, equal to the greater of $250,000 or 2 percent of aggregate debit balances
arising from customer transactions, as defined. The Net Capital Rule of the New York Stock Exchange also provides that equity
capital may not be withdrawn or cash dividends paid if resulting net capital would be less than 5% of aggregate debits. At December
31, 2014 and 2013, Siebert had net capital of approximately $5,100,000 and $13,000,000, respectively, as compared with net capital
requirements of $250,000. Siebert claims exemption from the reserve requirement under Section 15c3-3(k)(2)(ii) as it clears its
customer transactions through an unaffiliated clearing firm on a fully disclosed basis. </FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note h - Stockholders&#146; Equity (continued) </FONT></P>

<P><FONT STYLE="font-size: x-small">On January 23, 2008, the Board of Directors of the Company authorized a buy back of up to
300,000 shares of common stock. Shares will be purchased from time to time in the open market and in private transactions. During
2012 and 2013, the Company repurchased 8,107 and 12,266 shares of common stock at an average price of $1.67 and $1.56, respectively.
No shares were purchased during 2014. As of December 31, 2014, 129,137 of common shares have been repurchased pursuant to such
authorization. </FONT></P>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note I - Options </FONT></P>

<P><FONT STYLE="font-size: x-small">The Company&#146;s 2007 Long-Term Incentive Plan (the &#147;Plan&#148;) authorizes the grant
of options to purchase up to an aggregate of 2,000,000 shares, subject to adjustment in certain circumstances. Both non-qualified
options and options intended to qualify as &#147;Incentive Stock Options&#148; under Section 422 of the Internal Revenue Code
may be granted under the Plan. A Stock Option Committee of the Board of Directors administers the Plan. The committee has the
authority to determine when options are granted, the term during which an option may be exercised (provided no option has a term
exceeding 10 years), the exercise price and the exercise period. The exercise price shall not be less than the fair market value
on the date of grant. No option may be granted under the Plan after December 2017. Generally, employee options vest 20% per year
for five years and expire ten years from the date of grant. At December 31, 2014, options for 1,760,000 shares of common stock
are available for grant under the Plan. </FONT></P>

<P><FONT STYLE="font-size: x-small">A summary of the Company&#146;s stock option transactions for the three years ended December
31, 2014 is presented below: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="33%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Weighted</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Average</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Exercise</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Weighted</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Average</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Exercise</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Weighted</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Average</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Exercise</FONT><BR>
                            <FONT STYLE="font-size: xx-small">Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Outstanding
                                    - beginning of the year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,228,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cancelled</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(60,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Forfeited</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: x-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(25,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">5.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Expired</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(25,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(25,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(828,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Outstanding
                                    - end of year </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=CENTER><FONT STYLE="font-size: x-small">(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">265,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Fully vested and exercisable
                  at end of year </FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: x-small">(a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">265,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">400,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="3%" VALIGN=TOP><P>&nbsp;</P>
</TD>
<TD WIDTH="97%" VALIGN=TOP><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(a)</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Weighted average remaining contractual terms of 3.51 years and no aggregate
               intrinsic value. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">For the year ended December 31, 2014, 2013 and 2012, no stock options were granted. </FONT></P>

<P><FONT STYLE="font-size: x-small">As of December 31, 2014, there was no unrecognized compensation cost. </FONT></P>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note J - Commitments, Contingencies And Other </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="3%" VALIGN=TOP><P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
</TD>
<TD WIDTH="93%" VALIGN=TOP><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(1)</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Retail customer transactions are cleared through clearing brokers on a fully
               disclosed basis. If customers do not fulfill their contractual obligations, the clearing broker may charge Siebert
               for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy
               the customer obligations. Siebert regularly monitors the activity in its customer accounts for compliance with
               its margin requirements. Siebert is exposed to the risk of loss on unsettled customer transactions if customers
               are unable to fulfill their contractual obligations. There were no material losses for unsettled customer transactions
               in 2014, 2013 or 2012. Credit risk represents the potential loss that would occur if counterparties fail to perform
               pursuant to the terms of their obligations. The Company is subject to credit risk to the extent a custodian or
               broker with whom it conducts business is unable to fulfill contractual obligations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(2)</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">In 2012, Siebert was named as one of the defendants in a class action pending
               in the United States District Court, Southern District of New York. The complaint was brought on behalf of a class
               of purchasers in a public offering by Lehman Brothers Holdings, Inc. of $1,500,000,000 of 6.75% Subordinated Notes
               due 2017 (the &#147;Notes&#148;) as to Siebert and certain smaller issuances of other securities. The complaint
               asserted that Siebert and other underwriters of the Notes violated Section 11 of The Securities Act of 1933 in that relevant offering materials were false and
               misleading. Siebert had agreed to purchase $15 million of the Notes and $462,953 of the other securities as an
               underwriter in the offerings. Siebert and the plaintiffs&#146; class agreed to resolve all claims against Siebert
               in consideration of a $1 million payment by Siebert which was accrued and </FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="3%" VALIGN=TOP><P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
</TD>
<TD WIDTH="93%" VALIGN=TOP><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note J - Commitments, Contingencies And
                         Other (continued) </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">charged to expense in 2011 and paid in 2012. In the prior year certain
                         plaintiffs did not agree to a settlement or purchased securities which were not covered by the settlement.
                         In 2013, all such claims were either dismissed or settled for an amount that was not material. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert is party to certain claims, suits and complaints arising
                         in the ordinary course of business. In the opinion of management, all such claims, suits and complaints
                         are without merit, or involve amounts which would not have a significant effect on the financial position
                         or results of operations of the Company.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(3)</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">In July 2014, the Company entered into a settlement agreement in
                         regards to a dispute with a former employee, in which the former employee sought, among other things,
                         damages arising from his separation from the Company. The Company asserted counter claims in the arbitration.
                         Pursuant to the settlement, the Company paid $4,300,000 to the former employee, and the claims and counterclaims
                         have been dismissed and released. The accompanying 2014 statement of operations reflects a charge to
                         give effect to the settlement.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(4)</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">The Company rents discount retail brokerage and other office space
                         under long-term operating leases expiring in various periods through 2017. These leases call for base
                         rent plus escalations for taxes and operating expenses. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Future minimum base rental payments under these operating leases
                         are as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="40%" ALIGN=CENTER>
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="26%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Year Ending</FONT><BR>
                  <FONT STYLE="font-size: xx-small">December 31,</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Amount</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">615,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2016</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">482,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2017</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">80,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,177,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;</TD>
<TD VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="3%" VALIGN=TOP><P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP><P>&nbsp;</P>
</TD>
<TD WIDTH="93%" VALIGN=TOP><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Rent expense, including escalations for operating costs, amounted
                         to approximately $788,000, $1,046,000 and $907,000 for the years ended December 31, 2014, 2013 and 2012,
                         respectively. Rent is being charged to expense over the entire lease term on a straight-line basis. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(5)</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert sponsors a defined contribution retirement plan under Section
                         401(k) of the Internal Revenue Code that covers substantially all employees. Participant contributions
                         to the plan are voluntary and are subject to certain limitations. Siebert may also make discretionary
                         contributions to the plan. No contributions were made by Siebert in 2014, 2013 and 2012.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(6)</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert is party to a Secured Demand Note Collateral Agreement with
                         SBS which obligates Siebert to lend SBS, on a subordinated basis, up to $1,200,000. The secured demand
                         note payable held by SBS and a related $1,200,000 receivable due from SBS are included in investments
                         in and advances to equity investees in the accompanying consolidated statement of financial condition.
                         Amounts that Siebert is obligated to lend under this arrangement are collateralized by cash equivalents
                         of $1,532,000. Any amounts loaned will bear interest at 4% per annum and are repayable on August 31,
                         2015.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(7)</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">During 2012, commission income earned from one customer accounted
                         for approximately 12% of total revenue.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT STYLE="font-size: x-small; font-variant: small-caps">Note k - Summarized Quarterly Financial Data (Unaudited) </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="23%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=11 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=11 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">First</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Second</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Third</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Fourth</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">First</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Second</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Third</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Fourth</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">Quarter</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">3,718,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">3,705,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">3,454,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">4,975,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">4,266,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">4,278,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">3,666,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">4,191,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">Net income (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">28,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(6,077,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)*</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(1,456,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">948,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN="LEFT"><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(1,369,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(1,353,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(1,644,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(1,546,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">Earnings (loss) per share:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">Basic</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">Diluted</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">(.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.95PT;TEXT-INDENT:-17.3PT'><FONT STYLE="font-size: x-small">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: xx-small">Includes
                  $4,300,000 (0.19 per share) loss related to arbitration settlement (see Note J3). </FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: x-small"><B>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: x-small">Board
of Managers<BR>
Siebert Brandford Shank Financial, L.L.C.<BR>
Siebert Brandford Shank &amp; Co., L.L.C.<BR>
New York, New York</FONT></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: x-small">We
have audited the accompanying statements of financial condition of Siebert Brandford Shank Financial L.L.C. and subsidiary (the &#147;Company&#148;) as
of December 31, 2014 and of Siebert, Brandford, Shank &amp; Co., L.L.C. at December 31, 2013 (the &#147;Company&#148;),
and the related statements of operations, changes in members&#146; capital and cash flows for each of the years in the three-year
period ended December 31, 2014. These financial statements are the responsibility of the Company&#146;s management. Our responsibility
is to express an opinion on these financial statements based on our audits.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: x-small">We
conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control
over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company&#146;s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: x-small">In
our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position
of Siebert Brandford Shank Financial L.L.C. and subsidiary as of December 31, 2014 and the financial position of Siebert, Brandford,
Shank &amp; Co., L.L.C. at December 31, 2013, and the results of their operations and their cash flows for each of the years in
the three-year period ended December 31, 2014, in conformity with accounting principles generally accepted in the United States
of America.</FONT></FONT></P>

<P STYLE="font: 0pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: x-small">/s/ EisnerAmper LLP</FONT></FONT></P>

<P><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: x-small">New York, New York<BR>
February 26, 2015</FONT></FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><FONT STYLE="font-size: x-small">F-15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small">S</FONT><A NAME="n1443a008_v1"></A><FONT STYLE="font-size: x-small">tatements of Financial
Condition</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="73%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31,</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX' nowrap><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD, </FONT><BR><FONT STYLE="font-size: xx-small">SHANK FINANCIAL, L.L.C. </FONT><BR><FONT STYLE="font-size: xx-small">AND
                                         SUBSIDIARY</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX' nowrap><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD, </FONT><BR><FONT STYLE="font-size: xx-small">SHANK &amp; CO., L.L.C.</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">ASSETS</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash and cash equivalents</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">20,065,062</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,787,407</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Accounts
                                         receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,593,614</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">562,147</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Due from broker</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,522,557</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">8,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Secured
                                         demand note</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Goodwill - Note B</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,001,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Issuer
                                         relationships, net of amortization of $41,212 - Note B</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">777,788</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Furniture, equipment and
                  leasehold improvements, net</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">684,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">822,133</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Other
                                         assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">673,276</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">618,743</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">28,518,033</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,998,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">LIABILITIES
                                         AND MEMBERS&#146; CAPITAL</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Liabilities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Payable
                                         to affiliate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">104,320</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">28,264</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Asset purchase obligation
                  payable to affiliate, net of unamortized discount of $1,143,359</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,856,641</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Accounts
                                         payable and accrued expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,747,648</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,006,608</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Bank Overdraft</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,225,779</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Deferred
                                         rent</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">549,287</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">622,075</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,257,896</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">5,882,726</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Subordinated debt</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">5,200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Total
                                         liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">12,457,896</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,082,726</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Commitments (Note G)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Members&#146;
                                         capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,060,137</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,915,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">28,518,033</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">22,998,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small"><I>See notes to financial statements</I></FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small">S</FONT><A NAME="n1443a009_v1"></A><FONT STYLE="font-size: x-small">tatements of Operations</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="63%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=8 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Years
                                         Ended December 31,</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX' nowrap><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD, </FONT><BR><FONT STYLE="font-size: xx-small">SHANK FINANCIAL, L.L.C.</FONT><BR>
                                         <FONT STYLE="font-size: xx-small">AND SUBSIDIARY</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX' nowrap><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD, </FONT><BR><FONT STYLE="font-size: xx-small">SHANK &amp; CO., L.L.C.</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX' nowrap><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD, </FONT><BR><FONT STYLE="font-size: xx-small">SHANK &amp; CO., L.L.C.</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Revenues:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Investment banking</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">20,949,508</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">20,847,546</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">23,092,819</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Trading
                                         profits</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,670,726</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">4,114,958</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">5,149,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Commissions</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">182,771</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Interest
                                         and other</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,395</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">2,817</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,389</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">24,806,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">24,965,321</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">28,246,348</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Expenses:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Employee compensation and
                  benefits</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">17,819,595</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">18,619,549</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">20,541,452</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Clearing
                                         fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">383,538</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">122,209</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">129,694</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Communications</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">929,496</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">889,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">905,970</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Occupancy</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,186,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">1,088,755</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,052,908</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Professional fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">895,951</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">528,313</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">591,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Interest,
                                         including amortization of discount (including $84,691, 48,000 and 48,000 to affiliate)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">136,936</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">48,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">66,718</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">State and local income tax</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">31,901</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">36,326</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">78,706</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">General
                                         and administrative (including $100,000, 100,000 and 75,000 to affiliate) </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,251,269</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">3,440,071</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,300,549</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">24,635,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">24,772,430</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">26,667,172</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net
                                         income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">170,747</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER: NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT STYLE="font-size: x-small">192,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,579,176</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small"><I>See notes to financial statements</I></FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT STYLE="font-size: x-small">SIEBERT, BRANDFORD, SHANK FINANCIAL, L.L.C. AND SUBSIDIARY</FONT></P>

<P><FONT STYLE="font-size: x-small">S</FONT><A NAME="n1443a010_v1"></A><FONT STYLE="font-size: x-small">tatements of Changes in
Members&#146; Capital</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="87%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Balance - January 1, 2012 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,811,116</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Distributions to members</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(193,792</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net
                                         income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,579,176</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Balance - December 31, 2012
                  (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">18,196,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Distributions
                                         to members</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,473,529</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net income</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">192,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Balance
                                         - December 31, 2013 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">15,915,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Distributions to members</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(26,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net
                                         income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">170,747</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND: #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Balance - December 31, 2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">16,060,137</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">(a)&nbsp;&nbsp;&nbsp;&nbsp;Represents members&#146; capital of Siebert, Brandford,
Shank &amp; Co., L.L.C.</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small"><I>See notes to financial statements</I></FONT></P>



<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT STYLE="font-size: x-small">S</FONT><A NAME="n1443a011_v1"></A><FONT STYLE="font-size: x-small">tatements of Cash Flows</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="63%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=8 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Years
                                         Ended December 31,</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" NOWRAP STYLE="vertical-align: bottom; border-top-style: none; border-right-style: none; border-bottom: BLACK 1px solid; border-left-style: none; border-bottom-style: solid"><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD, </FONT><BR><FONT STYLE="font-size: xx-small">SHANK FINANCIAL, L.L.C. </FONT><BR><FONT STYLE="font-size: xx-small">AND
                                         SUBSIDIARY</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX' nowrap><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD,</FONT><BR><FONT STYLE="font-size: xx-small"> SHANK &amp; CO., L.L.C.</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1PX' nowrap><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">SIEBERT,
                                         BRANDFORD,</FONT><BR><FONT STYLE="font-size: xx-small"> SHANK &amp; CO., L.L.C.</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash flows from operating
                  activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net income</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">170,747</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">192,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,579,176</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Adjustments to reconcile
                  net income to net cash (used in) /provided by operating activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Amortization of discount
                  on obligation due affiliate</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">36,641</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Depreciation and amortization</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">267,973</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">250,154</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">266,093</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Changes in:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Accounts receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,031,467</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">395,913</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(739,538</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Due to/from broker</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,514,399</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,328,918</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,323,885</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Securities owned, at fair
                  value</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">0</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">11,264,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(11,264,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Other assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(54,533</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">139,264</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">81,554</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Payable to (receivable from)
                  affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">76,056</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">36,929</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(27,506</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Accounts payable and accrued
                  expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">741,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,368,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,277,796</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Bank overdraft</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,225,779</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,225,779</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Deferred rent</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(72,788</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(9,740</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(54,848</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net cash (used in) /provided
                  by operating activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(3,606,509</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">9,798,693</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(9,113,978</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash flows from investing
                  activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Purchase of leasehold improvements
                  and equipment</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(89,364</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(47,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(63,381</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash flows from financing
                  activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Distributions to members</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(26,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,473,529</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(193,792</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Subordinated borrowings</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">9,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Subordinated repayments</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(5,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net cash provided by/ (used
                  in) financing activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,973,528</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(2,473,529</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(6,193,792</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net increase/(decrease) in
                  cash and cash equivalents</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">277,655</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">7,277,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(15,371,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash and cash equivalents
                  - beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,787,407</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">12,510,002</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: SOLID BLACK 1PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">27,881,153</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Cash and cash equivalents
                  - end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">20,065,062</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">19,787,407</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM: DOUBLE BLACK 3PX'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">12,510,002</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Supplemental disclosures
                  of cash flow information:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="background-color: rgb(230,230,230)">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Taxes paid</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">24,323</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">28,177</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">101,517</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Interest paid</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">100,295</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">48,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">66,718</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="background-color: rgb(230,230,230)">
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Non-cash investing and financing activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="background-color: White">
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>

</TR>
<TR>
<TD STYLE="vertical-align: bottom"><P><FONT STYLE="font-size: x-small">Note payable for purchase of
                                         business from affiliate</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,820,000</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>

</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
</TR>
<TR STYLE="background-color: rgb(230,230,230)">
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small"><FONT STYLE="font-size: x-small">Intangible assets acquired related to business acquired from affiliate:</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>

</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Issuer relationships</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(819,000</FONT></P>
</TD>
<TD STYLE="vertical-align: bottom"><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>

</TR>
<TR STYLE="background-color: White">
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>

</TR>
<TR STYLE="background-color: rgb(230,230,230)">
<TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Goodwill</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">(1,001,000 </FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">)</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small"><I>See notes to financial statements</I></FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<P><FONT STYLE="font-size: x-small">SIEBERT, BRANDFORD, SHANK FINANCIAL, L.L.C. AND SUBSIDIARY</FONT></P>

<P><FONT STYLE="font-size: x-small">No</FONT><a name="n1443a012_v1"></A><FONT STYLE="font-size: x-small">tes to Financial Statements</FONT><BR>
<FONT STYLE="font-size: x-small">December 31, 2014 and 2013 </FONT></P>

<P><FONT STYLE="font-size: x-small">NOTE A &#150; BUSINESS ORGANIZATION:</FONT></P>

<P><FONT STYLE="font-size: x-small">Siebert, Brandford, Shank Financial, L.L.C. (&#147;SBSF&#148; or the &#147;Company&#148;)
was organized on November 4, 2014 and through its wholly owned subsidiary, Siebert, Brandford, Shank &amp; Co., L.L.C. (&#147;SBS&#148;),
engages in the business of tax-exempt underwriting and related trading activities and, commencing on November 4, 2014, the capital
markets business (see Note B). The Company qualifies as a Minority and Women Owned Business Enterprise in certain municipalities.
</FONT></P>

<p><FONT STYLE="font-size: x-small">NOTE B &#150; BUSINESS ACQUISITION</FONT></p>

<P ALIGN=JUSTIFY><FONT STYLE="font-size: x-small">On November 4, 2014, the members of SBS contributed their membership interest
into a newly formed Delaware limited liability company, Siebert Brandford Shank Financial, L.L.C. (&#147;SBSF&#148;), in exchange
for the same percentage interests in SBSF. On the same day Muriel Siebert &amp; Co., Inc., (&#147;Siebert&#148;) entered an Asset
Purchase Agreement (the &#147;Purchase Agreement&#148;) with SBS and SBSF, pursuant to which Siebert sold substantially all of
the assets relating to Siebert&#146;s capital markets business to SBSF. Pursuant to the Purchase Agreement, SBSF assumed post-closing
liabilities relating to the transferred business. An individual having a 25.5% membership interest in SBS prior to the contribution
of membership interests to SBSF, is Siebert&#146;s chief executive officer.</FONT></P>

<P ALIGN=JUSTIFY><FONT STYLE="font-size: x-small">The Purchase Agreement provides for an aggregate purchase price for the disposition
of $3,000,000, payable by SBSF after closing in annual installments commencing on March 1, 2016 and continuing on each of March
1, 2017, 2018, 2019 and 2020. The transferred business was contributed by SBSF to, and operated by SBS. The amount payable on
each annual payment date will equal 50% of the net income attributable to the transferred business recognized by SBS in accordance
with generally accepted accounting principles during the fiscal year ending immediately preceding the applicable payment date;
provided that, if net income attributable to the transferred business generated prior to the fifth annual payment date is insufficient
to pay the remaining balance of the purchase price in full on the fifth annual payment date, then the unpaid amount of the purchase
price will be paid in full on March 1, 2021.</FONT></P>

<P><FONT STYLE="font-size: x-small">The fair value (Level 3 &#150; see Note C(3)) of the $3,000,000 purchase obligation was determined
to be $1,820,000, based on the present value of estimated annual installments to be paid during 2016 through 2020 from forecasted
net income of the transferred business plus a final settlement in 2021, discounted at 11.5% (representing SBS&#146;s weighted
average cost of capital). The discount of $1,180,000 recorded for the purchase obligation is being amortized as interest expense
using an effective yield initially calculated based on the original carrying amount of the obligation and estimated annual installments
to be paid and adjusted in future periods to reflect actual installments paid and changes in estimates of future installments.
Interest expense recognized on the obligation for the period from November 4, 2014 to December 31, 2014 amounted to $36,641 based
on a yield of approximately 12%.</FONT></P>

<P ALIGN=JUSTIFY><FONT STYLE="font-size: x-small">Transferred assets of Siebert&#146;s capital markets business, consisted of
issuer relationships and goodwill. Issuer relationships, were recorded at $819,000 representing their fair value at the date of
acquisition determined based on a discounted cash flow analysis (Level 3). Goodwill, which includes employees of Siebert who transferred
to SBS, was recorded at $1,001,000, representing the excess of the fair value ($1,820,000) of SBSF&#146;s purchase obligation to
Siebert over the fair value of the issuer relationships. </FONT></P>

<P ALIGN=JUSTIFY><FONT STYLE="font-size: x-small">Since the date of acquisition, revenue of $199,000 and net loss of $129,000
attributable to the capital markets business is included in the accompanying statement of operations.</FONT></P>

<P ALIGN=JUSTIFY><FONT STYLE="font-size: x-small">The following represents the unaudited pro forma amounts of revenue and net
income of the Company for the year ended December 31, 2014, assuming the capital markets business had been acquired as of January
1, 2014:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="30%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Revenue</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">27,729,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: x-small">Net Income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">672,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT STYLE="font-size: x-small">The above net income reflects the additional amortization that would have been
charged assuming the fair value adjustment to customer accounts had been applied as of January 1, 2014 and amortization of discount
on the purchase obligation for the entire year.</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT STYLE="font-size: x-small">NOTE C &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="87%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[1]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Principles of Consolidation: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Commencing on November 4, 2014, the accompanying financial statements
                          include the accounts of SBSF and its wholly-owned subsidiary SBS after elimination of intercompany balances
                          and transactions. Prior thereto, the financial statements represent those of SBS. The creation of SBSF
                          and related transfer thereto of the members&#146; interest in SBS did not result in any change in the
                          carrying value of the existing assets or liabilities of SBS in the consolidated financial statements
                          as both entities were under common control.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[2] </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Revenues:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Investment banking revenues include gains and fees, net of syndicate
                          expenses, arising primarily from municipal bond offerings in which the Company acts as an underwriter
                          or agent. Investment banking management fees are recorded on the offering date, sales concessions on
                          the settlement date, and underwriting fees at the time the underwriting is completed and the income
                          is reasonably determinable</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Security transactions are recorded on a trade-date basis. Securities
                          owned are valued at fair value. The resulting realized and unrealized gains and losses are reflected
                          as trading profits.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>

 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Commission revenue which relates to the capital market business
                          are recorded on a trade date basis.</FONT></P>
 </TD>
 </TR>
 <TR>

 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Dividends are recorded on the ex-dividend date, and interest income
                          is recognized on an accrual basis.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[3]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Fair value: </FONT></P>
 </TD>
 </TR>
 <TR>

 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Authoritative accounting guidance defines fair value, establishes
                          a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price
                          that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
                          market participants at the measurement date. Fair value measurements are not adjusted for transaction
                          costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value
                          into three levels:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Level 1</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Unadjusted quoted prices in active markets for identical assets or liabilities.
                </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Level 2</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Inputs other than quoted market prices that are observable, either directly
                or indirectly, and reasonably available.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Level 3</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Unobservable inputs which reflect the assumptions that the managing members
                develop based on available information about the assumptions market participants would use in valuing the asset
                or liability. </FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">See Note C(4) for financial instruments measured at fair value.</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT STYLE="font-size: x-small">SIEBERT, BRANDFORD, SHANK FINANCIAL, L.L.C. AND SUBSIDIARY</FONT></P>

<P><FONT STYLE="font-size: x-small">Notes to Financial Statements</FONT><BR>
<FONT STYLE="font-size: x-small">December 31, 2014 and 2013 </FONT></P>

<P><FONT STYLE="font-size: x-small">NOTE C &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="93%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[4]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Cash equivalents: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Cash equivalents represent short-term, highly liquid investments
                          which are readily convertible to cash and have maturities of three months or less at time of purchase.
                          Cash equivalents, which are valued at fair value, consist of money market funds which amounted to $15,965,885
                          and $19,787,407 at December 31, 2014 and 2013, respectively (Level 1). The Company maintains its assets
                          with financial institutions which may at times exceed federally insured limits. In the event of financial
                          institutions insolvency, recovery of the assets may be limited.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[5]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Furniture, equipment and leasehold improvements, net:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Furniture, equipment and leasehold improvements are stated at cost,
                          net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line
                          method over the estimated useful lives of the assets, generally five years. Leasehold improvements are
                          amortized over the period of the lease.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[6]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Intangible Assets</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>

 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Issuer relationships, which were recorded in connection with the
                          acquisition of the capital markets business (see Note B), are being amortized by the straight-line method
                          over 2.9 years.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>

 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
  <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Intangible assets with finite lives are tested for recoverability
                           whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
                           The Company assesses the recoverability of its intangible assets by determining whether the unamortized
                           balance can be recovered over the assets&#146; remaining useful life through undiscounted estimated
                           future cash flows. If undiscounted estimated future cash flows indicate that the unamortized amounts
                           will not be recovered, an adjustment will be made to reduce such amounts to fair value based on estimated
                           future cash flows discounted at a rate commensurate with the risk associated with achieving such cash
                           flows.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[7]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Goodwill</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
  <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Goodwill, which was recorded in connection with the acquisition
                           of the capital markets business (see Note B), is not subject to amortization and is tested for impairment
                           annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired.
                           The impairment test consists of a comparison of the fair value of the reporting unit with the carrying
                           amount its net assets, including goodwill. Fair value is typically based upon estimated future cash
                           flows discounted at a rate commensurate with the risk involved or market-based comparables. If the
                           carrying amount of the Company&#146;s net assets exceeds the fair value of the reporting unit, then
                           an analysis will be performed to compare the implied fair value of goodwill with the carrying amount
                           of goodwill. An impairment loss will be recognized in an amount equal to the excess of the carrying
                           amount over its implied fair value.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[8]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Use of estimates:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">The preparation of financial statements in conformity with accounting
                          principles generally accepted in the United States of America requires management to make estimates
                          and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
                          assets and liabilities at the date of the financial statements and the reported amounts of revenues
                          and expenses during the reporting period. Actual results could differ from those estimates.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">[9]</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">Income taxes:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP><P><FONT STYLE="font-size: x-small">The Company is not subject to federal income taxes. Instead, the
                          members are required to include in their income tax returns their respective share of the Company&#146;s
                          income or loss. The Company is subject to tax in certain state and local jurisdictions. Deferred taxes
                          are not significant.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT STYLE="font-size: x-small">NOTE D - SUBORDINATED BORROWINGS AND SECURED DEMAND NOTE RECEIVABLE</FONT></P>

<P><FONT STYLE="font-size: x-small">The subordinated debt at December 31, consists of the following:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="70%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Payable to affiliate (a)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Payable to clearing broker (b)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">5,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="JUSTIFY"><FONT STYLE="font-size: x-small">Consists of a Secured Demand Note Collateral Agreement payable
                to Siebert, an indirect member of the Company, bearing 4% interest and due August&nbsp;31, 2015, at which time
                SBS is obligated to repay Siebert any amounts borrowed. Interest expense paid to Siebert in each of 2014, 2013
                and 2012 amounted to $48,000.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="JUSTIFY"><FONT STYLE="font-size: x-small">The secured demand note receivable of $1,200,000 is collateralized
                by cash equivalents of Siebert of approximately $1,544,000 at December&nbsp;31, 2014. Interest earned on the collateral
                amounted to approximately $1,028, $1,500 and $2,900 in 2014, 2013 and 2012, respectively.</FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="JUSTIFY"><FONT STYLE="font-size: x-small">On December 9, 2014, SBS entered into a temporary subordinated
                loan agreement with National Financial Services, its clearing broker, in the amount of $4,000,000 bearing interest
                at the federal funds rate plus 6% and maturing January 22, 2015. The note was repaid on January 22, 2015. Interest
                expense accrued in 2014 amounted to approximately $16,000.</FONT></P>
 </TD>
 </TR>

  <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="JUSTIFY"><FONT STYLE="font-size: x-small">The subordinated borrowings are available in computing net
                capital under the Securities and Exchange Commission&#146;s (&#147;SEC&#148;) Uniform Net Capital Rule. To the
                extent that such borrowing is required for the Company&#146;s continued compliance with minimum net capital requirements,
                it may not be repaid.</FONT></P>
 </TD>
 </TR> <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="JUSTIFY"><FONT STYLE="font-size: x-small">On March 24, 2014, SBS entered into a temporary subordinated
                loan agreement with National Financial Services, its clearing broker, in the amount of $5,000,000 bearing interest
                at the federal funds rate plus 6% and maturing May 5, 2014. The note was repaid on May 5, 2014. Interest expense
                paid was $36,542.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT STYLE="font-size: x-small">SIEBERT, BRANDFORD, SHANK FINANCIAL, L.L.C. AND SUBSIDIARY</FONT></P>

<P><FONT STYLE="font-size: x-small">Notes to Financial Statements</FONT><BR>
<FONT STYLE="font-size: x-small">December 31, 2014 and 2013 </FONT></P>

<P><FONT STYLE="font-size: x-small">NOTE E - FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET</FONT></P>

<P><FONT STYLE="font-size: x-small">Furniture, equipment, and leasehold improvements consist of the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" align=center>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="54%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">Equipment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">926,654</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">896,376</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Furniture and leasehold improvements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,718,826</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,659,740</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,645,480</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">2,556,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Less accumulated depreciation and amortization</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,960,744</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,733,983</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">684,736</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">822,133</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">Depreciation and amortization expense for 2014, 2013 and 2012 amounted to $226,761, $250,154
and $266,093 respectively. </FONT></P>

<P><FONT STYLE="font-size: x-small">NOTE F - NET CAPITAL</FONT></P>

<P><FONT STYLE="font-size: x-small">SBS is subject to the SEC&#146;s Uniform Net Capital Rule 15c3-1, which requires the maintenance
of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1.
At December 31, 2014 and 2013, SBS had net capital of $22,807,796 and $18,271,172, respectively, which was $22,557,796 and $18,021,172,
respectively, in excess of its required net capital and its ratio of aggregate indebtedness to net capital was 0.10 and 0.16 to
1, respectively. SBS claims exemption from the reserve requirements under Section 15c3-3(k)(2)(ii). </FONT></P>

<P><FONT STYLE="font-size: x-small">NOTE G - COMMITMENTS</FONT></P>

<P><FONT STYLE="font-size: x-small">SBS rents office space under long-term operating leases expiring through 2020. These leases
call for base rent plus escalations for property taxes and other operating expenses. Future minimum base rent under these operating
leases as of December 31, 2014 are as follows: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="35%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="18%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Year Ending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Amount</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">1,043,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">886,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2017</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">639,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2018</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">627,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">587,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-size: x-small">Thereafter</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">185,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:  NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BORDER:NONE;BORDER-BOTTOM:DOUBLE BLACK 3px;BACKGROUND:#E6E6E6'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,967,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E6E6E6" STYLE='BACKGROUND:  #E6E6E6'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT STYLE="font-size: x-small">Rent expense, including taxes and operating expenses for 2014, 2013 and 2012
amounted to $1,186,967, $1,088,755, and $1,052,908 respectively. </FONT></P>

<P><FONT STYLE="font-size: x-small">In prior years, SBS purchased leasehold improvements of approximately $620,000 which were
reimbursed by the landlord. SBS recorded such reimbursement as a credit to deferred rent liability, which is being recognized
as a reduction of rental expense on a straight-line basis over the term of the lease.</FONT></P>

<P><FONT STYLE="font-size: x-small">Rent expense is being charged to operations on a straight-line basis resulting in a deferred
rent liability which, including the reimbursement discussed above amounted to $549,287 at December 31, 2014 and $622,075 at December
31, 2013. </FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT STYLE="font-size: x-small">SIEBERT, BRANDFORD, SHANK FINANCIAL, L.L.C. AND SUBSIDIARY</FONT></P>

<P><FONT STYLE="font-size: x-small">Notes to Financial Statements</FONT><BR>
<FONT STYLE="font-size: x-small">December 31, 2014 and 2013 </FONT></P>

<P><FONT STYLE="font-size: x-small">NOTE H - ACCOUNTS PAYABLE AND ACCRUED EXPENSES</FONT></P>

<P><FONT STYLE="font-size: x-small">Accounts payable and accrued expenses consist of the following: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%" align=center>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="44%" VALIGN=BOTTOM><P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">December
                                         31,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE='BORDER-LEFT:NONE;BORDER-BOTTOM:SOLID BLACK 1px;BORDER-RIGHT:NONE'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">2013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Accounts payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">313,285</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">171,761</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Accrued bonus and other employee compensation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,233,521</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">3,785,271</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: x-small">Other accrued expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">200,842</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">49,576</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE'><P ALIGN=RIGHT><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,747,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P><FONT STYLE="font-size: x-small">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE='BORDER:NONE;BORDER-BOTTOM:  DOUBLE BLACK 3px'><P ALIGN=RIGHT><FONT STYLE="font-size: x-small">4,006,608</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">NOTE I - OTHER</FONT></P>

<P><FONT STYLE="font-size: x-small">During each of 2014 and 2013, SBS was charged $100,000 by Siebert for general and administrative
services. During 2012 SBS was charged $75,000 by Siebert for general and administrative services. In January 2014, SBS transferred
funds from its money market accounts to its bank account to cover the $1,225,779 overdraft at December 31, 2013.</FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">F-25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT STYLE="font-size: x-small">SIGNATURES</FONT></P>

<P><FONT STYLE="font-size: x-small">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized. </FONT></P>

<P ALIGN=CENTER><FONT STYLE="font-size: x-small">SIEBERT FINANCIAL CORP.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">By:</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P><FONT STYLE="font-size: x-small">/s/ Joseph M. Ramos, Jr.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: x-small">Joseph M. Ramos, Jr.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Executive Vice President, Chief Operating Officer, Chief Financial Officer
                and Secretary</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">(principal executive, financial and accounting officer)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Date:</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">March 31, 2015</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT STYLE="font-size: x-small">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="22%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="63%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">Name</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">Title</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="LEFT"><FONT STYLE="font-size: xx-small">Date</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Executive Vice President, Chief Operating Officer and Chief</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: x-small">/s/ Joseph M. Ramos, Jr.</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Financial Officer and Secretary (principal financial and accounting</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP nowrap><P ALIGN="RIGHT"><FONT STYLE="font-size: x-small">March 31, 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: x-small">Joseph M. Ramos, Jr.</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">officer)</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: x-small">/s/ Patricia L. Francy</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Director</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="RIGHT"><FONT STYLE="font-size: x-small">March 31, 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: x-small">Patricia L. Francy</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: x-small">/s/ Jane H. Macon</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Director</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="RIGHT"><FONT STYLE="font-size: x-small">March 31, 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: x-small">Jane H. Macon</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: x-small">/s/ Robert P. Mazzarella</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Director</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="RIGHT"><FONT STYLE="font-size: x-small">March 31, 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: x-small">Robert P. Mazzarella</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:  SOLID BLACK 1px'><P><FONT STYLE="font-size: x-small">/s/ Nancy Peterson Hearn</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Director</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P ALIGN="RIGHT"><FONT STYLE="font-size: x-small">March 31, 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: x-small">Nancy Peterson Hearn</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">EXHIBIT INDEX</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Exhibit No.</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">Description
                                         Of Document</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE='BORDER:NONE'><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2.1</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Plan and Agreement of Merger between J. Michaels, Inc. (&#147;JMI&#148;) and
                Muriel Siebert Capital Markets Group, Inc. (&#147;MSCMG&#148;), dated as of April 24, 1996 (&#147;Merger Agreement&#148;)
                (incorporated by reference to Siebert Financial Corp.&#146;s Annual Report on Form 10-K for the fiscal year ended
                December 31, 1996)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2.2</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Amendment No. 1 to Merger Agreement, dated as of June 28, 1996 (incorporated
                by reference to Siebert Financial Corp.&#146;s Annual Report on Form 10-K for the fiscal year ended December 31,
                1996)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2.3</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Amendment No. 2 to Merger Agreement, dated as of September 30, 1996 (incorporated
                by reference to Siebert Financial Corp.&#146;s Annual Report on Form 10-K for the fiscal year ended December 31,
                1996)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">2.4</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Amendment No. 3 to Merger Agreement, dated as of November 7, 1996 (incorporated
                by reference to Siebert Financial Corp.&#146;s Annual Report on Form 10-K for the fiscal year ended December 31,
                1996)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">3.1</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Certificate of Incorporation of Siebert Financial Corp., formerly known as
                J. Michaels, Inc. originally filed on April 9, 1934, as amended and restated to date (incorporated by reference
                to Siebert Financial Corp.&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 1997)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">3.2</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">By-laws of Siebert Financial Corp. (incorporated by reference to Siebert Financial
                Corp.&#146;s Registration Statement on Form S- 1 (File No. 333-49843) filed with the Securities and Exchange Commission
                on April 10, 1998)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">10.1**</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert Financial Corp. 1998 Restricted Stock Award Plan (incorporated by
                reference to Siebert Financial Corp.&#146;s Annual Report on Form 10-K for the fiscal year ended December 31,
                1997)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">10.2**</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert Financial Corp. 1997 Stock Option Plan (incorporated by reference
                to Siebert Financial Corp.&#146;s Annual Report on Form 10-K for the fiscal year ended December 31, 1996)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">10.3</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert, Brandford, Shank &amp; Co., LLC Operating Agreement, among Siebert,
                Brandford, Shank &amp; Co., L.L.C., Muriel Siebert &amp; Co., Inc., Napoleon Brandford III and Suzanne F. Shank,
                dated as of March 10, 1997 (incorporated by reference to Siebert Financial Corp.&#146;s Annual Report on Form
                10-K for the fiscal year ended December 31, 1996)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">10.4</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Services Agreement, between Siebert, Brandford, Shank &amp; Co., L.L.C. and
                Muriel Siebert &amp; Co., Inc., dated as of March 10, 1997 (incorporated by reference to Siebert Financial Corp.&#146;s
                Annual Report on Form 10-K for the fiscal year ended December 31, 1996)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">10.5</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Operating Agreement of SBS Financial Products Company, LLC, dated effective
                as of April 19, 2005, by and among Siebert Financial Corp., Napoleon Brandford III and Suzanne Shank. (incorporated
                by reference to Siebert Financial Corp.&#146;s Current Report on Form 8-K filed with the Securities and Exchange
                Commission on May 17, 2005)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">10.6**</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Siebert Financial Corp. 2007 Long-Term Incentive Plan (incorporated by reference
                to Siebert Financial Corp.&#146;s Registration Statement on Form S-8 (File No. 333-144680) filed with the Securities
                and Exchange Commission on July 18, 2007)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">10.7*</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Fully Disclosed Clearing Agreement, by and between National Financial Services
                LLC and Muriel Siebert &amp; Co., Inc. dated May 5, 2010. (incorporated by reference to Siebert Financial Corp.&#146;s
                Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 16, 2010)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">21</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Subsidiaries of the registrant (incorporated by reference to Siebert Financial
                Corp.&#146;s Annual Report on Form 10-K for the year ended December 31, 2001)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">23</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Consent of Independent Auditors</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">31.1</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Certification of Joseph M. Ramos, Jr. pursuant to Securities Exchange Act
                Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT STYLE="font-size: x-small">32.1</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Certification of Joseph M. Ramos, Jr. of Periodic Financial Report under Section
                906 of the Sarbanes-Oxley Act of 2002</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP><P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">*</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Portions of the indicated document have been afforded confidential treatment
                and have been filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the General
                Rules and Regulations promulgated under the Securities Exchange Act of 1934, as amended.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: xx-small">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">**</FONT></P>
 </TD>
 <TD VALIGN=TOP><P><FONT STYLE="font-size: x-small">Management contract or compensatory plan or arrangement. </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex_23.htm
<DESCRIPTION>CONSENT OF INDEPENDENT AUDITORS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EXHIBIT 23</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in the Registration Statements (Form S-8 No. 333-144680, No. 333-43837, No. 333-43839, No. 333-72939 and No. 333-102701, and Form
S-3 No. 333-81037) of Siebert Financial Corp. and in the related prospectus of our report dated March 31, 2015, with respect to
the consolidated financial statements of Siebert Financial Corp. and our report dated February 26, 2015 with respect to the financial
statements of Siebert Brandford Shank Financial, L.L.C. and subsidiary and Siebert, Brandford, Shank &amp; Co., L.L.C. included in this Annual Report on Form 10-K for the year ended December
31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ EisnerAmper LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 31, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3>

<P STYLE="margin: 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>ex_31-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>



<P><FONT SIZE=2><B>Exhibit 31.1</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CERTIFICATION <BR>
PURSUANT TO EXCHANGE ACT RULE 13a-14(a) AND 15d-14(a), <BR>
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P><FONT SIZE=2>I of Joseph M.
Ramos, Jr., certify that: </FONT></P>

<P><FONT SIZE=2>1. I have
reviewed this annual report on Form 10-K of Siebert Financial Corp.;</FONT></P>

<P><FONT SIZE=2>2. Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</FONT></P>

<P><FONT SIZE=2>3. Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;</FONT></P>

<P><FONT SIZE=2>4. The
registrant&#146;s other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, to ensure that material
 information relating to the registrant, including its consolidated
 subsidiaries, is made known to us by others within those entities,
 particularly during the period in which this report is being prepared;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b) Designed
 such internal control over financial reporting, or caused such internal
 control over financial reporting to be designed under our supervision, to
 provide reasonable assurance regarding the reliability of financial reporting
 and the preparation of financial statements for external purposes in
 accordance with generally accepted accounting principles;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>I Evaluated
 the effectiveness of the registrant&#146;s disclosure controls and procedures and
 presented in this report our conclusions about the effectiveness of the
 disclosure controls and procedures, as of the end of the period covered by
 this report based on such evaluation;and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(d)
 Disclosed in this report any change in the registrant&#146;s internal control over
 financial reporting that occurred during the registrant&#146;s most recent fiscal
 quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual
 report) that has materially affected, or is reasonably likely to materially
 affect, the registrant&#146;s internal control over financial reporting;and </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>5. The
registrant&#146;s other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the
registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
directors (or persons performing the equivalent functions):</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a) All
 significant deficiencies and material weaknesses in the design or operation
 of internal control over financial reporting which are reasonably likely to
 adversely affect the registrant&#146;s ability to record, process, summarize and
 report financial information;and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b) Any
 fraud, whether or not material, that involves management or other employees
 who have a significant role in the registrant&#146;s internal control over financial
 reporting. </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT SIZE=2>/s/ Joseph
 M. Ramos, Jr.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Date: March 31, 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=2>Joseph M.
 Ramos, Jr.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2> Executive Vice President, Chief Operating
 Officer, Chief <BR>
 Financial Officer and Secretary </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(principal
 executive, financial and accounting officer) </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>ex_32-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>



<P><FONT SIZE=2>Exhibit 32.1</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO <BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P><FONT SIZE=2>In connection
with the Annual Report of Siebert Financial Corp. (the &#147;Company&#148;) on Form 10-K
for the year ended December 31, 2014, as filed with the Securities and Exchange
Commission (the &#147;Report&#148;), I, Joseph M. Ramos, Jr, in my capacity as Chief
Financial Officer, Chief Operating Officer and Secretary hereby certify,
pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge: </FONT></P>

<P><FONT SIZE=2>(1) The Report
filed by the Company with the Securities and Exchange Commission fully complies
with the requirements of Section 13(a) of the Securities and Exchange Act of
1934;and </FONT></P>

<P><FONT SIZE=2>(2) The
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Company for the period
covered by the report. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE;BORDER-BOTTOM:SOLID BLACK 1px'>
 <P><FONT SIZE=2>/s/ Joseph
 M. Ramos, Jr.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Date: March 31, 2015</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE='BORDER:NONE'>
 <P><FONT SIZE=2>Joseph M.
 Ramos, Jr.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2> Executive Vice President, Chief Operating
 Officer, Chief<BR>
 Financial Officer and Secretary</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(principal
 executive, financial and accounting officer) </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>A signed
original of this written statement required by Section 906, or other documents
authenticating, acknowledging, or otherwise adopting the signature that appears
in typed form within the electronic version of this written statement required
by section 906, has been provided to Siebert Financial Corp. and will be
retained by Siebert Financial Corp. and furnished to the Securities and
Exchange Commission or its staff upon request.</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=3>

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    <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 97%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Siebert Financial Corp. (&amp;#147;Financial&amp;#148;), through its wholly - owned subsidiary,&#13;    Muriel Siebert &amp;#38;Co., Inc. (&amp;#147;Siebert&amp;#148;), engages in the business of providing discount brokerage services for&#13;    customers, investment banking and equity execution services for institutional clients (representing the capital markets&#13;    business) and trading securities for its own account. On November 4, 2014, Siebert sold its capital markets business to an&#13;    affiliate (see Note B). Another wholly owned subsidiary, Siebert&amp;#146;s Women&amp;#146;s Financial Network Inc. &#13;    (&amp;#147;WFN&amp;#148;)     engaged in providing products, services and information devoted to women&amp;#146;s financial needs. In &#13;    the     fourth quarter of     2013, management decided to substantially reduce the resources allocated to the WFN operation&#13;    (see Note     F). In addition, in 2014 we began business as a registered investment advisor through our wholly-owned&#13;    subsidiary, Siebert Investment Advisors, Inc. (&amp;#147;SIA&amp;#148;). The     accompanying     consolidated     financial&#13;    statements include      the     accounts     of     Financial     and its     subsidiaries. All     significant  &#13;    intercompany accounts     and     transactions have     been     eliminated.     Financial, Siebert, WFN    &#13;    and SIA collectively     are     referred to herein     as     the     &amp;#147;Company&amp;#148;.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The municipal bond investment banking business is conducted by Siebert, Brandford, Shank &amp;#38;Co., L.L.C., a wholly-owned subsidiary of Siebert, Brandford, Shank Financial, L.L.C. (&amp;#147;SBSF&amp;#148;), and related derivatives transactions were conducted by SBS Financial Products Company, LLC (&amp;#147;SBSFP&amp;#148;), non - controlled investees in which the company has a 49% and 33% equity interest respectively, which are accounted for by the equity method of accounting (see Note D). The equity method provides that the Company records its share of the investees&amp;#146; earnings or losses in its results of operations with a corresponding adjustment to the carrying value of its investment. In addition, the investment is adjusted for capital contributions to and distributions from the investees. Operations of equity investee SBSF are considered integral to the Company&amp;#146;s operations. Operations of equity investee SBSFP ceased in December 2014.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Siebert, Brandford, Shank Financial,&#13;L.L.C. (&amp;#147;SBSF&amp;#148; or the &amp;#147;Company&amp;#148;) was organized on November 4, 2014 and through its wholly owned subsidiary,&#13;Siebert, Brandford, Shank &amp;#38; Co., L.L.C. (&amp;#147;SBS&amp;#148;), engages in the business of tax-exempt underwriting and related&#13;trading activities and, commencing on November 4, 2014, the capital markets business (see Note B). The Company qualifies as a&#13;Minority and Women Owned Business Enterprise in certain municipalities.&lt;/p&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <us-gaap:BusinessCombinationDisclosureTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;On November 4, 2014, the members&#13;of SBS contributed their membership interest into a newly formed Delaware limited liability company, Siebert Brandford Shank Financial,&#13;L.L.C. (&amp;#147;SBSF&amp;#148;), in exchange for the same percentage interests in SBSF. On the same day Muriel Siebert &amp;#38; Co., Inc.,&#13;(&amp;#147;Siebert&amp;#148;) entered an Asset Purchase Agreement (the &amp;#147;Purchase Agreement&amp;#148;) with SBS and SBSF, pursuant&#13;to which Siebert sold substantially all of the assets relating to Siebert&amp;#146;s capital markets business to SBSF. Pursuant to&#13;the Purchase Agreement, SBSF assumed post-closing liabilities relating to the transferred business. An individual having a 25.5%&#13;membership interest in SBS prior to the contribution of membership interests to SBSF, is Siebert&amp;#146;s chief executive officer.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The Purchase Agreement provides&#13;for an aggregate purchase price for the disposition of $3,000,000, payable by SBSF after closing in annual installments commencing&#13;on March 1, 2016 and continuing on each of March 1, 2017, 2018, 2019 and 2020. The transferred business was contributed by SBSF&#13;to, and operated by SBS. The amount payable on each annual payment date will equal 50% of the net income attributable to the transferred&#13;business recognized by SBS in accordance with generally accepted accounting principles during the fiscal year ending immediately&#13;preceding the applicable payment date; provided that, if net income attributable to the transferred business generated prior to&#13;the fifth annual payment date is insufficient to pay the remaining balance of the purchase price in full on the fifth annual payment&#13;date, then the unpaid amount of the purchase price will be paid in full on March 1, 2021.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The fair value (Level 3 &amp;#150;&#13;see Note C(3)) of the purchase obligation was determined to be $1,820,000, based on the present value of estimated annual installments&#13;to be paid during 2016 through 2020 from forecasted net income of the transferred business plus a final settlement in 2021, discounted&#13;at 11.5% (representing SBS&amp;#146;s weighted average cost of capital). The discount of $1,180,000 recorded for the purchase obligation&#13;is being amortized as interest expense using an effective yield initially calculated based on the original carrying amount of the&#13;obligation and estimated annual installments to be paid and adjusted in future periods to reflect actual installments paid and&#13;changes in estimates of future installments. Interest expense recognized on the obligation for the period from November 4, 2014&#13;to December 31, 2014 amounted to $36,641 based on a yield of approximately 12%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Transferred assets of Siebert&amp;#146;s&#13;capital markets business, consisted of issuer relationships and goodwill. Issuer relationships, representing their fair value at&#13;the date of acquisition determined based on a discounted cash flow analysis (Level 3). Goodwill, which includes employees of Siebert&#13;who transferred to SBS was recorded at $1,001,000, representing the excess of the fair value ($1,820,000) of SBSF&amp;#146;s purchase&#13;obligation to Siebert over the fair value of the issuer relationships.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Since the date of acquisition,&#13;revenue of $199,000 and net loss of $129,000 attributable to the capital markets business is included in the accompanying statement&#13;of operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The following represents the unaudited&#13;pro forma amounts of revenue and net income of the Company for the year ended December 31, 2014, assuming the capital markets business&#13;had been acquired as of January 1, 2014:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 52%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 33%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 25.9pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;27,729,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 25.9pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net Income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;672,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The above net income reflects&#13;the additional amortization that would have been charged assuming the fair value adjustment to customer accounts had been applied&#13;as of January 1, 2014 and amortization of discount on the purchase obligation for the entire year.&lt;/p&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 4%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 96%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[1]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash Equivalents: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash equivalents consist of highly liquid investments purchased with an original maturity of 3 months or less. Cash equivalents are carried at fair value and amount to $6,179,000 and $14,839,000 at December 31, 2014 and 2013, respectively, consisting of money market funds.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash equivalents &amp;#150; restricted of $1,532,000 at December 31, 2014 and 2013 representing cash invested in a money market fund which serves as collateral for a secured demand note payable in the amount of $1,200,000 to SBS (see Note J).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[2]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Securities: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Securities owned are carried at fair value with realized and unrealized gains and losses reflected in trading profits. Siebert clears all its security transactions through unaffiliated clearing firms on a fully disclosed basis. Accordingly, Siebert does not hold funds or securities for, or owe funds or securities to, its customers. Those functions are performed by the clearing firms.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[3]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Fair value of financial instruments: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Level 1 &amp;#150; Unadjusted quoted prices in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Level 2 &amp;#150; Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Level 3 &amp;#150; Unobservable inputs which reflect the assumptions that management develops based on available information about the assumptions market participants would use in valuing the asset or liability.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The classification of financial instruments valued at fair value as of December 31, 2014 is as follows: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 75%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Financial Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,711,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,371,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Securities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;488,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;406,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,199,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,777,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 97%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Securities consist of common stock, which is valued on the last business day of the year at the last available reported sales price on the primary securities exchange.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[4]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Income Taxes: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The Company accounts for income taxes utilizing the asset and liability approach requiring the recognition of deferred tax assets and liabilities for the expected future tax consequences of net operating loss carryforwards and temporary differences between the basis of assets and liabilities for financial reporting purposes and tax purposes.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[5]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Furniture, Equipment and Leasehold Improvements: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Furniture, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally five years. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvements or period of the lease.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[6]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Advertising Costs: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Advertising costs are charged to expense as incurred.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[7]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Use of Estimates: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[8]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Per Share Data: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average outstanding common shares during the year. Diluted earnings per share is calculated by dividing net income by the number of shares outstanding under the basic calculation and adding all dilutive securities, which consist of options. As the Company incurred a net loss for each of the years ended December 31, 2014, 2013 and 2012, basic and diluted net loss per common share are the same for each year as the effect of stock options is anti-dilutive. In 2014, 2013 and 2012, 265,000, 350,000 and 400,000 common shares, respectively, issuable upon the exercise of options were not included in the computation.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[9]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Revenue: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Commission revenues and related clearing expenses are recorded on a trade-date basis. Fees, consisting principally of revenue participation with the Company&amp;#146;s clearing broker in distribution fees, and interest are recorded as earned.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Investment banking revenue includes gains and fees, net of syndicate expenses, arising from underwriting syndicates in which the Company participates. Investment banking management fees are recorded on the offering date, sales concessions on the settlement date and underwriting fees at the time the underwriting is completed and the income is reasonably determinable. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Trading gains and losses are also recorded on a trade-date basis and principally represent riskless principal transactions which the Company, after receiving an order, buys or sells securities as principal and at the same time sells or buys the securities with a markup or markdown to satisfy the order.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Interest is recorded on an accrual basis and dividends are recorded on the ex-dividend date. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[10]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Stock-Based Compensation: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Share-based payments to employees, including grants of employee stock options, are recognized in the statement of operations as an operating expense, based on their fair values on the grant date. Share-based compensation costs are recognized on a straight-line basis over the requisite service periods of awards which would normally be the vesting period of the options.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[11]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Intangibles: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Purchased intangibles which have finite useful lives are principally being amortized using the straight-line method over estimated useful lives of three to five years. Domain names and other intellectual property which are deemed to have an indefinite useful life are not amortized but are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test for indefinite-lived intangibles consists of a comparison of their fair value with their carrying amount (see note F).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[12]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Valuation of Long-Lived Assets: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The Company evaluates the recoverability of its long-lived assets including amortizable intangibles and recognizes an impairment loss in the event the carrying value of these assets exceeds the estimated future undiscounted cash flows attributable to these assets. The Company assesses potential impairment to its long-lived assets when events or changes in circumstances indicate that its carrying value may not be recoverable. Should impairment exist, the impairment loss would be measured based on the excess of the carrying value of the assets over their fair value.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[1]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Principles of Consolidation: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-left: 17.3pt; text-indent: -8.65pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 17.3pt; text-indent: -8.65pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Commencing on November 4, 2014, the accompanying financial statements include the accounts of SBSF and its wholly-owned subsidiary SBS after elimination of intercompany balances and transactions. Prior thereto, the financial statements represent those of SBS. The creation of SBSF and related transfer thereto of the members&amp;#146; interest in SBS did not result in any change in the carrying value of the existing assets or liabilities of SBS in the consolidated financial statements as both entities were under common control.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="padding-left: 8.65pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[2] &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Revenues:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Investment banking revenues include gains and fees, net of syndicate expenses, arising primarily from municipal bond offerings in which the Company acts as an underwriter or agent. Investment banking management fees are recorded on the offering date, sales concessions on the settlement date, and underwriting fees at the time the underwriting is completed and the income is reasonably determinable&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Security transactions are recorded on a trade-date basis. Securities owned are valued at fair value. The resulting realized and unrealized gains and losses are reflected as trading profits.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Commission revenue which relates to the capital market business are recorded on a trade date basis.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Dividends are recorded on the ex-dividend date, and interest income is recognized on an accrual basis.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[3]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Fair value: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;See Note C(3) for financial instruments measured at fair value.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Unadjusted quoted prices in active markets for identical assets or liabilities. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Level 2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Level 3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Unobservable inputs which reflect the assumptions that the managing members develop based on available information about the assumptions market participants would use in valuing the asset or liability. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[4]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Cash equivalents: &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Cash equivalents represent short-term, highly liquid investments which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents, which are valued at fair value, consist of money market funds which amounted to $15,965,885 and $19,787,407 at December 31, 2014 and 2013, respectively (Level 1). The Company maintains its assets with financial institutions which may at times exceed federally insured limits. In the event of financial institutions insolvency, recovery of the assets may be limited.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[5]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Furniture, equipment and leasehold improvements, net:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Furniture, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally five years. Leasehold improvements are amortized over the period of the lease.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[6]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Intangible Assets&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Issuer relationships, which were recorded in connection with the acquisition of the capital markets business (see Note B), are being amortized by the straight-line method over 2.9 years.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Intangible assets with finite lives are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company assesses the recoverability of its intangible assets by determining whether the unamortized balance can be recovered over the assets&amp;#146; remaining useful life through undiscounted estimated future cash flows. If undiscounted estimated future cash flows indicate that the unamortized amounts will not be recovered, an adjustment will be made to reduce such amounts to fair value based on estimated future cash flows discounted at a rate commensurate with the risk associated with achieving such cash flows.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[7]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Goodwill, which was recorded in connection with the acquisition of the capital markets business (see Note B), is not subject to amortization and is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The impairment test consists of a comparison of the fair value of the reporting unit with the carrying amount its net assets, including goodwill. Fair value is typically based upon estimated future cash flows discounted at a rate commensurate with the risk involved or market-based comparables. If the carrying amount of the Company&amp;#146;s net assets exceeds the fair value of the reporting unit, then an analysis will be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will be recognized in an amount equal to the excess of the carrying amount over its implied fair value.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[8]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Use of estimates:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;[9]&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Income taxes:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;The Company is not subject to federal income taxes. Instead, the members are required to include in their income tax returns their respective share of the Company&amp;#146;s income or loss. The Company is subject to tax in certain state and local jurisdictions. Deferred taxes are not significant.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:SubordinatedBorrowingsDisclosureTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;The subordinated debt at December 31, consists&#13;of the following:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 55%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 4%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 4%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Payable to affiliate (a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Payable to clearing broker (b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,000,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 93%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Consists of a Secured Demand Note Collateral Agreement payable to Siebert, an indirect member of the Company, bearing 4% interest and due August&amp;#160;31, 2015, at which time SBS is obligated to repay Siebert any amounts borrowed. Interest expense paid to Siebert in each of 2014, 2013 and 2012 amounted to $48,000.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The secured demand note receivable of $1,200,000 is collateralized by cash equivalents of Siebert of approximately $1,544,000 at December&amp;#160;31, 2014. Interest earned on the collateral amounted to approximately $1,028, $1,500 and $2,900 in 2014, 2013 and 2012, respectively.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;On December 9, 2014, SBS entered into a temporary subordinated loan agreement with National Financial Services, its clearing broker, in the amount of $4,000,000 bearing interest at the federal funds rate plus 6% and maturing January 22, 2015. The note was repaid on January 22, 2015. Interest expense accrued in 2014 amounted to approximately $16,000.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The subordinated borrowings are available in computing net capital under the Securities and Exchange Commission&amp;#146;s (&amp;#147;SEC&amp;#148;) Uniform Net Capital Rule. To the extent that such borrowing is required for the Company&amp;#146;s continued compliance with minimum net capital requirements, it may not be repaid.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;On March 24, 2014, SBS entered into a temporary subordinated loan agreement with National Financial Services, its clearing broker, in the amount of $5,000,000 bearing interest at the federal funds rate plus 6% and maturing May 5, 2014. The note was repaid on May 5, 2014. Interest expense paid was $36,542.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:SubordinatedBorrowingsDisclosureTextBlock>
    <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Furniture, equipment and leasehold&#13;improvements consist of the following:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 73%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;524,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;518,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;546,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;427,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture and fixtures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;43,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,113,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;959,000&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Less accumulated depreciation and amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(504,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(247,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;609,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;712,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Depreciation and amortization&#13;expense for the years ended December 31, 2014, 2013 and 2012 amounted to $257,000, $120,000 and $274,000, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Due to the Company&amp;#146;s discontinuation&#13;of its relationship with a software vendor on June 30, 2012, which had developed and maintained the Company&amp;#146;s website, the&#13;Company wrote-off remaining related software development costs of $433,000. The unamortized carrying value of such development&#13;costs consisted of $1,856,000 of cost net of $1,423,000 of accumulation amortization. Effective July 1, 2012, such services are&#13;provided by the Company&amp;#146;s clearing broker.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Furniture, equipment, and leasehold&#13;improvements consist of the following:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 67%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;926,654&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;896,376&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture and leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,718,826&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,659,740&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,645,480&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,556,116&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Less accumulated depreciation and amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,960,744&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,733,983&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;684,736&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;822,133&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Depreciation and amortization&#13;expense for 2014, 2013 and 2012 amounted to $226,761, $250,154 and $266,093 respectively.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;In 2000, WFN acquired the stock&#13;of Women&amp;#146;s Financial Network, Inc. and HerDollar.com, Inc., companies in the development stage which had yet to commence&#13;principal operations and had no significant revenue for aggregate consideration of $2,310,000, including costs. The transactions&#13;were accounted for as purchases of assets consisting of domain name, website and content, and a non-compete agreement (the &amp;#147;Acquired&#13;Intangible Assets&amp;#148;). Related deferred tax assets attributable to net operating loss carryforwards of the acquired companies&#13;and deferred tax liabilities attributable to the excess of the statement bases of the acquired assets over their tax bases were&#13;reflected as an adjustment to the carrying amount of such intangibles (see Note G).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Intangible assets consist of the&#13;following:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 43%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December 31, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December 31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortizable intangible assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Website, content and non-compete&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Retail brokerage accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,638,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,630,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,638,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,620,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,488,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,480,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,488,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,470,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortization expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;During 2012, the Company recorded&#13;impairment charges and wrote down the carrying value of its unamortized intangible assets consisting of domain name and intellectual&#13;property by $300,000, representing the excess of carrying value over its fair value due to a continuing decline in the Company&amp;#146;s&#13;revenue attributable to such intangibles. During the fourth quarter of 2013, as a result of management&amp;#146;s continuing strategic&#13;review of its operations, the Company determined to substantially reduce the amount of resources allocated to the WFN domain. Accordingly,&#13;the Company wrote off the remaining carrying value of the intangible asset of $300,000. No significant residual value is estimated&#13;for the asset.&lt;/p&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
    <us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;&lt;font style="font-variant: small-caps"&gt;&lt;b&gt;Note&#13;G - Income Taxes&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Financial files a consolidated&#13;federal income tax return with its subsidiaries.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Income tax expense consists of&#13;the following:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 57%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="8" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Year Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal income tax expense:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 17.3pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 17.3pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State and local:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 17.3pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 17.3pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 17.3pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; padding-left: 17.3pt; text-indent: -8.65pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Reconciliation between the income&#13;tax provision and income taxes computed by applying the statutory Federal income tax rate to loss before income taxes is as follows:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 57%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="8" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Year Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected income tax benefit at statutory Federal tax rate (34%)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,229,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,004,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(47,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State and local taxes, net of Federal tax effect&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(459,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(413,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Increase in valuation allowance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,551000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,342,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Permanent difference&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;39,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;46,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;98,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;48,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;23,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income tax expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The principal items giving rise&#13;to deferred tax assets (liabilities) are as follows:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 73%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net operating loss credit carryforwards&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,046,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,670,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Alternative minimum tax carryforward&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Employee stock based compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;237,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;237,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Retail brokerage accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;211,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;281,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Contribution carryover&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;223,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;347,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture, equipment and leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;115,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;96,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Accrued expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;337,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;83,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment in affiliate (a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;736,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,001,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Accrued compensation and other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;44,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Capital loss carryforwards&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;24,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,968,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,774,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,218,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(6,774,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net deferred tax assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;750,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred tax liability:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Receivable from affiliate (b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(750,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 94%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Attributable to non-deductible bonus accrued at December 31, 2014 and 2013 by an affiliate, which will be deductible in 2015 and 2014, respectively.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 10pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Relates to receivable from business sold to affiliate treated as an installment sale for tax purposes.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Due to cumulative losses incurred&#13;by the Company during the current and prior two years, the Company is unable to conclude that it is more likely than not that it&#13;will realize its deferred tax asset in excess of the deferred tax liability and, accordingly, has recorded a valuation allowance&#13;to fully offset such amount at December 31, 2014 and 2013.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;At December 31, 2014, the Company&#13;has state net operating loss carryforwards aggregating $23.6 million, which expires through 2034 in various states. In addition,&#13;the Company has federal net operating loss carryforwards of $18.1 million at December 31, 2014, which expires through 2034. The&#13;Company also has additional federal net operating loss carryforwards of $410,000 at December 31, 2014 which is attributable to&#13;WFN and expires through 2020. Utilization of WFN&amp;#146;s federal net operating loss carryforwards is subject to annual limitations&#13;under Section 382 of the Internal Revenue Code.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The Company applied the &amp;#147;more-likely-than&#13;not&amp;#148; recognition threshold to all tax positions taken or expected to be taken in a tax return which resulted in no unrecognized&#13;tax benefits reflected in the financial statements as of December 31, 2014. The Company classifies interest and penalties that&#13;would accrue according to the provisions of relevant tax law as income taxes.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The provision for income taxes&#13;in 2013 represents a federal minimum tax assessment of $19,000 including $4,000 of interest and penalties, relating to the year&#13;2012.The provision for income taxes in 2012 represents a state tax assessment of 34,000 relating to years 2007, 2008 and 2009 based&#13;on a tax examination completed by New York State in 2012. Tax years 2011 and thereafter are subject to examinations by federal&#13;and certain state authorities. For other states the 2009 through 2013 tax years remain open for examinations. The Company is currently&#13;under tax examination by New York State for the tax years 2010 and 2011.&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
    <us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"&gt;&lt;font style="font-variant: small-caps"&gt;&lt;b&gt;Note&#13;H - Stockholders&amp;#146; Equity&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; word-spacing: 0px; text-align: justify; margin-right: 0; margin-left: 0"&gt;Siebert&#13;is subject to the SEC&amp;#146;s Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital. Siebert&#13;has elected to use the alternative method, permitted by the rule, which requires that Siebert maintain minimum net capital, as&#13;defined, equal to the greater of $250,000 or 2 percent of aggregate debit balances arising from customer transactions, as defined.&#13;The Net Capital Rule of the New York Stock Exchange also provides that equity capital may not be withdrawn or cash dividends paid&#13;if resulting net capital would be less than 5% of aggregate debits. At December 31, 2014 and 2013, Siebert had net capital of approximately&#13;$5,100,000 and $13,000,000, respectively, as compared with net capital requirements of $250,000. Siebert claims exemption from&#13;the reserve requirement under Section 15c3-3(k)(2)(ii) as it clears its customer transactions through an unaffiliated clearing&#13;firm on a fully disclosed basis.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;On January 23, 2008, the Board of&#13;Directors of the Company authorized a buy back of up to 300,000 shares of common stock. Shares will be purchased from time to time&#13;in the open market and in private transactions. During 2012 and 2013, the Company repurchased 8,107 and 12,266 shares of common&#13;stock at an average price of $1.67 and $1.56, respectively. No shares were purchased during 2014. As of December 31, 2014, 129,137&#13;of common shares have been repurchased pursuant to such authorization.&lt;/p&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
    <us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The Company&amp;#146;s 2007 Long-Term&#13;Incentive Plan (the &amp;#147;Plan&amp;#148;) authorizes the grant of options to purchase up to an aggregate of 2,000,000 shares, subject&#13;to adjustment in certain circumstances. Both non-qualified options and options intended to qualify as &amp;#147;Incentive Stock Options&amp;#148;&#13;under Section 422 of the Internal Revenue Code may be granted under the Plan. A Stock Option Committee of the Board of Directors&#13;administers the Plan. The committee has the authority to determine when options are granted, the term during which an option may&#13;be exercised (provided no option has a term exceeding 10 years), the exercise price and the exercise period. The exercise price&#13;shall not be less than the fair market value on the date of grant. No option may be granted under the Plan after December 2017.&#13;Generally, employee options vest 20% per year for five years and expire ten years from the date of grant. At December 31, 2014,&#13;options for 1,760,000 shares of common stock are available for grant under the Plan.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;A summary of the Company&amp;#146;s&#13;stock option transactions for the three years ended December 31, 2014 is presented below:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 39%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 6%; padding-bottom: 10pt; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 10pt; 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text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Accounts&#13;    payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;313,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;171,761&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Accrued&#13;    bonus and other employee compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,233,521&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,785,271&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    accrued expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;200,842&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;49,576&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,747,648&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,006,608&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock>
    <us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Accounts&#13;payable and accrued expenses consist of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 63%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Accounts&#13;    payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;313,285&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;171,761&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Accrued&#13;    bonus and other employee compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,233,521&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,785,271&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    accrued expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;200,842&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;49,576&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,747,648&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,006,608&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
    <us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;During&#13;each of 2014 and 2013, SBS was charged $100,000 by Siebert for general and administrative services. During 2012 SBS was charged&#13;$75,000 by Siebert for general and administrative services. In January 2014, SBS transferred funds from its money market accounts&#13;to its bank account to cover the $1,225,779 overdraft at December 31, 2013.&lt;/font&gt;&lt;/p&gt;</us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock>
    <SIEB:NetCapitalTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;SBS&#13;is subject to the SEC&amp;#146;s Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and that&#13;the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2014 and 2013,&#13;SBS had net capital of $22,807,796 and $18,271,172, respectively, which was $22,557,796 and $18,021,172, respectively, in excess&#13;of its required net capital and its ratio of aggregate indebtedness to net capital was 0.10 and 0.16 to 1, respectively. SBS claims&#13;exemption from the reserve requirements under Section 15c3-3(k)(2)(ii).&lt;/font&gt;&lt;/p&gt;</SIEB:NetCapitalTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 95%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Retail customer transactions are cleared through clearing brokers on a fully disclosed basis. If customers do not fulfill their contractual obligations, the clearing broker may charge Siebert for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy the customer obligations. Siebert regularly monitors the activity in its customer accounts for compliance with its margin requirements. Siebert is exposed to the risk of loss on unsettled customer transactions if customers are unable to fulfill their contractual obligations. There were no material losses for unsettled customer transactions in 2014, 2013 or 2012. Credit risk represents the potential loss that would occur if counterparties fail to perform pursuant to the terms of their obligations. The Company is subject to credit risk to the extent a custodian or broker with whom it conducts business is unable to fulfill contractual obligations.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;In 2012, Siebert was named as one of the defendants in a class action pending in the United States District Court, Southern District of New York. The complaint was brought on behalf of a class of purchasers in a public offering by Lehman Brothers Holdings, Inc. of $1,500,000,000 of 6.75% Subordinated Notes due 2017 (the &amp;#147;Notes&amp;#148;) as to Siebert and certain smaller issuances of other securities. The complaint asserted that Siebert and other underwriters of the Notes violated Section 11 of The Securities Act of 1933 in that relevant offering materials were false and misleading. Siebert had agreed to purchase $15 million of the Notes and $462,953 of the other securities as an underwriter in the offerings. Siebert and the plaintiffs&amp;#146; class agreed to resolve all claims against Siebert in consideration of a $1 million payment by Siebert which was accrued and &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;charged to expense in 2011 and paid in 2012. In the prior year certain plaintiffs did not agree to a settlement or purchased securities which were not covered by the settlement. In 2013, all such claims were either dismissed or settled for an amount that was not material. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Siebert is party to certain claims, suits and complaints arising in the ordinary course of business. In the opinion of management, all such claims, suits and complaints are without merit, or involve amounts which would not have a significant effect on the financial position or results of operations of the Company.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;In July 2014, the Company entered into a settlement agreement in regards to a dispute with a former employee, in which the former employee sought, among other things, damages arising from his separation from the Company. The Company asserted counter claims in the arbitration. Pursuant to the settlement, the Company paid $4,300,000 to the former employee, and the claims and counterclaims have been dismissed and released. The accompanying 2014 statement of operations reflects a charge to give effect to the settlement.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(4)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;The Company rents discount retail brokerage and other office space under long-term operating leases expiring in various periods through 2017. These leases call for base rent plus escalations for taxes and operating expenses. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Future minimum base rental payments under these operating leases are as follows:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 68%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 4%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Year Ending&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;615,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;482,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;80,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,177,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 95%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Rent expense, including escalations for operating costs, amounted to approximately $788,000, $1,046,000 and $907,000 for the years ended December 31, 2014, 2013 and 2012, respectively. Rent is being charged to expense over the entire lease term on a straight-line basis. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(5)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Siebert sponsors a defined contribution retirement plan under Section 401(k) of the Internal Revenue Code that covers substantially all employees. Participant contributions to the plan are voluntary and are subject to certain limitations. Siebert may also make discretionary contributions to the plan. No contributions were made by Siebert in 2014, 2013 and 2012.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(6)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Siebert is party to a Secured Demand Note Collateral Agreement with SBS which obligates Siebert to lend SBS, on a subordinated basis, up to $1,200,000. The secured demand note payable held by SBS and a related $1,200,000 receivable due from SBS are included in investments in and advances to equity investees in the accompanying consolidated statement of financial condition. Amounts that Siebert is obligated to lend under this arrangement are collateralized by cash equivalents of $1,532,000. Any amounts loaned will bear interest at 4% per annum and are repayable on August 31, 2015.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;(7)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;During 2012, commission income earned from one customer accounted for approximately 12% of total revenue.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;SBS&#13;rents office space under long-term operating leases expiring through 2020. These leases call for base rent plus escalations for&#13;property taxes and other operating expenses. Future minimum base rent under these operating leases as of December 31, 2014 are&#13;as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 54%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 34%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Year&#13;    Ending&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,043,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;886,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;639,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2018&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;627,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;587,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;185,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,967,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Rent&#13;expense, including taxes and operating expenses for 2014, 2013 and 2012 amounted to $1,186,967, $1,088,755, and $1,052,908 respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;prior years, SBS purchased leasehold improvements of approximately $620,000 which were reimbursed by the landlord. SBS recorded&#13;such reimbursement as a credit to deferred rent liability, which is being recognized as a reduction of rental expense on a straight-line&#13;basis over the term of the lease.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 13.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Rent expense is being charged to operations on a straight-line&#13;basis resulting in a deferred rent liability which, including the reimbursement discussed above amounted to $549,287 at December&#13;31, 2014 and $622,075 at December 31, 2013.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash equivalents consist of highly&#13;liquid investments purchased with an original maturity of 3 months or less. Cash equivalents are carried at fair value and amount&#13;to $6,179,000 and $14,839,000 at December 31, 2014 and 2013, respectively, consisting of money market funds.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash equivalents &amp;#150; restricted&#13;of $1,532,000 at December 31, 2014 and 2013 representing cash invested in a money market fund which serves as collateral for a&#13;secured demand note payable in the amount of $1,200,000 to SBS (see Note J).&lt;/font&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash equivalents represent short-term, highly liquid&#13;investments which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents,&#13;which are valued at fair value, consist of money market funds which amounted to $15,965,885 and $19,787,407 at December 31, 2014&#13;and 2013, respectively (Level 1). The Company maintains its assets with financial institutions which may at times exceed federally&#13;insured limits. In the event of financial institutions insolvency, recovery of the assets may be limited.&lt;/font&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:MarketableSecuritiesPolicy contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Securities&#13;    owned are carried at fair value with realized and unrealized gains and losses reflected in trading profits. Siebert clears&#13;    all its security transactions through unaffiliated clearing firms on a fully disclosed basis. Accordingly, Siebert does not&#13;    hold funds or securities for, or owe funds or securities to, its customers. Those functions are performed by the clearing&#13;    firms.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:MarketableSecuritiesPolicy>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Level 1 &amp;#150; Unadjusted quoted prices in active markets for identical assets or liabilities.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Level 2 &amp;#150; Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Level 3 &amp;#150; Unobservable inputs which reflect the assumptions that management develops based on available information about the assumptions market participants would use in valuing the asset or liability.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;The classification of financial instruments valued at fair value as of December 31, 2014 is as follows:&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 75%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&lt;b&gt;Financial Instrument&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;Cash equivalents&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;7,711,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;16,371,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;Securities&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;488,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;406,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;8,199,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;16,777,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: left; text-indent: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 97%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Securities consist of common stock, which is valued on the last business day of the year at the last available reported sales price on the primary securities exchange.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;See Note C(3) for financial instruments measured at fair value.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font-size: 8pt"&gt;Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Level 1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Unadjusted quoted prices in active markets for identical assets or liabilities. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Level 2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Level 3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Unobservable inputs which reflect the assumptions that the managing members develop based on available information about the assumptions market participants would use in valuing the asset or liability. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
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    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The Company is not subject to&#13;federal income taxes. Instead, the members are required to include in their income tax returns their respective share of the Company&amp;#146;s&#13;income or loss. The Company is subject to tax in certain state and local jurisdictions. Deferred taxes are not significant.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
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    <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture, equipment and leasehold&#13;improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line&#13;method over the estimated useful lives of the assets, generally five years. Leasehold improvements are amortized over the period&#13;of the lease.&lt;/font&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
    <us-gaap:AdvertisingCostsPolicyTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Advertising costs are charged&#13;to expense as incurred.&lt;/font&gt;&lt;/p&gt;</us-gaap:AdvertisingCostsPolicyTextBlock>
    <us-gaap:UseOfEstimates contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The preparation of financial statements&#13;in conformity with accounting principles generally accepted in the United States of America requires management to make estimates&#13;and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities&#13;at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual&#13;results could differ from those estimates.&lt;/font&gt;&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:UseOfEstimates contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The preparation of financial statements&#13;in conformity with accounting principles generally accepted in the United States of America requires management to make estimates&#13;and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities&#13;at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual&#13;results could differ from those estimates.&lt;/font&gt;&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Basic earnings (loss) per share&#13;is calculated by dividing net income (loss) by the weighted average outstanding common shares during the year. Diluted earnings&#13;per share is calculated by dividing net income by the number of shares outstanding under the basic calculation and adding all&#13;dilutive securities, which consist of options. As the Company incurred a net loss for each of the years ended December 31, 2014,&#13;2013 and 2012, basic and diluted net loss per common share are the same for each year as the effect of stock options is anti-dilutive.&#13;In 2014, 2013 and 2012, 265,000, 350,000 and 400,000 common shares, respectively, issuable upon the exercise of options were not&#13;included in the computation.&lt;/font&gt;&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Commission&#13;    revenues and related clearing expenses are recorded on a trade-date basis. Fees, consisting principally of revenue participation&#13;    with the Company&amp;#146;s clearing broker in distribution fees, and interest are recorded as earned.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&#13;    banking revenue includes gains and fees, net of syndicate expenses, arising from underwriting syndicates in which the Company&#13;    participates. Investment banking management fees are recorded on the offering date, sales concessions on the settlement date&#13;    and underwriting fees at the time the underwriting is completed and the income is reasonably determinable.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trading&#13;    gains and losses are also recorded on a trade-date basis and principally represent riskless principal transactions which the&#13;    Company, after receiving an order, buys or sells securities as principal and at the same time sells or buys the securities&#13;    with a markup or markdown to satisfy the order.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;    is recorded on an accrual basis and dividends are recorded on the ex-dividend date.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&#13;    banking revenues include gains and fees, net of syndicate expenses, arising primarily from municipal bond offerings in which&#13;    the Company acts as an underwriter or agent. Investment banking management fees are recorded on the offering date, sales concessions&#13;    on the settlement date, and underwriting fees at the time the underwriting is completed and the income is reasonably determinable&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Security&#13;    transactions are recorded on a trade-date basis. Securities owned are valued at fair value. The resulting realized and unrealized&#13;    gains and losses are reflected as trading profits. Commission revenue which relates to the capital market business are recorded&#13;    on a trade date basis.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Dividends&#13;    are recorded on the ex-dividend date, and interest income is recognized on an accrual basis.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Share-based payments to employees,&#13;including grants of employee stock options, are recognized in the statement of operations as an operating expense, based on their&#13;fair values on the grant date. Share-based compensation costs are recognized on a straight-line basis over the requisite service&#13;periods of awards which would normally be the vesting period of the options&lt;/font&gt;.&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
    <us-gaap:IntangibleAssetsFiniteLivedPolicy contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;Purchased intangibles which have finite useful lives are principally being amortized using the straight-line method over estimated useful lives of three to five years. Domain names and other intellectual property which are deemed to have an indefinite useful life are not amortized but are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test for indefinite-lived intangibles consists of a comparison of their fair value with their carrying amount (see note F).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:IntangibleAssetsFiniteLivedPolicy>
    <us-gaap:IntangibleAssetsFiniteLivedPolicy contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td colspan="2" style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Issuer&#13;    relationships, which were recorded in connection with the acquisition of the capital markets business (see Note B), are being&#13;    amortized by the straight-line method over 2.9 years.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td colspan="2" style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible&#13;    assets with finite lives are tested for recoverability whenever events or changes in circumstances indicate that the carrying&#13;    amount may not be recoverable. The Company assesses the recoverability of its intangible assets by determining whether the&#13;    unamortized balance can be recovered over the assets&amp;#146; remaining useful life through undiscounted estimated future cash&#13;    flows. If undiscounted estimated future cash flows indicate that the unamortized amounts will not be recovered, an adjustment&#13;    will be made to reduce such amounts to fair value based on estimated future cash flows discounted at a rate commensurate with&#13;    the risk associated with achieving such cash flows.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:IntangibleAssetsFiniteLivedPolicy>
    <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The Company evaluates the recoverability&#13;of its long-lived assets including amortizable intangibles and recognizes an impairment loss in the event the carrying value of&#13;these assets exceeds the estimated future undiscounted cash flows attributable to these assets. The Company assesses potential&#13;impairment to its long-lived assets when events or changes in circumstances indicate that its carrying value may not be recoverable.&#13;Should impairment exist, the impairment loss would be measured based on the excess of the carrying value of the assets over their&#13;fair value.&lt;/font&gt;&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
    <us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 75%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,199,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,777,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock>
    <us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 51%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;27,729,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    Income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;672,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock>
    <us-gaap:InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;Investment in and advances&#13;to, equity in income / (loss) of, and distributions received from, affiliates consist of the following:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 42%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;December 31, 2014&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;SBSF&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;SBSFPC&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Investment and advances&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;7,979,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#151;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;7,979,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Income (loss) from equity investees&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;84,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;(17,000&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.75pt; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;)&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; padding-bottom: 0.6pt; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;67,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Distributions&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;13,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;173,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;186,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;December 31, 2013&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;SBS&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;SBSFPC&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Investment and advances&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;7,832,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;190,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;8,022,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Income (loss) from equity investees&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;94,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;(159,000&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.75pt; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;)&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;(65,000&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.75pt; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Distributions&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;1,212,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;6,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;1,218,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;December 31, 2012&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;SBS&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;SBSFPC&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Income from equity investees&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;774,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;32,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;806,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;Distributions&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;95,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;2,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;$&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;97,000&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 27pt"&gt;&lt;/p&gt;</us-gaap:InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock>
    <SIEB:SummarizedFinancialDataOfAffiliatesScheduleTextBlock contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 66%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    assets, including secured demand note of $1,200,000 in each year due from Siebert&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;28,518,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,999,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    liabilities, including subordinated liabilities $1,200,000 in each year and a purchase obligation of $1,857,000 in 2014 due&#13;    to Siebert&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,458,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,083,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    members&amp;#146; capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,060,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,916,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regulatory&#13;    minimum net capital requirement&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;250,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;250,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;24,806,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;24,965,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;28,246,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;171,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;193,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,579,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Summarized&#13;financial data of SBSFPC is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 66%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;584,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    members&amp;#146; capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;569,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(222,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)*&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;293,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    income (loss)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(51,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(478,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;98,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</SIEB:SummarizedFinancialDataOfAffiliatesScheduleTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture,&#13;equipment and leasehold improvements consist of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 73%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;524,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;518,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Leasehold&#13;    improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;546,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;427,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture&#13;    and fixtures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;43,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,113,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;959,000&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Less&#13;    accumulated depreciation and amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(504,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(247,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;609,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;712,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2014-01-01to2014-12-31_SubsidiariesMember">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture,&#13;equipment, and leasehold improvements consist of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 67%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;926,654&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;896,376&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture&#13;    and leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,718,826&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,659,740&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,645,480&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,556,116&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Less&#13;    accumulated depreciation and amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,960,744&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,733,983&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;684,736&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;822,133&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
    <us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible&#13;assets consist of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 43%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31, 2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;Amortization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortization&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;Accumulated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortizable&#13;    intangible assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Website,&#13;    content and non-compete&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,850,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Retail&#13;    brokerage accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,638,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,630,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,638,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,620,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,488,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,480,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,488,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,470,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; 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   &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortization&#13;    expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock>
    <us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;tax expense consists of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 57%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="8" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Year&#13;    Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; 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line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; 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line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;19,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
    <us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reconciliation&#13;between the income tax provision and income taxes computed by applying the statutory Federal income tax rate to loss before income&#13;taxes is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 13.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 57%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="8" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Year&#13;    Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2012&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expected&#13;    income tax benefit at statutory Federal tax rate (34%)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,229,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,004,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(47,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;State&#13;    and local taxes, net of Federal tax effect&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(459,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(413,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Increase&#13;    in valuation allowance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,551000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,342,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;46,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;36,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;98,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;48,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;23,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; 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margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
    <us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;principal items giving rise to deferred tax assets (liabilities) are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 73%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;December&#13;    31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&#13;    tax assets:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    operating loss credit carryforwards&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,046,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,670,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Alternative&#13;    minimum tax carryforward&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;15,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Employee&#13;    stock based compensation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;237,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;237,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Retail&#13;    brokerage accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;211,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;281,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Contribution&#13;    carryover&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;223,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;347,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Furniture,&#13;    equipment and leasehold improvements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; 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text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
    <us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A&#13;summary of the Company&amp;#146;s stock option transactions for the three years ended December 31, 2014 is presented below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 39%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.33&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock>
    <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Future&#13;    minimum base rental payments under these operating leases are as follows:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 66%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Year&#13;    Ending&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;615,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;482,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;80,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,177,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
    <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="From2014-01-01to2014-12-31_SubsidiariesMember">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Future&#13;minimum base rent under these operating leases as of December 31, 2014 are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 53%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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    <us-gaap:GeneralAndAdministrativeExpense contextRef="From2012-01-01to2012-12-31_SbsOperationsMember" unitRef="USD" decimals="0">3300549</us-gaap:GeneralAndAdministrativeExpense>
    <us-gaap:GeneralAndAdministrativeExpense contextRef="From2014-01-01to2014-12-31_custom_SiebertBrandfordShankOperationsMember" unitRef="USD" decimals="0">3251269</us-gaap:GeneralAndAdministrativeExpense>
    <SIEB:NotePayableForPurchaseOfBusinessFromAffiliate contextRef="From2014-01-01to2014-12-31_custom_SbsfOperationsMember" unitRef="USD" decimals="0">1820000</SIEB:NotePayableForPurchaseOfBusinessFromAffiliate>
    <SIEB:IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships contextRef="From2014-01-01to2014-12-31_custom_SbsfOperationsMember" unitRef="USD" decimals="0">-819000</SIEB:IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships>
    <SIEB:Goodwill1 contextRef="From2014-01-01to2014-12-31_custom_SbsfOperationsMember" unitRef="USD" decimals="0">-1001000</SIEB:Goodwill1>
    <us-gaap:ScheduleOfSubordinatedBorrowingTextBlock contextRef="From2014-01-01to2014-12-31_custom_SiebertBrandfordShankOperationsMember">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;subordinated debt at December 31 consists of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 55%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 4%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 4%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Payable&#13;    to affiliate (a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Payable&#13;    to clearing broker&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,000,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,200,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; text-indent: 0pt; line-height: 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfSubordinatedBorrowingTextBlock>
    <us-gaap:InvestmentsInAndAdvancesToAffiliatesTextBlock contextRef="From2014-01-01to2014-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;Investment in and advances to, equity in income&#13;/ (loss) of, and distributions received from, affiliates consist of the following:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 42%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SBSF&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SBSFPC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;TOTAL&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Investment and advances&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,979,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#151;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,979,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Income (loss) from equity investees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;84,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(17,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.25pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-bottom: 0.75pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;67,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Distributions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;173,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;186,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SBS&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SBSFPC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;TOTAL&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Investment and advances&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,832,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;190,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,022,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Income (loss) from equity investees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(159,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.25pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(65,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.25pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Distributions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,212,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,218,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SBS&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;SBSFPC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;TOTAL&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Income from equity investees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;774,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;32,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;806,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;Distributions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;95,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;97,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;Siebert and two individuals (the &amp;#147;Principals&amp;#148;)&#13;formed SBS to succeed to the tax-exempt underwriting business of the Siebert Brandford Shank division of Siebert. The agreements&#13;with the Principals provide that profits will be shared 51% to the Principals and 49% to Siebert.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;Pursuant to the terms of the Operating Agreement,&#13;Financial and each of the Principals owned a 33.33% interest in SBSFPC which engaged in derivatives transactions related to the&#13;municipal underwriting business. The Operating Agreement provides that income/(loss) be shared 66.66% by the Principals and 33.33%&#13;by Financial. SBSFPC ceased operations in December 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;Summarized consolidated financial data of SBSF&#13;and SBS in 2014 and financial data for SBS in 2013 and 2012 is as follows:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 66%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets, including secured demand note of $1,200,000 in each year due from Siebert&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;28,518,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22,999,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 8.65pt; text-indent: -8.65pt"&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities, including subordinated liabilities $1,200,000 in each year and a purchase obligation of $1,857,000 in 2014 due to Siebert&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12,458,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,083,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total members&amp;#146; capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,060,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,916,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Regulatory minimum net capital requirement&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;250,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;250,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,806,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24,965,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;28,246,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;171,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;193,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,579,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;During 2014, 2013 and 2012 Siebert charged&#13;SBSF $100,000, $100,000, and $75,000 for each year, respectively, for general and administrative services, which Siebert believes&#13;approximates the cost of furnishing such services. In addition, during each of the years 2014, 2013 and 2012, Siebert earned interest&#13;income of $48,000 from SBS in connection with subordinated loans available or made to SBS and Siebert paid SBS interest earned&#13;on restricted cash equivalents of $1,028, $1,500 and $2,900 in 2014, 2013 and 2012, respectively. In addition, in 2014, Siebert&#13;earned interest income of $36,641 from SBSF on the purchase obligation in connection with the sale of the capital markets business&#13;(see Note B).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;Siebert&amp;#146;s share of undistributed earnings&#13;from SBSF at December 31, 2014 amounted to $7,477,000 and from SBS at December 31, 2013 amounted to $7,407,000. Undistributed earnings&#13;may not be immediately available for distribution to Siebert for various reasons including the amount of SBSF&amp;#146;s available&#13;cash, the provisions of the agreement between Siebert and the Principals and SBSF&amp;#146;s continued compliance with its regulatory&#13;net capital requirements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;Summarized financial data of SBSFPC is as follows:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 66%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;584,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;26,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total members&amp;#146; capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;569,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Total revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(222,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)*&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;293,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Net income (loss)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(51,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(478,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;98,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;*Negative balance was attributable to loss&#13;in derivative contracts&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;In July 2013, as a result of the filing of&#13;a bankruptcy petition by the City of Detroit, SBSFPC unwound certain derivative contracts with a financial institution pursuant&#13;to the terms of the contracts. The contracts were recorded as liabilities with a carrying value of $123,063,000. In connection&#13;therewith, SBSFPC assigned certain derivative contracts with the City of Detroit to the financial institution, which were recorded&#13;as assets with a carrying value of $123,063,000. No gain or loss was recognized by SBSFPC as a result of the unwinding and assignment&#13;of these derivative contracts and SBSFPC has no continuing obligations or rights with respect to the derivative contracts. During&#13;the quarter ended March 31, 2013 SBSFPC incurred a loss of $241,000 on the write down in value of the derivative contracts with&#13;the City of Detroit to adjust their carrying value to the carrying value of the derivative contracts with the financial institution.&#13;The Company received distributions from SBSFP of $173,000 during 2014 and $6,000 during 2013 which is shown on the statement of&#13;cash flows as an investing activity as they represent a return of capital.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;Effective September 16, 2013, Suzanne Shank,&#13;one of the Principals having 25.5% ownership in SBS and 33.3% interest in SBSFP became the Company&amp;#146;s chief executive officer.&#13;On March 3, 2015 Ms. Shank completed her role as acting chief executive officer of the Company to devote full time to her continuing&#13;position as chief executive officer of SBSF.&lt;/p&gt;</us-gaap:InvestmentsInAndAdvancesToAffiliatesTextBlock>
    <us-gaap:QuarterlyFinancialInformationTextBlock contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 29%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="11" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="11" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;First&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Second&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Third&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Fourth&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;First&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Second&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Third&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Fourth&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Quarter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,718,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,705,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,454,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,975,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,266,000&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(.06&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(.06&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(.07&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(.07&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #E6E6E6"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Diluted&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(.06&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(.07&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(.07&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 25.95pt; text-indent: -17.3pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#149;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Includes $4,300,000 (0.19 per share) loss related to arbitration settlement (see Note J3). &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
    <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 97%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;On November 4, 2014, the Company, which held a 49% membership interest in, and the other members of, Siebert Brandford Shank &amp;#38;Co., LLC (&amp;#147;SBS&amp;#148;), contributed their SBS membership interest into a newly formed Delaware limited liability company, Siebert Brandford Shank Financial, L.L.C. (&amp;#147;SBSF&amp;#148;), in exchange for the same percentage interests in SBSF. On the same day the Company entered an Asset Purchase Agreement (the &amp;#147;Purchase Agreement&amp;#148;) with SBS and SBSF, pursuant to which the Company sold substantially all of the assets relating to the Company&amp;#146;s capital markets business to SBSF. Pursuant to the Purchase Agreement, SBSF assumed post-closing liabilities relating to the transferred business.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The Purchase Agreement provides for an aggregate purchase price for the disposition of $3,000,000, payable by SBSF after closing in annual installments commencing on March 1, 2016 and continuing on each of March 1, 2017, 2018, 2019 and 2020. The transferred business was contributed by SBSF to, and operated by SBS. The amount payable to the Company on each annual payment date will equal 50% of the net income attributable to the transferred business recognized by SBS in accordance with generally accepted accounting principles during the fiscal year ending immediately preceding the applicable payment date; provided that, if net income attributable to the transferred business generated prior to the fifth annual payment date is insufficient to pay the remaining balance of the purchase price in full on the fifth annual payment date, then the unpaid amount of the purchase price will be paid in full on March 1, 2021.Transferred assets of the Company&amp;#146;s capital markets business, consisted of customer accounts and goodwill, which had no carrying value to the Company, and the Company recorded a gain on sale of $1,820,000, which reflected the fair value of the purchase obligation. Such fair value (Level 3) was based on the present value of estimated annual installments to be received during 2016 through 2020 from forecasted net income of the transferred business plus a final settlement in 2021, discounted at 11.5% (representing SBS&amp;#146;s weighted average cost of capital).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;The discount recorded for the purchase obligation will be amortized as interest income using an effective yield initially calculated based on the original carrying amount of the obligation and estimated annual installments to be received and adjusted in future periods to reflect actual installments received and changes in estimates of future installments. Interest income recognized on the obligation for the period from November 4, 2014 to December 31, 2014 amounted to $36,641 based on a yield of approximately 12%.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;As a result of the Company&amp;#146;s continuing involvement in the capital markets business through the its 49% ownership in SBSF, results of operations of the capital markets business and the gain on sale were not reflected as discontinued operations in the accompanying financial statements.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Commencing on November 4, 2014,&#13;the accompanying financial statements include the accounts of SBSF and its wholly-owned subsidiary SBS after elimination of intercompany&#13;balances and transactions. Prior thereto, the financial statements represent those of SBS. The creation of SBSF and related transfer&#13;thereto of the members&amp;#146; interest in SBS did not result in any change in the carrying value of the existing assets or liabilities&#13;of SBS in the consolidated financial statements as both entities were under common control.&lt;/font&gt;&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="From2014-01-01to2014-12-31_custom_SbsFinancialMember">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Goodwill, which was recorded in&#13;connection with the acquisition of the capital markets business (see Note B), is not subject to amortization and is tested for&#13;impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The impairment&#13;test consists of a comparison of the fair value of the reporting unit with the carrying amount its net assets, including goodwill.&#13;Fair value is typically based upon estimated future cash flows discounted at a rate commensurate with the risk involved or market-based&#13;comparables. If the carrying amount of the Company&amp;#146;s net assets exceeds the fair value of the reporting unit, then an analysis&#13;will be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will&#13;be recognized in an amount equal to the excess of the carrying amount over its implied fair value.&lt;/font&gt;&lt;/p&gt;</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
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<TYPE>EX-101.SCH
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="us-gaap_FairValueInputsLevel1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US">Level 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US">Fair Value By Fair Value Hierarchy Level [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Equity Components [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-In Capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_2_lbl" xml:lang="en-US">Fair Value, Hierarchy [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsFinancialMember" xlink:label="SIEB_SbsFinancialMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsFinancialMember" xlink:to="SIEB_SbsFinancialMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsFinancialMember_lbl" xml:lang="en-US">Siebert, Brandford, Shank Financial LLC and Subsidiary</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsMember" xlink:label="SIEB_SbsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsMember" xlink:to="SIEB_SbsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsMember_lbl" xml:lang="en-US">SBS</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsfpcMember" xlink:label="SIEB_SbsfpcMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsfpcMember" xlink:to="SIEB_SbsfpcMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsfpcMember_lbl" xml:lang="en-US">SBSFPC</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_WebsiteMember" xlink:label="SIEB_WebsiteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_WebsiteMember" xlink:to="SIEB_WebsiteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_WebsiteMember_lbl" xml:lang="en-US">Website, content and non-compete</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_RetailBrokerageAccountsMember" xlink:label="SIEB_RetailBrokerageAccountsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_RetailBrokerageAccountsMember" xlink:to="SIEB_RetailBrokerageAccountsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_RetailBrokerageAccountsMember_lbl" xml:lang="en-US">Retail brokerage accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_AmortizableAssetsMember" xlink:label="SIEB_AmortizableAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_AmortizableAssetsMember" xlink:to="SIEB_AmortizableAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_AmortizableAssetsMember_lbl" xml:lang="en-US">Amortizable assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IntellectualPropertyMember" xlink:label="us-gaap_IntellectualPropertyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntellectualPropertyMember" xlink:to="us-gaap_IntellectualPropertyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntellectualPropertyMember_lbl" xml:lang="en-US">Intellectual property</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsBalanceSheetMember" xlink:label="SIEB_SbsBalanceSheetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsBalanceSheetMember" xlink:to="SIEB_SbsBalanceSheetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsBalanceSheetMember_lbl" xml:lang="en-US">Siebert, Brandford, Shank Financial, LLC and Subsidiary</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="us-gaap_BalanceSheetLocationAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationAxis" xlink:to="us-gaap_BalanceSheetLocationAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BalanceSheetLocationAxis_lbl" xml:lang="en-US">BalanceSheetLocation [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsOperationsMember" xlink:label="SIEB_SbsOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsOperationsMember" xlink:to="SIEB_SbsOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsOperationsMember_lbl" xml:lang="en-US">Siebert, Brandford, Shank and Co LLC</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="us-gaap_IncomeStatementLocationAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xml:lang="en-US">IncomeStatementLocation [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SBSCapitalMember" xlink:label="SIEB_SBSCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SBSCapitalMember" xlink:to="SIEB_SBSCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SIEB_SBSCapitalMember_lbl" xml:lang="en-US">SBS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PartnerCapitalComponentsAxis" xlink:label="us-gaap_PartnerCapitalComponentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnerCapitalComponentsAxis" xlink:to="us-gaap_PartnerCapitalComponentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PartnerCapitalComponentsAxis_lbl" xml:lang="en-US">Partner Capital Components [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SBSCashFlowsMember" xlink:label="SIEB_SBSCashFlowsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SBSCashFlowsMember" xlink:to="SIEB_SBSCashFlowsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SIEB_SBSCashFlowsMember_lbl" xml:lang="en-US">SBS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsAxis" xlink:label="us-gaap_CashAndCashEquivalentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAxis" xlink:to="us-gaap_CashAndCashEquivalentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAxis_lbl" xml:lang="en-US">CashAndCashEquivalents [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubsidiariesMember" xlink:label="us-gaap_SubsidiariesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiariesMember" xlink:to="us-gaap_SubsidiariesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SubsidiariesMember_lbl" xml:lang="en-US">SBS</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsLevel1Member" xlink:label="SIEB_SbsLevel1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsLevel1Member" xlink:to="SIEB_SbsLevel1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsLevel1Member_lbl" xml:lang="en-US">SBS - Level 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsLevel2Member" xlink:label="SIEB_SbsLevel2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsLevel2Member" xlink:to="SIEB_SbsLevel2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsLevel2Member_lbl" xml:lang="en-US">SBS - Level 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsFairValueMember" xlink:label="SIEB_SbsFairValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsFairValueMember" xlink:to="SIEB_SbsFairValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsFairValueMember_lbl" xml:lang="en-US">SBS - Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsDebtMember" xlink:label="SIEB_SbsDebtMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsDebtMember" xlink:to="SIEB_SbsDebtMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SIEB_SbsDebtMember_lbl" xml:lang="en-US">SBS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US">Debt Instrument [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProFormaMember" xlink:label="us-gaap_ProFormaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProFormaMember" xlink:to="us-gaap_ProFormaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProFormaMember_lbl" xml:lang="en-US">Pro Forma [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="us-gaap_StatementScenarioAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">Scenario [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SiebertBrandfordShankBalanceSheetMember" xlink:label="SIEB_SiebertBrandfordShankBalanceSheetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SiebertBrandfordShankBalanceSheetMember" xlink:to="SIEB_SiebertBrandfordShankBalanceSheetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SiebertBrandfordShankBalanceSheetMember_lbl" xml:lang="en-US">Siebert, Brandford, Shank and Co, LLC</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SiebertBrandfordShankOperationsMember" xlink:label="SIEB_SiebertBrandfordShankOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SiebertBrandfordShankOperationsMember" xlink:to="SIEB_SiebertBrandfordShankOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SIEB_SiebertBrandfordShankOperationsMember_lbl" xml:lang="en-US">Siebert, Brandford, Shank Financial, LLC and Subsidiary</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SbsfOperationsMember" xlink:label="SIEB_SbsfOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsfOperationsMember" xlink:to="SIEB_SbsfOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SIEB_SbsfOperationsMember_lbl" xml:lang="en-US">Siebert, Brandford, Shank Financial LLC and Subsidiary</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_DocumentAndEntityInformationAbstract" xlink:label="SIEB_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_DocumentAndEntityInformationAbstract" xlink:to="SIEB_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationAxis" xlink:to="us-gaap_BalanceSheetLocationAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BalanceSheetLocationAxis_2_lbl" xml:lang="en-US">Balance Sheet Location [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="us-gaap_RestrictedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalents" xlink:to="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Cash equivalents - restricted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="us-gaap_AccountsAndNotesReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsAndNotesReceivableNet" xlink:to="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:label="us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:to="us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_lbl" xml:lang="en-US">Receivable from brokers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DueFromAffiliates" xlink:label="us-gaap_DueFromAffiliates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromAffiliates" xlink:to="us-gaap_DueFromAffiliates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromAffiliates_lbl" xml:lang="en-US">Receivable from business sold to affiliate net of unamortized discount of $1,143,000</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAtFairValue" xlink:label="us-gaap_FinancialInstrumentsOwnedAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsOwnedAtFairValue" xlink:to="us-gaap_FinancialInstrumentsOwnedAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialInstrumentsOwnedAtFairValue_lbl" xml:lang="en-US">Securities owned, at fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="us-gaap_DueFromRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedPartiesCurrent" xlink:to="us-gaap_DueFromRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedPartiesCurrent_lbl" xml:lang="en-US">Due from broker</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SecuredDemandNotes" xlink:label="us-gaap_SecuredDemandNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDemandNotes" xlink:to="us-gaap_SecuredDemandNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuredDemandNotes_lbl" xml:lang="en-US">Secured demand note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US">Goodwill - Note B</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_IssuerRelationshipsNetOfAmortization" xlink:label="SIEB_IssuerRelationshipsNetOfAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IssuerRelationshipsNetOfAmortization" xlink:to="SIEB_IssuerRelationshipsNetOfAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_IssuerRelationshipsNetOfAmortization_lbl" xml:lang="en-US">Issuer relationships, net of amortization of $41,212 - Note B</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Furniture, equipment and leasehold improvements, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestments_lbl" xml:lang="en-US">Investments in and advances to affiliates</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssets" xlink:to="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Intangibles, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DueToAffiliateCurrent" xlink:label="us-gaap_DueToAffiliateCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToAffiliateCurrent" xlink:to="us-gaap_DueToAffiliateCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToAffiliateCurrent_lbl" xml:lang="en-US">Payable to affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PurchaseObligation" xlink:label="us-gaap_PurchaseObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PurchaseObligation" xlink:to="us-gaap_PurchaseObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PurchaseObligation_lbl" xml:lang="en-US">Asset purchase obligation payable to affiliate, net of unamortized discount of $1,143,359</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DueToCorrespondentBrokers" xlink:label="us-gaap_DueToCorrespondentBrokers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToCorrespondentBrokers" xlink:to="us-gaap_DueToCorrespondentBrokers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToCorrespondentBrokers_lbl" xml:lang="en-US">Due to broker</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts payable and accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BankOverdrafts" xlink:label="us-gaap_BankOverdrafts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BankOverdrafts" xlink:to="us-gaap_BankOverdrafts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BankOverdrafts_lbl" xml:lang="en-US">Bank overdraft</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredRentCreditCurrent" xlink:label="us-gaap_DeferredRentCreditCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRentCreditCurrent" xlink:to="us-gaap_DeferredRentCreditCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRentCreditCurrent_lbl" xml:lang="en-US">Deferred rent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubordinatedDebt" xlink:label="us-gaap_SubordinatedDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubordinatedDebt" xlink:to="us-gaap_SubordinatedDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubordinatedDebt_lbl" xml:lang="en-US">Subordinated debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock, $.01 par value; 49,000,000 shares authorized, 23,211,846 shares issued, 22,085,126 shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xml:lang="en-US">Additional paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Less: 1,126,720 shares of treasury stock, at cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Capital" xlink:label="us-gaap_Capital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Capital" xlink:to="us-gaap_Capital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Capital_lbl" xml:lang="en-US">Members' capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities and Stockholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscount" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscount" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xml:lang="en-US">Unamortized discount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IssuerRelationshipsNetOfAmortization" xlink:to="SIEB_IssuerRelationshipsNetOfAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SIEB_IssuerRelationshipsNetOfAmortization_2_lbl" xml:lang="en-US">Issuer relationships, net of amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_2_lbl" xml:lang="en-US">Stockholder's equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, authorized shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, issued shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, outstanding shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury Stock Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeStatementLocationAxis_2_lbl" xml:lang="en-US">Income Statement Location [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">Revenue:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FeesAndCommissions" xlink:label="us-gaap_FeesAndCommissions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FeesAndCommissions" xlink:to="us-gaap_FeesAndCommissions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FeesAndCommissions_lbl" xml:lang="en-US">Commissions and fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentBankingRevenue" xlink:label="us-gaap_InvestmentBankingRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentBankingRevenue" xlink:to="us-gaap_InvestmentBankingRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentBankingRevenue_lbl" xml:lang="en-US">Investment banking</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TradingGainsLosses" xlink:label="us-gaap_TradingGainsLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradingGainsLosses" xlink:to="us-gaap_TradingGainsLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TradingGainsLosses_lbl" xml:lang="en-US">Trading gains, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GainOrLossOnSaleOfStockInSubsidiary" xlink:label="us-gaap_GainOrLossOnSaleOfStockInSubsidiary" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainOrLossOnSaleOfStockInSubsidiary" xlink:to="us-gaap_GainOrLossOnSaleOfStockInSubsidiary_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainOrLossOnSaleOfStockInSubsidiary_lbl" xml:lang="en-US">Gain on the disposition of business to affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_Commissions" xlink:label="SIEB_Commissions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_Commissions" xlink:to="SIEB_Commissions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_Commissions_lbl" xml:lang="en-US">Commissions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestAndDividendIncomeOperating" xlink:label="us-gaap_InterestAndDividendIncomeOperating" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDividendIncomeOperating" xlink:to="us-gaap_InterestAndDividendIncomeOperating_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndDividendIncomeOperating_lbl" xml:lang="en-US">Interest and dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="us-gaap_OperatingExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpensesAbstract" xlink:to="us-gaap_OperatingExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xml:lang="en-US">Expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="us-gaap_LaborAndRelatedExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LaborAndRelatedExpense" xlink:to="us-gaap_LaborAndRelatedExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LaborAndRelatedExpense_lbl" xml:lang="en-US">Employee compensation and benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:label="us-gaap_FloorBrokerageExchangeAndClearanceFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:to="us-gaap_FloorBrokerageExchangeAndClearanceFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FloorBrokerageExchangeAndClearanceFees_lbl" xml:lang="en-US">Clearing fees, including floor brokerage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="us-gaap_ProfessionalFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfessionalFees" xlink:to="us-gaap_ProfessionalFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfessionalFees_lbl" xml:lang="en-US">Professional fees</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_LossRelatedToArbitrationSettlement" xlink:label="SIEB_LossRelatedToArbitrationSettlement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_LossRelatedToArbitrationSettlement" xlink:to="SIEB_LossRelatedToArbitrationSettlement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_LossRelatedToArbitrationSettlement_lbl" xml:lang="en-US">Loss related to arbitration settlement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MarketingAndAdvertisingExpense" xlink:label="us-gaap_MarketingAndAdvertisingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketingAndAdvertisingExpense" xlink:to="us-gaap_MarketingAndAdvertisingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MarketingAndAdvertisingExpense_lbl" xml:lang="en-US">Advertising and promotion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Communication" xlink:label="us-gaap_Communication" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Communication" xlink:to="us-gaap_Communication_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Communication_lbl" xml:lang="en-US">Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OccupancyNet" xlink:label="us-gaap_OccupancyNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OccupancyNet" xlink:to="us-gaap_OccupancyNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OccupancyNet_lbl" xml:lang="en-US">Occupancy</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ImpairmentOfIntangibleAssetsFinitelived" xlink:label="us-gaap_ImpairmentOfIntangibleAssetsFinitelived" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfIntangibleAssetsFinitelived" xlink:to="us-gaap_ImpairmentOfIntangibleAssetsFinitelived_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfIntangibleAssetsFinitelived_lbl" xml:lang="en-US">Impairment of intangibles</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_WriteOffOfSoftwareDevelopmentCosts" xlink:label="SIEB_WriteOffOfSoftwareDevelopmentCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_WriteOffOfSoftwareDevelopmentCosts" xlink:to="SIEB_WriteOffOfSoftwareDevelopmentCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_WriteOffOfSoftwareDevelopmentCosts_lbl" xml:lang="en-US">Write off of software development costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations" xlink:label="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations" xlink:to="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations_lbl" xml:lang="en-US">State and local income tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="us-gaap_OtherGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Other general and administrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative including ($100,000, 100,000 and 75,000 to affiliate)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GainLossRelatedToLitigationSettlement" xlink:label="us-gaap_GainLossRelatedToLitigationSettlement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossRelatedToLitigationSettlement" xlink:to="us-gaap_GainLossRelatedToLitigationSettlement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossRelatedToLitigationSettlement_lbl" xml:lang="en-US">Provision for loss related to settlement of litigation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Income (loss) from equity investees, including, in 2014, interest on receivable of $37,000</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US">Loss before income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Net loss per share of common stock - basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xml:lang="en-US">Weighted average shares outstanding - basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Begining Balance, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Begining Balance, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="us-gaap_TreasuryStockSharesAcquired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockSharesAcquired" xlink:to="us-gaap_TreasuryStockSharesAcquired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockSharesAcquired_lbl" xml:lang="en-US">Treasury share purchases, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TreasuryStockValueAcquiredParValueMethod" xlink:label="us-gaap_TreasuryStockValueAcquiredParValueMethod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValueAcquiredParValueMethod" xlink:to="us-gaap_TreasuryStockValueAcquiredParValueMethod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValueAcquiredParValueMethod_lbl" xml:lang="en-US">Treasury share purchases, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Stock based compensation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_2_lbl" xml:lang="en-US">Ending Balance, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Ending Balance, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Capital" xlink:to="us-gaap_Capital_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_Capital_2_lbl" xml:lang="en-US">Members' capital, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid" xlink:label="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid" xlink:to="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid_lbl" xml:lang="en-US">Distributions to members</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Capital" xlink:to="us-gaap_Capital_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_Capital_3_lbl" xml:lang="en-US">Members' capital, Ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAxis" xlink:to="us-gaap_CashAndCashEquivalentsAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAxis_2_lbl" xml:lang="en-US">Cash and Cash Equivalents [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentIncomeAmortizationOfDiscount" xlink:label="us-gaap_InvestmentIncomeAmortizationOfDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeAmortizationOfDiscount" xlink:to="us-gaap_InvestmentIncomeAmortizationOfDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InvestmentIncomeAmortizationOfDiscount_lbl" xml:lang="en-US">Amortization of discount on obligation due affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GainLossOnSaleOfBusiness" xlink:label="us-gaap_GainLossOnSaleOfBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfBusiness" xlink:to="us-gaap_GainLossOnSaleOfBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfBusiness_lbl" xml:lang="en-US">Gain on the disposition of business sold to affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_IncomeLossFromEquityInvestees" xlink:label="SIEB_IncomeLossFromEquityInvestees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IncomeLossFromEquityInvestees" xlink:to="SIEB_IncomeLossFromEquityInvestees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_IncomeLossFromEquityInvestees_lbl" xml:lang="en-US">(Income) loss from equity investees</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate" xlink:label="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate" xlink:to="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate_lbl" xml:lang="en-US">Interest accrued on receivable from business sold to affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" xlink:label="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" xlink:to="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_lbl" xml:lang="en-US">Distributions from equity investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xlink:label="us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xlink:to="us-gaap_IncreaseDecreaseInPayablesToBrokerDealers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPayablesToBrokerDealers_lbl" xml:lang="en-US">Due to/from broker</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:label="us-gaap_IncreaseDecreaseInSecuritiesBorrowed" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:to="us-gaap_IncreaseDecreaseInSecuritiesBorrowed_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInSecuritiesBorrowed_lbl" xml:lang="en-US">Securities owned, at fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOperatingAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssets_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseDueFromAffiliates" xlink:label="us-gaap_IncreaseDecreaseDueFromAffiliates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseDueFromAffiliates" xlink:to="us-gaap_IncreaseDecreaseDueFromAffiliates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseDueFromAffiliates_lbl" xml:lang="en-US">Payable to (receivable from) affiliates</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables" xlink:label="us-gaap_IncreaseDecreaseInOtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherReceivables" xlink:to="us-gaap_IncreaseDecreaseInOtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US">Bank overdraft</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StraightLineRent" xlink:label="us-gaap_StraightLineRent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StraightLineRent" xlink:to="us-gaap_StraightLineRent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StraightLineRent_lbl" xml:lang="en-US">Deferred rent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US">Receivable from affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInBrokerageReceivables" xlink:label="us-gaap_IncreaseDecreaseInBrokerageReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInBrokerageReceivables" xlink:to="us-gaap_IncreaseDecreaseInBrokerageReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInBrokerageReceivables_lbl" xml:lang="en-US">Receivable from brokers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:to="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable_lbl" xml:lang="en-US">Income tax refund receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flows From Investing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Purchase of furniture, equipment and leasehold improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties_lbl" xml:lang="en-US">Distributions from equity investees</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees" xlink:label="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees" xlink:to="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees_lbl" xml:lang="en-US">(Payment) collection of advances made to equity investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash provided by/ (used in) investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid" xlink:to="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid_2_lbl" xml:lang="en-US">Distributions to members</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt_lbl" xml:lang="en-US">Subordinated borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepaymentsOfSubordinatedDebt" xlink:label="us-gaap_RepaymentsOfSubordinatedDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSubordinatedDebt" xlink:to="us-gaap_RepaymentsOfSubordinatedDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfSubordinatedDebt_lbl" xml:lang="en-US">Subordinated repayments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Purchase of treasury shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net decrease in cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Cash" xlink:label="us-gaap_Cash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_Cash_lbl" xml:lang="en-US">Cash and cash equivalents - beginning of year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_Cash_2_lbl" xml:lang="en-US">Cash and cash equivalents - end of year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Disclosures:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxesPaidNet" xlink:label="us-gaap_IncomeTaxesPaidNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaidNet" xlink:to="us-gaap_IncomeTaxesPaidNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaidNet_lbl" xml:lang="en-US">Income taxes paid (received), net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Interest paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract_lbl" xml:lang="en-US">Non-cash investing and financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_NotePayableForPurchaseOfBusinessFromAffiliate" xlink:label="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate" xlink:to="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate_lbl" xml:lang="en-US">Note payable for purchase of business from affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships" xlink:label="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships" xlink:to="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships_lbl" xml:lang="en-US">Intangible assets acquired related to business acquired from affiliate issuer relationships</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_Goodwill1" xlink:label="SIEB_Goodwill1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_Goodwill1" xlink:to="SIEB_Goodwill1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_Goodwill1_lbl" xml:lang="en-US">Goodwill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xml:lang="en-US">A. BUSINESS ORGANIZATION</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:label="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:to="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_lbl" xml:lang="en-US">Discontinued Operations and Disposal Groups [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_lbl" xml:lang="en-US">B. SALE OF BUSINESS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationDisclosureTextBlock" xlink:to="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock_lbl" xml:lang="en-US">B. BUSINESS ACQUISITION</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:to="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_lbl" xml:lang="en-US">Investments in and Advances to Affiliates, Schedule of Investments [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock" xlink:to="us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock_lbl" xml:lang="en-US">D - INVESTMENT IN AFFILIATES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SubordinatedBorrowingsDisclosureTextBlock" xlink:label="us-gaap_SubordinatedBorrowingsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubordinatedBorrowingsDisclosureTextBlock" xlink:to="us-gaap_SubordinatedBorrowingsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubordinatedBorrowingsDisclosureTextBlock_lbl" xml:lang="en-US">D - SUBORDINATED BORROWINGS AND SECURED DEMAND NOTE RECEIVABLE</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">C - FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsDisclosureTextBlock" xlink:to="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsDisclosureTextBlock_lbl" xml:lang="en-US">F - INTANGIBLE ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_NetCapitalTextBlock" xlink:label="SIEB_NetCapitalTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NetCapitalTextBlock" xlink:to="SIEB_NetCapitalTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_NetCapitalTextBlock_lbl" xml:lang="en-US">D - NET CAPITAL</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="us-gaap_IncomeTaxDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureAbstract" xlink:to="us-gaap_IncomeTaxDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureAbstract_lbl" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">G - INCOME TAXES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityAbstract" xlink:label="us-gaap_EquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityAbstract" xlink:to="us-gaap_EquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityAbstract_lbl" xml:lang="en-US">Equity [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US">H - STOCKHOLDERS' EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:label="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:to="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_lbl" xml:lang="en-US">F - ACCOUNTS PAYABLE AND ACCRUED EXPENSES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock" xlink:label="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock" xlink:to="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">I - OPTIONS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:label="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:to="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_lbl" xml:lang="en-US">I - OTHER</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">J - COMMITMENTS, CONTINGENCIES AND OTHER</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:label="us-gaap_QuarterlyFinancialInformationDisclosureAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_QuarterlyFinancialInformationDisclosureAbstract_lbl" xml:lang="en-US">Quarterly Financial Information Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xml:lang="en-US">K - SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="us-gaap_ConsolidationPolicyTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xml:lang="en-US">Principles of Consolidation</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash Equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_InvestmentBankingRevenuesPolicyTextBlock" xlink:label="SIEB_InvestmentBankingRevenuesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_InvestmentBankingRevenuesPolicyTextBlock" xlink:to="SIEB_InvestmentBankingRevenuesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_InvestmentBankingRevenuesPolicyTextBlock_lbl" xml:lang="en-US">Investment banking revenues</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MarketableSecuritiesPolicy" xlink:label="us-gaap_MarketableSecuritiesPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesPolicy" xlink:to="us-gaap_MarketableSecuritiesPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MarketableSecuritiesPolicy_lbl" xml:lang="en-US">Securities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xml:lang="en-US">Fair value of financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US">Furniture, Equipment and Leasehold Improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdvertisingCostsPolicyTextBlock" xlink:label="us-gaap_AdvertisingCostsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdvertisingCostsPolicyTextBlock" xlink:to="us-gaap_AdvertisingCostsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdvertisingCostsPolicyTextBlock_lbl" xml:lang="en-US">Advertising Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US">Goodwill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US">Use of Estimates</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US">Per Share Data</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US">Stock-Based Compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:label="us-gaap_IntangibleAssetsFiniteLivedPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:to="us-gaap_IntangibleAssetsFiniteLivedPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsFiniteLivedPolicy_lbl" xml:lang="en-US">Intangible</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:to="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_lbl" xml:lang="en-US">Valuation of Long-Lived Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">New Accounting Standards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xml:lang="en-US">Financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_lbl" xml:lang="en-US">Pro forma amounts of revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:to="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_lbl" xml:lang="en-US">Investment In and Advances to Affiliate</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock" xlink:label="SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock" xlink:to="SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock_lbl" xml:lang="en-US">Summarized financial data of affiliates</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfSubordinatedBorrowingTextBlock" xlink:label="us-gaap_ScheduleOfSubordinatedBorrowingTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfSubordinatedBorrowingTextBlock_lbl" xml:lang="en-US">Subordinated debt</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xml:lang="en-US">Furniture, equipment and leasehold improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:label="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:to="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Accounts payable and accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" xlink:to="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_lbl" xml:lang="en-US">Stock option transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:to="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xml:lang="en-US">Future minimum base rental payments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Revenues_2_lbl" xml:lang="en-US">Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLoss_3_lbl" xml:lang="en-US">Net Income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="us-gaap_AvailableForSaleSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecurities" xlink:to="us-gaap_AvailableForSaleSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AvailableForSaleSecurities_lbl" xml:lang="en-US">Securities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsOwnedAtFairValue" xlink:to="us-gaap_FinancialInstrumentsOwnedAtFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_FinancialInstrumentsOwnedAtFairValue_2_lbl" xml:lang="en-US">Financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue" xlink:to="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue_lbl" xml:lang="en-US">Investment and advances</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_2_lbl" xml:lang="en-US">Income from equity investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentDividendsOrDistributions" xlink:to="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentDividendsOrDistributions_lbl" xml:lang="en-US">Distributions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Total assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Capital" xlink:to="us-gaap_Capital_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Capital_4_lbl" xml:lang="en-US">Total members' capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MinimumNetCapitalRequired1" xlink:label="us-gaap_MinimumNetCapitalRequired1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumNetCapitalRequired1" xlink:to="us-gaap_MinimumNetCapitalRequired1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumNetCapitalRequired1_lbl" xml:lang="en-US">Regulatory minimum net capital requirement</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_3_lbl" xml:lang="en-US">Total revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DueToAffiliateCurrentAndNoncurrent" xlink:label="us-gaap_DueToAffiliateCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToAffiliateCurrentAndNoncurrent" xlink:to="us-gaap_DueToAffiliateCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToAffiliateCurrentAndNoncurrent_lbl" xml:lang="en-US">Payable to affiliate (a)</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_PayableToClearingBroker" xlink:label="SIEB_PayableToClearingBroker" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_PayableToClearingBroker" xlink:to="SIEB_PayableToClearingBroker_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_PayableToClearingBroker_lbl" xml:lang="en-US">Payable to clearing broker</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MachineryAndEquipmentGross" xlink:label="us-gaap_MachineryAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MachineryAndEquipmentGross" xlink:to="us-gaap_MachineryAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MachineryAndEquipmentGross_lbl" xml:lang="en-US">Equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LeaseholdImprovementsGross" xlink:label="us-gaap_LeaseholdImprovementsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsGross" xlink:to="us-gaap_LeaseholdImprovementsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseholdImprovementsGross_lbl" xml:lang="en-US">Leasehold improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="us-gaap_FurnitureAndFixturesGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FurnitureAndFixturesGross" xlink:to="us-gaap_FurnitureAndFixturesGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FurnitureAndFixturesGross_lbl" xml:lang="en-US">Furniture and fixtures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US">Furniture, equipment and leasehold improvements, gross</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Less accumulated depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IntangibleAssetsGrossExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsGrossExcludingGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsGrossExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsGrossExcludingGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsGrossExcludingGoodwill_lbl" xml:lang="en-US">Gross Carrying Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US">Accumulated Amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets" xlink:label="us-gaap_AmortizationOfIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="us-gaap_AmortizationOfIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MinimumNetCapitalRequiredForEntity1" xlink:label="us-gaap_MinimumNetCapitalRequiredForEntity1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumNetCapitalRequiredForEntity1" xlink:to="us-gaap_MinimumNetCapitalRequiredForEntity1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumNetCapitalRequiredForEntity1_lbl" xml:lang="en-US">Net capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_MinimumNetCapitalRequiredForEntityExcess" xlink:label="SIEB_MinimumNetCapitalRequiredForEntityExcess" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_MinimumNetCapitalRequiredForEntityExcess" xlink:to="SIEB_MinimumNetCapitalRequiredForEntityExcess_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_MinimumNetCapitalRequiredForEntityExcess_lbl" xml:lang="en-US">Excess of required capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_EIncomeTaxesDetails2Abstract" xlink:label="SIEB_EIncomeTaxesDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_EIncomeTaxesDetails2Abstract" xlink:to="SIEB_EIncomeTaxesDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_EIncomeTaxesDetails2Abstract_lbl" xml:lang="en-US">G - Income Taxes Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xml:lang="en-US">Federal income tax expense (benefit):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit" xlink:label="us-gaap_CurrentFederalTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="us-gaap_CurrentFederalTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentFederalTaxExpenseBenefit_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredFederalIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredFederalIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFederalIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations" xlink:label="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations" xlink:to="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations_lbl" xml:lang="en-US">Federal income tax provision (benefit)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xml:lang="en-US">State and local:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:label="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="us-gaap_CurrentStateAndLocalTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CurrentStateAndLocalTaxExpenseBenefit_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_StateAndLocalIncomeTaxExpense" xlink:label="SIEB_StateAndLocalIncomeTaxExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_StateAndLocalIncomeTaxExpense" xlink:to="SIEB_StateAndLocalIncomeTaxExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="SIEB_StateAndLocalIncomeTaxExpense_lbl" xml:lang="en-US">State and local</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_IncomeTaxExpenseBenefitAbstract1" xlink:label="SIEB_IncomeTaxExpenseBenefitAbstract1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IncomeTaxExpenseBenefitAbstract1" xlink:to="SIEB_IncomeTaxExpenseBenefitAbstract1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_IncomeTaxExpenseBenefitAbstract1_lbl" xml:lang="en-US">Total:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_EIncomeTaxesDetailsAbstract" xlink:label="SIEB_EIncomeTaxesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_EIncomeTaxesDetailsAbstract" xlink:to="SIEB_EIncomeTaxesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_EIncomeTaxesDetailsAbstract_lbl" xml:lang="en-US">G - Income Taxes Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:label="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US">Expected income tax benefit at statutory Federal tax rate (34%)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:label="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_lbl" xml:lang="en-US">State and local taxes, net of Federal tax effect</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Increase in valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxReconciliationOtherReconcilingItems" xlink:label="us-gaap_IncomeTaxReconciliationOtherReconcilingItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationOtherReconcilingItems" xlink:to="us-gaap_IncomeTaxReconciliationOtherReconcilingItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationOtherReconcilingItems_lbl" xml:lang="en-US">Permanent difference</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:label="us-gaap_IncomeTaxReconciliationOtherAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:to="us-gaap_IncomeTaxReconciliationOtherAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxReconciliationOtherAdjustments_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_IncomeTaxExpense" xlink:label="SIEB_IncomeTaxExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IncomeTaxExpense" xlink:to="SIEB_IncomeTaxExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_IncomeTaxExpense_lbl" xml:lang="en-US">Income tax expense</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_EIncomeTaxesDetails3Abstract" xlink:label="SIEB_EIncomeTaxesDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_EIncomeTaxesDetails3Abstract" xlink:to="SIEB_EIncomeTaxesDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_EIncomeTaxesDetails3Abstract_lbl" xml:lang="en-US">G - Income Taxes Details 2</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract" xlink:to="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract_lbl" xml:lang="en-US">Deferred tax asset:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:to="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic_lbl" xml:lang="en-US">Net operating loss credit carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax" xlink:to="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax_lbl" xml:lang="en-US">Alternative minimum tax carryforward</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_lbl" xml:lang="en-US">Employee stock based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts" xlink:label="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts" xlink:to="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts_lbl" xml:lang="en-US">Retail brokerage accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards" xlink:label="us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards" xlink:to="us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards_lbl" xml:lang="en-US">Contribution carryover</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:label="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:to="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Furniture, equipment and leasehold improvements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities_lbl" xml:lang="en-US">Accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries" xlink:label="us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries" xlink:to="us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries_lbl" xml:lang="en-US">Investment in affiliate (a)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation_lbl" xml:lang="en-US">Accrued compensation and other</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_CapitalLossCarryforwards" xlink:label="SIEB_CapitalLossCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_CapitalLossCarryforwards" xlink:to="SIEB_CapitalLossCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_CapitalLossCarryforwards_lbl" xml:lang="en-US">Capital loss carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsGross" xlink:label="us-gaap_DeferredTaxAssetsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsGross" xlink:to="us-gaap_DeferredTaxAssetsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DeferredTaxAssetsGross_lbl" xml:lang="en-US">Deferred tax asset, gross</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="us-gaap_DeferredTaxAssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNet" xlink:to="us-gaap_DeferredTaxAssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DeferredTaxAssetsNet_lbl" xml:lang="en-US">Net deferred tax assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsAbstract" xlink:label="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsAbstract" xlink:to="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsAbstract_lbl" xml:lang="en-US">Deferred tax liability:</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_ReceivableFromAffiliate" xlink:label="SIEB_ReceivableFromAffiliate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_ReceivableFromAffiliate" xlink:to="SIEB_ReceivableFromAffiliate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_ReceivableFromAffiliate_lbl" xml:lang="en-US">Receivable from affiliate (b)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" xlink:label="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets" xlink:to="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssets_lbl" xml:lang="en-US">Acquired intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xml:lang="en-US">Deferred tax liability, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_FStockholdersEquityDetailsNarrativeAbstract" xlink:label="SIEB_FStockholdersEquityDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_FStockholdersEquityDetailsNarrativeAbstract" xlink:to="SIEB_FStockholdersEquityDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_FStockholdersEquityDetailsNarrativeAbstract_lbl" xml:lang="en-US">H - Stockholders Equity Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCapital" xlink:label="us-gaap_NetCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCapital" xlink:to="us-gaap_NetCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetCapital_lbl" xml:lang="en-US">Net capital</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumNetCapitalRequired1" xlink:to="us-gaap_MinimumNetCapitalRequired1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MinimumNetCapitalRequired1_2_lbl" xml:lang="en-US">Net capital requirements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccruedBonusesCurrent" xlink:label="us-gaap_AccruedBonusesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedBonusesCurrent" xlink:to="us-gaap_AccruedBonusesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedBonusesCurrent_lbl" xml:lang="en-US">Accrued bonus and other employee compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherLiabilitiesCurrent" xlink:label="us-gaap_OtherLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesCurrent" xlink:to="us-gaap_OtherLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesCurrent_lbl" xml:lang="en-US">Other accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_GOptionsDetailsAbstract" xlink:label="SIEB_GOptionsDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_GOptionsDetailsAbstract" xlink:to="SIEB_GOptionsDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_GOptionsDetailsAbstract_lbl" xml:lang="en-US">I - Options Details</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_NumberOfOptionsAbstract" xlink:label="SIEB_NumberOfOptionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NumberOfOptionsAbstract" xlink:to="SIEB_NumberOfOptionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_NumberOfOptionsAbstract_lbl" xml:lang="en-US">Number of Options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Number of Options Outstanding, Beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_NumberOfOptionsCancelled" xlink:label="SIEB_NumberOfOptionsCancelled" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NumberOfOptionsCancelled" xlink:to="SIEB_NumberOfOptionsCancelled_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_NumberOfOptionsCancelled_lbl" xml:lang="en-US">Number of Options Expired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xml:lang="en-US">Number of Options Expired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US">Number of Options Forfeited</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xml:lang="en-US">Number of Options Outstanding, Ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber_lbl" xml:lang="en-US">Fully vested and exercisable at end of year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract_lbl" xml:lang="en-US">Weighted Average Exercise Price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Outstanding, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_WeightedAverageExercisePricecancelled" xlink:label="SIEB_WeightedAverageExercisePricecancelled" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_WeightedAverageExercisePricecancelled" xlink:to="SIEB_WeightedAverageExercisePricecancelled_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_WeightedAverageExercisePricecancelled_lbl" xml:lang="en-US">Weighted Average Exercise PriceCancelled</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Expired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Forfeited</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xml:lang="en-US">Weighted Average Exercise Price Outstanding, Ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1" xlink:label="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1" xlink:to="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1_lbl" xml:lang="en-US">Weighted Average Exercise Price vest and exercisable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="us-gaap_OtherGeneralAndAdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense_2_lbl" xml:lang="en-US">General and administrative services</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths_lbl" xml:lang="en-US">2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo_lbl" xml:lang="en-US">2016</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree_lbl" xml:lang="en-US">2017</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive_lbl" xml:lang="en-US">Thereafter</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xml:lang="en-US">Future minimum base rental payments under these operating leases</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="us-gaap_LeaseAndRentalExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseAndRentalExpense" xlink:to="us-gaap_LeaseAndRentalExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseAndRentalExpense_lbl" xml:lang="en-US">Rent expense</link:label>
      <link:loc xlink:type="locator" xlink:href="sieb-20141231.xsd#SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract" xlink:label="SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract" xlink:to="SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract_lbl" xml:lang="en-US">K - Summarized Quarterly Financial Data Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings (loss) per share:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Diluted</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_AmortizableAssetsMember" xlink:to="SIEB_AmortizableAssetsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_AmortizableAssetsMember_doc" xml:lang="en-US">custom:AmortizableAssetsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees" xlink:to="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees_doc" xml:lang="en-US">Custom element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts" xlink:to="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts_doc" xml:lang="en-US">custom:DeferredTaxAssetsTaxRetailBrokerageAccounts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IncomeLossFromEquityInvestees" xlink:to="SIEB_IncomeLossFromEquityInvestees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_IncomeLossFromEquityInvestees_doc" xml:lang="en-US">Custom element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IncomeTaxExpense" xlink:to="SIEB_IncomeTaxExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_IncomeTaxExpense_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_InvestmentBankingRevenuesPolicyTextBlock" xlink:to="SIEB_InvestmentBankingRevenuesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_InvestmentBankingRevenuesPolicyTextBlock_doc" xml:lang="en-US">custom:InvestmentBankingRevenuesPolicyTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_MinimumNetCapitalRequiredForEntityExcess" xlink:to="SIEB_MinimumNetCapitalRequiredForEntityExcess_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_MinimumNetCapitalRequiredForEntityExcess_doc" xml:lang="en-US">custom:MinimumNetCapitalRequiredForEntityExcess</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NetCapitalTextBlock" xlink:to="SIEB_NetCapitalTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_NetCapitalTextBlock_doc" xml:lang="en-US">custom:NetCapitalTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NumberOfOptionsAbstract" xlink:to="SIEB_NumberOfOptionsAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_NumberOfOptionsAbstract_doc" xml:lang="en-US">Number of options abstract</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_RetailBrokerageAccountsMember" xlink:to="SIEB_RetailBrokerageAccountsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_RetailBrokerageAccountsMember_doc" xml:lang="en-US">custom:RetailBrokerageAccountsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SBSCapitalMember" xlink:to="SIEB_SBSCapitalMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SBSCapitalMember_doc" xml:lang="en-US">custom:SBSCapitalMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SBSCashFlowsMember" xlink:to="SIEB_SBSCashFlowsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SBSCashFlowsMember_doc" xml:lang="en-US">custom:SBSCashFlowsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsBalanceSheetMember" xlink:to="SIEB_SbsBalanceSheetMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsBalanceSheetMember_doc" xml:lang="en-US">custom:SbsBalanceSheetMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsDebtMember" xlink:to="SIEB_SbsDebtMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsDebtMember_doc" xml:lang="en-US">custom:SbsDebtMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsFairValueMember" xlink:to="SIEB_SbsFairValueMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsFairValueMember_doc" xml:lang="en-US">custom:SbsFairValueMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsLevel1Member" xlink:to="SIEB_SbsLevel1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsLevel1Member_doc" xml:lang="en-US">custom:SbsLevel1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsLevel2Member" xlink:to="SIEB_SbsLevel2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsLevel2Member_doc" xml:lang="en-US">custom:SbsLevel2Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsMember" xlink:to="SIEB_SbsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsMember_doc" xml:lang="en-US">custom:SbsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsOperationsMember" xlink:to="SIEB_SbsOperationsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsOperationsMember_doc" xml:lang="en-US">custom:SbsOperationsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsfpcMember" xlink:to="SIEB_SbsfpcMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SbsfpcMember_doc" xml:lang="en-US">custom:SbsfpcMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1" xlink:to="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1_doc" xml:lang="en-US">custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_StateAndLocalIncomeTaxExpense" xlink:to="SIEB_StateAndLocalIncomeTaxExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_StateAndLocalIncomeTaxExpense_doc" xml:lang="en-US">custom:StateAndLocalIncomeTaxExpense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock" xlink:to="SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock_doc" xml:lang="en-US">custom:SummarizedFinancialDataOfAffiliatesScheduleTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_WebsiteMember" xlink:to="SIEB_WebsiteMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_WebsiteMember_doc" xml:lang="en-US">custom:WebsiteMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_WriteOffOfSoftwareDevelopmentCosts" xlink:to="SIEB_WriteOffOfSoftwareDevelopmentCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_WriteOffOfSoftwareDevelopmentCosts_doc" xml:lang="en-US">Custom element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IssuerRelationshipsNetOfAmortization" xlink:to="SIEB_IssuerRelationshipsNetOfAmortization_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_IssuerRelationshipsNetOfAmortization_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_LossRelatedToArbitrationSettlement" xlink:to="SIEB_LossRelatedToArbitrationSettlement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_LossRelatedToArbitrationSettlement_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_Commissions" xlink:to="SIEB_Commissions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_Commissions_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate" xlink:to="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships" xlink:to="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_Goodwill1" xlink:to="SIEB_Goodwill1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_Goodwill1_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate" xlink:to="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_PayableToClearingBroker" xlink:to="SIEB_PayableToClearingBroker_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_PayableToClearingBroker_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_CapitalLossCarryforwards" xlink:to="SIEB_CapitalLossCarryforwards_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_CapitalLossCarryforwards_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_ReceivableFromAffiliate" xlink:to="SIEB_ReceivableFromAffiliate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_ReceivableFromAffiliate_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_NumberOfOptionsCancelled" xlink:to="SIEB_NumberOfOptionsCancelled_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_NumberOfOptionsCancelled_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_WeightedAverageExercisePricecancelled" xlink:to="SIEB_WeightedAverageExercisePricecancelled_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SIEB_WeightedAverageExercisePricecancelled_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SBSCapitalMember" xlink:to="SIEB_SBSCapitalMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SBSCapitalMember_3_lbl" xml:lang="en-US">SBSCapitalMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SBSCashFlowsMember" xlink:to="SIEB_SBSCashFlowsMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SBSCashFlowsMember_3_lbl" xml:lang="en-US">SBSCashFlowsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiariesMember" xlink:to="us-gaap_SubsidiariesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiariesMember_2_lbl" xml:lang="en-US">Subsidiaries [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsDebtMember" xlink:to="SIEB_SbsDebtMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsDebtMember_3_lbl" xml:lang="en-US">SbsDebtMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SiebertBrandfordShankOperationsMember" xlink:to="SIEB_SiebertBrandfordShankOperationsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SiebertBrandfordShankOperationsMember_2_lbl" xml:lang="en-US">SiebertBrandfordShankOperationsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SIEB_SbsfOperationsMember" xlink:to="SIEB_SbsfOperationsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SIEB_SbsfOperationsMember_2_lbl" xml:lang="en-US">SbsfOperationsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_2_lbl" xml:lang="en-US">Liabilities, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_2_lbl" xml:lang="en-US">Treasury Stock, Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_4_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E6GAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>D - SUBORDINATED BORROWINGS AND SECURED DEMAND NOTE RECEIVABLE (Details) (SBS, USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">SBS</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToAffiliateCurrentAndNoncurrent', window );">Payable to affiliate (a)</a></td>
        <td class="nump"><a title="us-gaap_DueToAffiliateCurrentAndNoncurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 1,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DueToAffiliateCurrentAndNoncurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DueToAffiliateCurrentAndNoncurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 1,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DueToAffiliateCurrentAndNoncurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_PayableToClearingBroker', window );">Payable to clearing broker</a></td>
        <td class="nump"><a title="SIEB_PayableToClearingBroker[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">4,000,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_PayableToClearingBroker<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubordinatedDebt', window );">Subordinated debt</a></td>
        <td class="nump"><a title="us-gaap_SubordinatedDebt[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 5,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SubordinatedDebt<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_SubordinatedDebt[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 1,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SubordinatedDebt<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_PayableToClearingBroker">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_PayableToClearingBroker</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToAffiliateCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.6-04.12(3))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e603758-122996<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(3))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph 3<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DueToAffiliateCurrentAndNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubordinatedDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, carrying value as of the balance sheet date of subordinated debt (with initial maturities beyond one year or beyond the operating cycle if longer). Subordinated debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 10<br><br> -Section F<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Article 5<br><br> -Subsection 19, 20, 22<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SubordinatedDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							} else {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EBLAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>H - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">$ 2,176,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">$ 2,861,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableCurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">313,285</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableCurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableCurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">171,761</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableCurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedBonusesCurrent', window );">Accrued bonus and other employee compensation</a></td>
        <td class="nump"><a title="us-gaap_AccruedBonusesCurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">4,233,521</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccruedBonusesCurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccruedBonusesCurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">3,785,271</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccruedBonusesCurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesCurrent', window );">Other accrued expenses</a></td>
        <td class="nump"><a title="us-gaap_OtherLiabilitiesCurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">200,842</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherLiabilitiesCurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherLiabilitiesCurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">49,576</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherLiabilitiesCurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 4,747,648</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 4,006,608</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(1),(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.15)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph 1, 5<br><br> -Article 9<br><br><br><br></p>
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                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
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                <p>Carrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6904-107765<br><br><br><br></p>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ETOAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>G - INCOME TAXES (Details 2) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract', window );"><strong>Deferred tax asset:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic', window );">Net operating loss credit carryforwards</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" onclick="toggleNextSibling(this);">$ 8,046,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" onclick="toggleNextSibling(this);">$ 4,670,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax', window );">Alternative minimum tax carryforward</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax" onclick="toggleNextSibling(this);">9,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax" onclick="toggleNextSibling(this);">15,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost', window );">Employee stock based compensation</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" onclick="toggleNextSibling(this);">237,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" onclick="toggleNextSibling(this);">237,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts', window );">Retail brokerage accounts</a></td>
        <td class="nump"><a title="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts" onclick="toggleNextSibling(this);">211,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts</span><span></span></td>
        <td class="nump"><a title="SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts" onclick="toggleNextSibling(this);">281,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards', window );">Contribution carryover</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards" onclick="toggleNextSibling(this);">223,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards" onclick="toggleNextSibling(this);">347,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment', window );">Furniture, equipment and leasehold improvements</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">115,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">96,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities', window );">Accrued expenses</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" onclick="toggleNextSibling(this);">337,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" onclick="toggleNextSibling(this);">83,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries', window );">Investment in affiliate (a)</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries" onclick="toggleNextSibling(this);">736,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries" onclick="toggleNextSibling(this);">1,001,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation', window );">Accrued compensation and other</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation" onclick="toggleNextSibling(this);">44,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_CapitalLossCarryforwards', window );">Capital loss carryforwards</a></td>
        <td class="nump"><a title="SIEB_CapitalLossCarryforwards" onclick="toggleNextSibling(this);">24,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_CapitalLossCarryforwards</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther', window );">Other</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther" onclick="toggleNextSibling(this);">30,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGross', window );">Deferred tax asset, gross</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsGross" onclick="toggleNextSibling(this);">9,968,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsGross" onclick="toggleNextSibling(this);">6,774,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsGross</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Valuation allowance</a></td>
        <td class="num"><a title="us-gaap_DeferredTaxAssetsValuationAllowance" onclick="toggleNextSibling(this);">(9,218,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsValuationAllowance</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredTaxAssetsValuationAllowance" onclick="toggleNextSibling(this);">(6,774,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsValuationAllowance</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNet', window );">Net deferred tax assets</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsNet" onclick="toggleNextSibling(this);">750,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsNet</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsAbstract', window );"><strong>Deferred tax liability:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_ReceivableFromAffiliate', window );">Receivable from affiliate (b)</a></td>
        <td class="num"><a title="SIEB_ReceivableFromAffiliate" onclick="toggleNextSibling(this);">(750,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_ReceivableFromAffiliate</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsLiabilitiesNet', window );">Deferred tax liability, net</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsLiabilitiesNet" onclick="toggleNextSibling(this);">$ 0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsLiabilitiesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsLiabilitiesNet" onclick="toggleNextSibling(this);">$ 0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsLiabilitiesNet</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_CapitalLossCarryforwards">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_CapitalLossCarryforwards</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>custom:DeferredTaxAssetsTaxRetailBrokerageAccounts</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_DeferredTaxAssetsTaxRetailBrokerageAccounts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_ReceivableFromAffiliate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_ReceivableFromAffiliate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible charitable contribution carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsCharitableContributionCarryforwards</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Asset<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the entity's investment in its wholly-owned subsidiaries.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsInvestmentInSubsidiaries</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsLiabilitiesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsLiabilitiesNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsComponentsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible domestic operating loss carryforwards. Excludes state and local operating loss carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from property, plant, and equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible alternative minimum tax credit carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Alternative Minimum Tax<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6504908<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from employee compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from other provisions, reserves, allowances, and accruals not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Asset<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseOther</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from accrued liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br></p>
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                <p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>I - OPTIONS (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock', window );">Stock option transactions</a></td>
        <td class="text"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">A
summary of the Company&#146;s stock option transactions for the three years ended December 31, 2014 is presented below:</font></p>

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    <td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E4AAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>I - OTHER (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">General and administrative services</a></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">$ 2,033,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">$ 2,245,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">$ 2,374,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">General and administrative services</a></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[dei_LegalEntityAxis=SIEB_SbsFinancialMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ dei_LegalEntityAxis<br>= SIEB_SbsFinancialMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">General and administrative services</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 75,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherGeneralAndAdministrativeExpense</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>debit</td>
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                  <tr>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsFinancialMember</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SIEB_SbsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsMember</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td></td>
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          </td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E3QAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>F - INTANGIBLE ASSETS (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization expense</a></td>
        <td class="nump"><a title="us-gaap_AmortizationOfIntangibleAssets" onclick="toggleNextSibling(this);">$ 10,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AmortizationOfIntangibleAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_AmortizationOfIntangibleAssets" onclick="toggleNextSibling(this);">$ 10,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AmortizationOfIntangibleAssets</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_WebsiteMember', window );">Website, content and non-compete</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsGrossExcludingGoodwill', window );">Gross Carrying Amount</a></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsGrossExcludingGoodwill[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_WebsiteMember]" onclick="toggleNextSibling(this);">1,850,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsGrossExcludingGoodwill<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_WebsiteMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsGrossExcludingGoodwill[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_WebsiteMember]" onclick="toggleNextSibling(this);">4,488,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsGrossExcludingGoodwill<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_WebsiteMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
        <td class="nump"><a title="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_WebsiteMember]" onclick="toggleNextSibling(this);">1,850,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_WebsiteMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_WebsiteMember]" onclick="toggleNextSibling(this);">4,480,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_WebsiteMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_RetailBrokerageAccountsMember', window );">Retail brokerage accounts</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsGrossExcludingGoodwill', window );">Gross Carrying Amount</a></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsGrossExcludingGoodwill[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_RetailBrokerageAccountsMember]" onclick="toggleNextSibling(this);">2,638,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsGrossExcludingGoodwill<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_RetailBrokerageAccountsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsGrossExcludingGoodwill[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_RetailBrokerageAccountsMember]" onclick="toggleNextSibling(this);">2,638,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsGrossExcludingGoodwill<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_RetailBrokerageAccountsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
        <td class="nump"><a title="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_RetailBrokerageAccountsMember]" onclick="toggleNextSibling(this);">2,630,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_RetailBrokerageAccountsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_RetailBrokerageAccountsMember]" onclick="toggleNextSibling(this);">2,620,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_RetailBrokerageAccountsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_AmortizableAssetsMember', window );">Amortizable assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsGrossExcludingGoodwill', window );">Gross Carrying Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsGrossExcludingGoodwill[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_AmortizableAssetsMember]" onclick="toggleNextSibling(this);">4,480,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsGrossExcludingGoodwill<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_AmortizableAssetsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_AmortizableAssetsMember]" onclick="toggleNextSibling(this);">4,470,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= SIEB_AmortizableAssetsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_IntellectualPropertyMember', window );">Intellectual property</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsGrossExcludingGoodwill', window );">Gross Carrying Amount</a></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsGrossExcludingGoodwill[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_IntellectualPropertyMember]" onclick="toggleNextSibling(this);">1,850,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsGrossExcludingGoodwill<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= us-gaap_IntellectualPropertyMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Accumulated Amortization</a></td>
        <td class="nump"><a title="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization[us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_IntellectualPropertyMember]" onclick="toggleNextSibling(this);">$ 1,850,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization<br>/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis<br>= us-gaap_IntellectualPropertyMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AmortizationOfIntangibleAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsGrossExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated amortization of intangible assets, excluding goodwill.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IntangibleAssetsGrossExcludingGoodwill</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_AmortizableAssetsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_AmortizableAssetsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_RetailBrokerageAccountsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_RetailBrokerageAccountsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_WebsiteMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=SIEB_WebsiteMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_IntellectualPropertyMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_IntellectualPropertyMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EE1AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>D - INVESTMENT IN AFFILIATES (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue', window );">Investment and advances</a></td>
        <td class="nump"><a title="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue" onclick="toggleNextSibling(this);">$ 7,979,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue" onclick="toggleNextSibling(this);">$ 8,022,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Income from equity investees</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">104,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(65,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">806,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentDividendsOrDistributions', window );">Distributions</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions" onclick="toggleNextSibling(this);">186,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions</span><span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions" onclick="toggleNextSibling(this);">1,218,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions</span><span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions" onclick="toggleNextSibling(this);">97,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Income from equity investees</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[dei_LegalEntityAxis=SIEB_SbsFinancialMember]" onclick="toggleNextSibling(this);">84,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ dei_LegalEntityAxis<br>= SIEB_SbsFinancialMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentDividendsOrDistributions', window );">Distributions</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions[dei_LegalEntityAxis=SIEB_SbsFinancialMember]" onclick="toggleNextSibling(this);">13,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions<br>/ dei_LegalEntityAxis<br>= SIEB_SbsFinancialMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsfpcMember', window );">SBSFPC</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue', window );">Investment and advances</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">190,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Income from equity investees</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">(17,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">(159,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">32,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentDividendsOrDistributions', window );">Distributions</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">173,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">6,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">2,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue', window );">Investment and advances</a></td>
        <td class="nump"><a title="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">7,979,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">7,832,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Income from equity investees</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">94,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">774,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentDividendsOrDistributions', window );">Distributions</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 1,212,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestmentDividendsOrDistributions[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 95,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestmentDividendsOrDistributions<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 13<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentDividendsOrDistributions</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 9<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 11<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of the investment at close of period. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Paragraph Column E<br><br> -Article 12<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34726532&amp;loc=d3e611322-123010<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Paragraph 2<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Paragraph 3<br><br> -Article 12<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>debit</td>
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                    <td>instant</td>
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                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsFinancialMember</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E1AAE">
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          <div style="width: 200px;"><strong>J - Commitments, Contingencies And Other (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
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        <th class="th">
          <div>Dec. 31, 2013</div>
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        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="nump"><a title="us-gaap_LeaseAndRentalExpense" onclick="toggleNextSibling(this);">$ 788,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseAndRentalExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_LeaseAndRentalExpense" onclick="toggleNextSibling(this);">$ 1,046,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseAndRentalExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_LeaseAndRentalExpense" onclick="toggleNextSibling(this);">$ 907,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseAndRentalExpense</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseAndRentalExpense', window );">Rent expense</a></td>
        <td class="nump"><a title="us-gaap_LeaseAndRentalExpense[dei_LegalEntityAxis=SIEB_SbsFinancialMember]" onclick="toggleNextSibling(this);">1,186,967</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseAndRentalExpense<br>/ dei_LegalEntityAxis<br>= SIEB_SbsFinancialMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="us-gaap_LeaseAndRentalExpense[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 1,088,755</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseAndRentalExpense<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_LeaseAndRentalExpense[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 1,052,908</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseAndRentalExpense<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
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                <p>No definition available.</p>
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        </th>
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                <p>Amount of minimum net capital required to be maintained to engage in securities transactions.</p>
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                <p>Net capital is equal to the net worth of the broker dealer, less certain items such as exchange memberships, carrying value of securities not readily marketable, haircuts on marketable securities in proprietary accounts, furniture and equipment and other illiquid assets as defined.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>B. SALE OF BUSINESS<br></strong></div>
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    <td><font style="font-size: 8pt">The Purchase Agreement provides for an aggregate purchase price for the disposition of $3,000,000, payable by SBSF after closing in annual installments commencing on March 1, 2016 and continuing on each of March 1, 2017, 2018, 2019 and 2020. The transferred business was contributed by SBSF to, and operated by SBS. The amount payable to the Company on each annual payment date will equal 50% of the net income attributable to the transferred business recognized by SBS in accordance with generally accepted accounting principles during the fiscal year ending immediately preceding the applicable payment date; provided that, if net income attributable to the transferred business generated prior to the fifth annual payment date is insufficient to pay the remaining balance of the purchase price in full on the fifth annual payment date, then the unpaid amount of the purchase price will be paid in full on March 1, 2021.Transferred assets of the Company&#146;s capital markets business, consisted of customer accounts and goodwill, which had no carrying value to the Company, and the Company recorded a gain on sale of $1,820,000, which reflected the fair value of the purchase obligation. Such fair value (Level 3) was based on the present value of estimated annual installments to be received during 2016 through 2020 from forecasted net income of the transferred business plus a final settlement in 2021, discounted at 11.5% (representing SBS&#146;s weighted average cost of capital).</font></td></tr>
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                <p>The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EAFAC">
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          <div style="width: 200px;"><strong>F - NET CAPITAL (Details Narrative) (SBS, USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="rh">
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          <div class="a">SBS</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequiredForEntity1[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 22,807,796</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequiredForEntity1<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequiredForEntity1[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 18,271,172</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequiredForEntity1<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
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        <td class="nump"><a title="SIEB_MinimumNetCapitalRequiredForEntityExcess[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 22,557,796</a><span style="display:none;white-space:normal;text-align:left;">SIEB_MinimumNetCapitalRequiredForEntityExcess<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="SIEB_MinimumNetCapitalRequiredForEntityExcess[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 18,021,172</a><span style="display:none;white-space:normal;text-align:left;">SIEB_MinimumNetCapitalRequiredForEntityExcess<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_MinimumNetCapitalRequiredForEntityExcess</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Minimum amount of net capital required to be maintained by the entity to engage in securities transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Rule 15c3<br><br> -Number 240<br><br> -Section 1<br><br> -Paragraph 1<br><br> -Subparagraph i<br><br> -Article 15c3<br><br> -Subsection a<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_MinimumNetCapitalRequiredForEntity1</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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        <th class="th" colspan="1">12 Months Ended</th>
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    <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2013</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">524,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">518,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Leasehold
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">546,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">427,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and fixtures</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">43,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">14,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,113,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">959,000<font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Less
    accumulated depreciation and amortization</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(504,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(247,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">609,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">712,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTextBlock', window );">Furniture, equipment and leasehold improvements</a></td>
        <td class="text"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Furniture,
equipment, and leasehold improvements consist of the following:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 67%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31,</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2013</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">926,654</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">896,376</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Furniture
    and leasehold improvements</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,718,826</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,659,740</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2,645,480</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2,556,116</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Less
    accumulated depreciation and amortization</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,960,744</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph b<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTextBlock</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td>duration</td>
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                <table border="0" cellpadding="0" cellspacing="0">
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E1F">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>D - SUBORDINATED BORROWINGS AND SECURED DEMAND NOTE RECEIVABLE (Tables) (Siebert, Brandford, Shank Financial, LLC and Subsidiary)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2014</div>
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      <tr class="rh">
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          <div class="a">Siebert, Brandford, Shank Financial, LLC and Subsidiary</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock', window );">Subordinated debt</a></td>
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subordinated debt at December 31 consists of the following:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 17%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 4%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 17%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2013</b></font></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Payable
    to affiliate (a)</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,200,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,200,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">4,000,000</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">5,200,000</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,200,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfSubordinatedBorrowingTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 470<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479118&amp;loc=d3e64650-112822<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ScheduleOfSubordinatedBorrowingTextBlock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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<DOCUMENT>
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<TEXT>
<html>
  <head>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EMIAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>G - INCOME TAXES (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Federal income tax expense (benefit):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentFederalTaxExpenseBenefit', window );">Current</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_CurrentFederalTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 19,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentFederalTaxExpenseBenefit</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit', window );">Deferred</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations', window );">Federal income tax provision (benefit)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations" onclick="toggleNextSibling(this);">19,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>State and local:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit', window );">Current</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" onclick="toggleNextSibling(this);">34,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit', window );">Deferred</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_StateAndLocalIncomeTaxExpense', window );">State and local</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="SIEB_StateAndLocalIncomeTaxExpense" onclick="toggleNextSibling(this);">34,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_StateAndLocalIncomeTaxExpense</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Current</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_CurrentIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">19,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_CurrentIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">34,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentIncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Total</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 19,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 34,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_StateAndLocalIncomeTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>custom:StateAndLocalIncomeTaxExpense</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_StateAndLocalIncomeTaxExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentFederalTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Paragraph Question 1-7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CurrentFederalTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
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                <p>Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
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                <p>Amount of current and deferred federal income tax expense (benefit) attributable to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32672-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br></p>
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                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>F - INTANGIBLE ASSETS (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2,630,000</font></td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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                <p>Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EHH">
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          <div style="width: 200px;"><strong>F - INCOME TAXES (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2014</div>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Current</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">19,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Deferred</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">19,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">State
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Current</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Deferred</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Current</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">19,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">34,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="padding-left: 17.3pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Deferred</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">19,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">34,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Reconciliation between income tax benefit and income taxes</a></td>
        <td class="text"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Reconciliation
between the income tax provision and income taxes computed by applying the statutory Federal income tax rate to loss before income
taxes is as follows:</font></p>

<p style="font: 13.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 57%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="8" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
    Ended December 31,</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2013</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2012</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Expected
    income tax benefit at statutory Federal tax rate (34%)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(2,229,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(2,004,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(47,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">State
    and local taxes, net of Federal tax effect</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(459,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(413,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">22,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Increase
    in valuation allowance</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2,551000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2,342,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Permanent
    difference</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">39,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">46,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">36,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">98,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">48,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">23,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Income
    tax expense</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">19,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">34,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Deferred tax assets (liabilities)</a></td>
        <td class="text"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">The
principal items giving rise to deferred tax assets (liabilities) are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 73%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31,</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2013</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
    tax assets:</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Net
    operating loss credit carryforwards</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">8,046,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">4,670,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Alternative
    minimum tax carryforward</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">9,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">15,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Employee
    stock based compensation</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">237,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">237,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Retail
    brokerage accounts</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">211,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">281,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Contribution
    carryover</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">223,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">347,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Furniture,
    equipment and leasehold improvements</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">115,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">96,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Accrued
    expenses</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">337,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">83,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Investment
    in affiliate (a)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">736,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,001,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Accrued
    compensation and other</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">44,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Capital
    loss carryforwards</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">24,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">30,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">9,968,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">6,774,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Valuation
    allowance</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(9,218,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(6,774,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
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                <p>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELH">
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          <div style="width: 200px;"><strong>A. BUSINESS ORGANIZATION<br></strong></div>
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          <div>Dec. 31, 2014</div>
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    <td><font style="font-size: 8pt">Siebert Financial Corp. (&#147;Financial&#148;), through its wholly - owned subsidiary,
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    business) and trading securities for its own account. On November 4, 2014, Siebert sold its capital markets business to an
    affiliate (see Note B). Another wholly owned subsidiary, Siebert&#146;s Women&#146;s Financial Network Inc.
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    subsidiary, Siebert Investment Advisors, Inc. (&#147;SIA&#148;). The     accompanying     consolidated     financial
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    <td><font style="font-size: 8pt">The municipal bond investment banking business is conducted by Siebert, Brandford, Shank &#38;Co., L.L.C., a wholly-owned subsidiary of Siebert, Brandford, Shank Financial, L.L.C. (&#147;SBSF&#148;), and related derivatives transactions were conducted by SBS Financial Products Company, LLC (&#147;SBSFP&#148;), non - controlled investees in which the company has a 49% and 33% equity interest respectively, which are accounted for by the equity method of accounting (see Note D). The equity method provides that the Company records its share of the investees&#146; earnings or losses in its results of operations with a corresponding adjustment to the carrying value of its investment. In addition, the investment is adjusted for capital contributions to and distributions from the investees. Operations of equity investee SBSF are considered integral to the Company&#146;s operations. Operations of equity investee SBSFP ceased in December 2014.</font></td></tr>
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Siebert, Brandford, Shank &#38; Co., L.L.C. (&#147;SBS&#148;), engages in the business of tax-exempt underwriting and related
trading activities and, commencing on November 4, 2014, the capital markets business (see Note B). The Company qualifies as a
Minority and Women Owned Business Enterprise in certain municipalities.</p><span></span></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>H - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) (Siebert, Brandford, Shank Financial LLC and Subsidiary)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Siebert, Brandford, Shank Financial LLC and Subsidiary</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock', window );">Accounts payable and accrued expenses</a></td>
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payable and accrued expenses consist of the following:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    bonus and other employee compensation</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">4,233,521</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">200,842</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">49,576</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">4,747,648</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">4,006,608</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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      </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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              </div>
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          </td>
        </tr>
      </table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E3GAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>E - FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MachineryAndEquipmentGross', window );">Equipment</a></td>
        <td class="nump"><a title="us-gaap_MachineryAndEquipmentGross" onclick="toggleNextSibling(this);">$ 524,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MachineryAndEquipmentGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_MachineryAndEquipmentGross" onclick="toggleNextSibling(this);">$ 518,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MachineryAndEquipmentGross</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseholdImprovementsGross', window );">Leasehold improvements</a></td>
        <td class="nump"><a title="us-gaap_LeaseholdImprovementsGross" onclick="toggleNextSibling(this);">546,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseholdImprovementsGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_LeaseholdImprovementsGross" onclick="toggleNextSibling(this);">427,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseholdImprovementsGross</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FurnitureAndFixturesGross', window );">Furniture and fixtures</a></td>
        <td class="nump"><a title="us-gaap_FurnitureAndFixturesGross" onclick="toggleNextSibling(this);">43,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FurnitureAndFixturesGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_FurnitureAndFixturesGross" onclick="toggleNextSibling(this);">14,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FurnitureAndFixturesGross</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Furniture, equipment and leasehold improvements, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross" onclick="toggleNextSibling(this);">1,113,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross" onclick="toggleNextSibling(this);">959,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less accumulated depreciation and amortization</a></td>
        <td class="num"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(504,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(247,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="ro">
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        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">712,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
      </tr>
      <tr class="rh">
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      <tr class="ro">
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        <td class="nump"><a title="us-gaap_MachineryAndEquipmentGross[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">926,654</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MachineryAndEquipmentGross<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_MachineryAndEquipmentGross[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">896,376</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MachineryAndEquipmentGross<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
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        <td class="nump"><a title="us-gaap_LeaseholdImprovementsGross[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,718,826</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseholdImprovementsGross<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_LeaseholdImprovementsGross[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,659,740</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LeaseholdImprovementsGross<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Furniture, equipment and leasehold improvements, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">2,645,480</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">2,556,116</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less accumulated depreciation and amortization</a></td>
        <td class="nump"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,960,744</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,733,983</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Furniture, equipment and leasehold improvements, net</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 684,736</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 822,133</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 14<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FurnitureAndFixturesGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation of equipment commonly used in offices and stores that have no permanent connection to the structure of a building or utilities. Examples include, but are not limited to, desks, chairs, tables, and bookcases.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FurnitureAndFixturesGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseholdImprovementsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation of additions or improvements to assets held under a lease arrangement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LeaseholdImprovementsGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MachineryAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation of tangible personal property used to produce goods and services, including, but is not limited to, tools, dies and molds, computer and office equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_MachineryAndEquipmentGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EYEAG">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>K - SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="8">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract', window );"><strong>K - Summarized Quarterly Financial Data Details</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenue</a></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,975,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,454,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,705,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,718,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,191,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,666,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,278,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,266,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 15,815,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 16,401,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 20,983,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 948,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (1,456,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (6,077,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 28,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (1,546,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (1,644,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (1,353,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (1,369,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings (loss) per share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.04</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ (0.07)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ (0.28)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ (0.07)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ (0.07)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ (0.06)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ (0.06)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.04</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ (0.07)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ (0.28)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ (0.07)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ (0.07)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ (0.06)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ (0.06)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_JSummarizedQuarterlyFinancialDataUnauditedDetailsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Revenues</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EJ2AI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 6,749,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 15,424,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Cash equivalents - restricted</a></td>
        <td class="nump"><a title="us-gaap_RestrictedCashAndCashEquivalents" onclick="toggleNextSibling(this);">1,532,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestrictedCashAndCashEquivalents</span><span></span></td>
        <td class="nump"><a title="us-gaap_RestrictedCashAndCashEquivalents" onclick="toggleNextSibling(this);">1,532,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestrictedCashAndCashEquivalents</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations', window );">Receivable from brokers</a></td>
        <td class="nump"><a title="us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" onclick="toggleNextSibling(this);">788,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations</span><span></span></td>
        <td class="nump"><a title="us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" onclick="toggleNextSibling(this);">1,105,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromAffiliates', window );">Receivable from business sold to affiliate net of unamortized discount of $1,143,000</a></td>
        <td class="nump"><a title="us-gaap_DueFromAffiliates" onclick="toggleNextSibling(this);">1,857,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DueFromAffiliates</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValue', window );">Securities owned, at fair value</a></td>
        <td class="nump"><a title="us-gaap_FinancialInstrumentsOwnedAtFairValue" onclick="toggleNextSibling(this);">488,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FinancialInstrumentsOwnedAtFairValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_FinancialInstrumentsOwnedAtFairValue" onclick="toggleNextSibling(this);">406,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FinancialInstrumentsOwnedAtFairValue</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Furniture, equipment and leasehold improvements, net</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">609,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">712,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investments in and advances to affiliates</a></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">7,979,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_EquityMethodInvestments" onclick="toggleNextSibling(this);">8,022,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
        <td class="nump"><a title="us-gaap_PrepaidExpenseAndOtherAssets" onclick="toggleNextSibling(this);">718,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PrepaidExpenseAndOtherAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_PrepaidExpenseAndOtherAssets" onclick="toggleNextSibling(this);">751,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PrepaidExpenseAndOtherAssets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangibles, net</a></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsNetExcludingGoodwill" onclick="toggleNextSibling(this);">8,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsNetExcludingGoodwill</span><span></span></td>
        <td class="nump"><a title="us-gaap_IntangibleAssetsNetExcludingGoodwill" onclick="toggleNextSibling(this);">18,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IntangibleAssetsNetExcludingGoodwill</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">20,728,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">27,970,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">2,176,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" onclick="toggleNextSibling(this);">2,861,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingent liabilities</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $.01 par value; 49,000,000 shares authorized, 23,211,846 shares issued, 22,085,126 shares outstanding</a></td>
        <td class="nump"><a title="us-gaap_CommonStockValue" onclick="toggleNextSibling(this);">232,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockValue" onclick="toggleNextSibling(this);">232,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockValue</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">19,490,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">19,490,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsAccumulatedDeficit" onclick="toggleNextSibling(this);">3,590,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsAccumulatedDeficit</span><span></span></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsAccumulatedDeficit" onclick="toggleNextSibling(this);">10,147,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsAccumulatedDeficit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Less: 1,126,720 shares of treasury stock, at cost</a></td>
        <td class="num"><a title="us-gaap_TreasuryStockValue" onclick="toggleNextSibling(this);">(4,760,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValue</span><span></span></td>
        <td class="num"><a title="us-gaap_TreasuryStockValue" onclick="toggleNextSibling(this);">(4,760,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValue</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Stockholders' equity</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">18,552,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">25,109,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Liabilities and Stockholders' equity</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">20,728,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">27,970,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember', window );">Siebert, Brandford, Shank Financial, LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">20,065,062</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNet', window );">Accounts receivable</a></td>
        <td class="nump"><a title="us-gaap_AccountsAndNotesReceivableNet[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">1,593,614</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsAndNotesReceivableNet<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Due from broker</a></td>
        <td class="nump"><a title="us-gaap_DueFromRelatedPartiesCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">2,522,557</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DueFromRelatedPartiesCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDemandNotes', window );">Secured demand note</a></td>
        <td class="nump"><a title="us-gaap_SecuredDemandNotes[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">1,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecuredDemandNotes<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill - Note B</a></td>
        <td class="nump"><a title="us-gaap_Goodwill[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">1,001,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Goodwill<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_IssuerRelationshipsNetOfAmortization', window );">Issuer relationships, net of amortization of $41,212 - Note B</a></td>
        <td class="nump"><a title="SIEB_IssuerRelationshipsNetOfAmortization[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">777,788</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IssuerRelationshipsNetOfAmortization<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Furniture, equipment and leasehold improvements, net</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">684,736</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="nump"><a title="us-gaap_OtherAssets[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">673,276</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssets<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
        <td class="nump"><a title="us-gaap_Assets[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">28,518,033</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToAffiliateCurrent', window );">Payable to affiliate</a></td>
        <td class="nump"><a title="us-gaap_DueToAffiliateCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">104,320</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DueToAffiliateCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PurchaseObligation', window );">Asset purchase obligation payable to affiliate, net of unamortized discount of $1,143,359</a></td>
        <td class="nump"><a title="us-gaap_PurchaseObligation[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">1,856,641</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PurchaseObligation<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">4,747,648</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BankOverdrafts', window );">Bank overdraft</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCreditCurrent', window );">Deferred rent</a></td>
        <td class="nump"><a title="us-gaap_DeferredRentCreditCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">549,287</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRentCreditCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Current liabilities</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">7,257,896</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubordinatedDebt', window );">Subordinated debt</a></td>
        <td class="nump"><a title="us-gaap_SubordinatedDebt[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">5,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SubordinatedDebt<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump"><a title="us-gaap_Liabilities[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">12,457,896</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingent liabilities</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Capital', window );">Members' capital</a></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">16,060,137</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Liabilities and Stockholders' equity</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity[us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember]" onclick="toggleNextSibling(this);">28,518,033</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SbsBalanceSheetMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember', window );">Siebert, Brandford, Shank and Co, LLC</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">19,787,407</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNet', window );">Accounts receivable</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AccountsAndNotesReceivableNet[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">562,147</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsAndNotesReceivableNet<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Due from broker</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DueFromRelatedPartiesCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">8,158</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DueFromRelatedPartiesCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDemandNotes', window );">Secured demand note</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SecuredDemandNotes[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">1,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SecuredDemandNotes<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill - Note B</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_IssuerRelationshipsNetOfAmortization', window );">Issuer relationships, net of amortization of $41,212 - Note B</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Furniture, equipment and leasehold improvements, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">822,133</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssets[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">618,743</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssets<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">22,998,588</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToAffiliateCurrent', window );">Payable to affiliate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DueToAffiliateCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">28,264</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DueToAffiliateCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PurchaseObligation', window );">Asset purchase obligation payable to affiliate, net of unamortized discount of $1,143,359</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent', window );">Accounts payable and accrued liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">4,006,608</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BankOverdrafts', window );">Bank overdraft</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_BankOverdrafts[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">1,225,779</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_BankOverdrafts<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCreditCurrent', window );">Deferred rent</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DeferredRentCreditCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">622,075</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRentCreditCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Current liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesCurrent[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">5,882,726</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesCurrent<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubordinatedDebt', window );">Subordinated debt</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SubordinatedDebt[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">1,200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SubordinatedDebt<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">7,082,726</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingent liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Capital', window );">Members' capital</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">15,915,862</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Liabilities and Stockholders' equity</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity[us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember]" onclick="toggleNextSibling(this);">$ 22,998,588</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity<br>/ us-gaap_BalanceSheetLocationAxis<br>= SIEB_SiebertBrandfordShankBalanceSheetMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_IssuerRelationshipsNetOfAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_IssuerRelationshipsNetOfAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsAndNotesReceivableNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsAndNotesReceivableNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(1),(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph 1, 5<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Assets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BankOverdrafts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of payments made in excess of existing cash balances, which will be honored by the bank but reflected as a loan to the entity. Overdrafts generally have a very short time frame for correction or repayment and are therefore more similar to short-term bank financing than trade financing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 470<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28361426&amp;loc=d3e1243-112600<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_BankOverdrafts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Capital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of total capital as defined in the regulations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47304-110998<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 505<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1H<br><br><br><br> -Subparagraph (c)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35709795&amp;loc=d3e65071-112826<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 505<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1H<br><br><br><br> -Subparagraph (c)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35709795&amp;loc=d3e65071-112826<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47080-110998<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Capital</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentCreditCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For a classified balance sheet, the cumulative difference as of the balance sheet date between the payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, within one year of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39927-112707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredRentCreditCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39599-107864<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DueFromAffiliates</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 2<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToAffiliateCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph 3<br><br><br><br> -Article 6<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DueToAffiliateCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsOwnedAtFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate fair value as of the balance sheet date of financial instruments and other positions owned by the entity including: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Includes both pledged and unpledged holdings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35711157&amp;loc=d3e42546-110969<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedAtFairValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Goodwill</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Liabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PurchaseObligation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Minimum amount of purchase arrangement in which the entity has agreed to expend funds to procure goods or services from a supplier.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PurchaseObligation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount receivable from broker-dealers and clearing organizations, including, but not limited to, securities failed-to-deliver, certain deposits for securities borrowed, open transactions, good faith and margin deposits, commissions and floor brokerage receivables.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28367877&amp;loc=d3e4428-111522<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35710130&amp;loc=d3e41645-110958<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalents">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalents</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredDemandNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the carrying amount as of the balance sheet date of loans made to broker-dealers which are generally secured by marketable securities owned by the borrower broker-dealer but held by the lender, are interest-bearing, and payable upon demand. The right to demand payment may be conditioned upon the occurrence of certain events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 860<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 40<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6783964&amp;loc=d3e113818-111727<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 860<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7523047&amp;loc=d3e113085-111724<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SecuredDemandNotes</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubordinatedDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, carrying value as of the balance sheet date of subordinated debt (with initial maturities beyond one year or beyond the operating cycle if longer). Subordinated debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 16<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 10<br><br><br><br> -Section F<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Article 5<br><br><br><br> -Subsection 19, 20, 22<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SubordinatedDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_TreasuryStockValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=SIEB_SbsBalanceSheetMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=SIEB_SiebertBrandfordShankBalanceSheetMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                    <td><strong> Period Type:</strong></td>
                    <td></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EGOAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>G - INCOME TAXES (Details 1) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_EIncomeTaxesDetailsAbstract', window );"><strong>G - Income Taxes Details 1</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate', window );">Expected income tax benefit at statutory Federal tax rate (34%)</a></td>
        <td class="num"><a title="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" onclick="toggleNextSibling(this);">$ (2,229,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" onclick="toggleNextSibling(this);">$ (2,004,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" onclick="toggleNextSibling(this);">$ (47,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes', window );">State and local taxes, net of Federal tax effect</a></td>
        <td class="num"><a title="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" onclick="toggleNextSibling(this);">(459,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" onclick="toggleNextSibling(this);">(413,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" onclick="toggleNextSibling(this);">22,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance', window );">Increase in valuation allowance</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" onclick="toggleNextSibling(this);">2,551,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" onclick="toggleNextSibling(this);">2,342,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationOtherReconcilingItems', window );">Permanent difference</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationOtherReconcilingItems" onclick="toggleNextSibling(this);">39,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationOtherReconcilingItems</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationOtherReconcilingItems" onclick="toggleNextSibling(this);">46,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationOtherReconcilingItems</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationOtherReconcilingItems" onclick="toggleNextSibling(this);">36,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationOtherReconcilingItems</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxReconciliationOtherAdjustments', window );">Other</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationOtherAdjustments" onclick="toggleNextSibling(this);">98,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationOtherAdjustments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationOtherAdjustments" onclick="toggleNextSibling(this);">48,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationOtherAdjustments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxReconciliationOtherAdjustments" onclick="toggleNextSibling(this);">23,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxReconciliationOtherAdjustments</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_IncomeTaxExpense', window );">Income tax expense</a></td>
        <td class="nump"><a title="SIEB_IncomeTaxExpense" onclick="toggleNextSibling(this);">$ 0</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IncomeTaxExpense</span><span></span></td>
        <td class="nump"><a title="SIEB_IncomeTaxExpense" onclick="toggleNextSibling(this);">$ 19,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IncomeTaxExpense</span><span></span></td>
        <td class="nump"><a title="SIEB_IncomeTaxExpense" onclick="toggleNextSibling(this);">$ 34,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IncomeTaxExpense</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_EIncomeTaxesDetailsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_EIncomeTaxesDetailsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_IncomeTaxExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_IncomeTaxExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to increase (decrease) in the valuation allowance for deferred tax assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32123-109318<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 2<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationOtherAdjustments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationOtherAdjustments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationOtherReconcilingItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to tax exempt income, equity in earnings (loss) of an unconsolidated subsidiary, minority noncontrolling interest income (loss), tax holiday, disposition of a business, disposition of an asset, repatriation of foreign earnings, repatriation of foreign earnings jobs creation act of 2004, increase (decrease) in enacted tax rate, prior year income taxes, increase (decrease) in deferred tax asset valuation allowance, and other adjustments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationOtherReconcilingItems</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EQWAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Changes in Members' Capital (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="4">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 948,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 28,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (1,546,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (1,369,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Capital', window );">Members' capital, Beginning</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">15,915,862</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">18,196,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">15,915,862</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">18,196,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">16,811,116</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid', window );">Distributions to members</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">(26,472)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="num"><a title="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">(2,473,529)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="num"><a title="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">(193,792)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">170,747</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">192,891</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">1,579,176</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Capital', window );">Members' capital, Ending</a></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">$ 16,060,137</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">$ 15,915,862</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">$ 16,060,137</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">$ 15,915,862</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Capital[us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember]" onclick="toggleNextSibling(this);">$ 18,196,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ us-gaap_PartnerCapitalComponentsAxis<br>= SIEB_SBSCapitalMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Capital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of total capital as defined in the regulations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47304-110998<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 505<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1H<br><br><br><br> -Subparagraph (c)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35709795&amp;loc=d3e65071-112826<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 505<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1H<br><br><br><br> -Subparagraph (c)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35709795&amp;loc=d3e65071-112826<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47080-110998<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Capital</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash distribution paid to unit-holder of limited liability company (LLC).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 272<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 272<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PartnerCapitalComponentsAxis=SIEB_SBSCapitalMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E13AG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>B - BUSINESS ACQUISITION (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="8">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenue</a></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,975,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,454,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,705,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,718,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,191,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 3,666,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,278,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 4,266,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 15,815,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 16,401,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">$ 20,983,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
      </tr>
      <tr class="ro">
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        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,456,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(6,077,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">28,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,546,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,644,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,353,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,369,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="us-gaap_Revenues[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">24,965,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">193,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,579,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementScenarioAxis=us-gaap_ProFormaMember', window );">Pro Forma [Member] | SBS</a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenue</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
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                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELH">
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          <div style="width: 200px;"><strong>J - COMMITMENTS, CONTINGENCIES AND OTHER<br></strong></div>
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          <div>Dec. 31, 2014</div>
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    <td><font style="font-size: 8pt">Retail customer transactions are cleared through clearing brokers on a fully disclosed basis. If customers do not fulfill their contractual obligations, the clearing broker may charge Siebert for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy the customer obligations. Siebert regularly monitors the activity in its customer accounts for compliance with its margin requirements. Siebert is exposed to the risk of loss on unsettled customer transactions if customers are unable to fulfill their contractual obligations. There were no material losses for unsettled customer transactions in 2014, 2013 or 2012. Credit risk represents the potential loss that would occur if counterparties fail to perform pursuant to the terms of their obligations. The Company is subject to credit risk to the extent a custodian or broker with whom it conducts business is unable to fulfill contractual obligations.</font></td></tr>
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    <td><font style="font-size: 8pt">In 2012, Siebert was named as one of the defendants in a class action pending in the United States District Court, Southern District of New York. The complaint was brought on behalf of a class of purchasers in a public offering by Lehman Brothers Holdings, Inc. of $1,500,000,000 of 6.75% Subordinated Notes due 2017 (the &#147;Notes&#148;) as to Siebert and certain smaller issuances of other securities. The complaint asserted that Siebert and other underwriters of the Notes violated Section 11 of The Securities Act of 1933 in that relevant offering materials were false and misleading. Siebert had agreed to purchase $15 million of the Notes and $462,953 of the other securities as an underwriter in the offerings. Siebert and the plaintiffs&#146; class agreed to resolve all claims against Siebert in consideration of a $1 million payment by Siebert which was accrued and </font></td></tr>
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    <td colspan="2"><font style="font-size: 8pt">charged to expense in 2011 and paid in 2012. In the prior year certain plaintiffs did not agree to a settlement or purchased securities which were not covered by the settlement. In 2013, all such claims were either dismissed or settled for an amount that was not material. </font></td></tr>
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    <td colspan="2"><font style="font-size: 8pt">Siebert is party to certain claims, suits and complaints arising in the ordinary course of business. In the opinion of management, all such claims, suits and complaints are without merit, or involve amounts which would not have a significant effect on the financial position or results of operations of the Company.</font></td></tr>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #E6E6E6">
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<tr style="vertical-align: bottom">
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    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 2%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 95%">&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 8pt">(5)</font></td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 8pt">(6)</font></td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 8pt">(7)</font></td>
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</table><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
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rents office space under long-term operating leases expiring through 2020. These leases call for base rent plus escalations for
property taxes and other operating expenses. Future minimum base rent under these operating leases as of December 31, 2014 are
as follows:</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 54%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 34%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2015</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2016</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Rent
expense, including taxes and operating expenses for 2014, 2013 and 2012 amounted to $1,186,967, $1,088,755, and $1,052,908 respectively.</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">In
prior years, SBS purchased leasehold improvements of approximately $620,000 which were reimbursed by the landlord. SBS recorded
such reimbursement as a credit to deferred rent liability, which is being recognized as a reduction of rental expense on a straight-line
basis over the term of the lease.</font></p>

<p style="font: 13.5pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Rent expense is being charged to operations on a straight-line
basis resulting in a deferred rent liability which, including the reimbursement discussed above amounted to $549,287 at December
31, 2014 and $622,075 at December 31, 2013.</font></p><span></span></td>
      </tr>
    </table>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsFinancialMember</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EGLAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 6,749,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 15,424,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValue', window );">Financial instruments</a></td>
        <td class="nump"><a title="us-gaap_FinancialInstrumentsOwnedAtFairValue" onclick="toggleNextSibling(this);">488,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FinancialInstrumentsOwnedAtFairValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_FinancialInstrumentsOwnedAtFairValue" onclick="toggleNextSibling(this);">406,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FinancialInstrumentsOwnedAtFairValue</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Level 1</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">7,711,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">16,371,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Securities</a></td>
        <td class="nump"><a title="us-gaap_AvailableForSaleSecurities[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">488,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AvailableForSaleSecurities<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_AvailableForSaleSecurities[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">406,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AvailableForSaleSecurities<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValue', window );">Financial instruments</a></td>
        <td class="nump"><a title="us-gaap_FinancialInstrumentsOwnedAtFairValue[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">$ 8,199,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FinancialInstrumentsOwnedAtFairValue<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_FinancialInstrumentsOwnedAtFairValue[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">$ 16,777,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FinancialInstrumentsOwnedAtFairValue<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
      </tr>
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    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28360136&amp;loc=d3e22054-111558<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -Subparagraph (aa)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6871852&amp;loc=d3e26610-111562<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate fair value as of the balance sheet date of financial instruments and other positions owned by the entity including: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Includes both pledged and unpledged holdings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 940<br><br> -SubTopic 320<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35711157&amp;loc=d3e42546-110969<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FinancialInstrumentsOwnedAtFairValue</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
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<TYPE>XML
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EYKAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>C. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash Equivalents</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Cash equivalents consist of highly
liquid investments purchased with an original maturity of 3 months or less. Cash equivalents are carried at fair value and amount
to $6,179,000 and $14,839,000 at December 31, 2014 and 2013, respectively, consisting of money market funds.</font></p>

<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Cash equivalents &#150; restricted
of $1,532,000 at December 31, 2014 and 2013 representing cash invested in a money market fund which serves as collateral for a
secured demand note payable in the amount of $1,200,000 to SBS (see Note J).</font></p><span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesPolicy', window );">Securities</a></td>
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<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Securities
    owned are carried at fair value with realized and unrealized gains and losses reflected in trading profits. Siebert clears
    all its security transactions through unaffiliated clearing firms on a fully disclosed basis. Accordingly, Siebert does not
    hold funds or securities for, or owe funds or securities to, its customers. Those functions are performed by the clearing
    firms.</font></td></tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair value of financial instruments</a></td>
        <td class="text"><p style="margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">Level 1 &#150; Unadjusted quoted prices in active markets for identical assets or liabilities.</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">Level 2 &#150; Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available.</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
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<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
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<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 75%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 9%; text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><b>2014</b></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"><b>Financial Instrument</b></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td>
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    <td style="text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt"><b>Level 1</b></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">Cash equivalents</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">$</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">7,711,000</td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">$</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">16,371,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">Securities</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">488,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">406,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; padding-left: 18pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">8,199,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">16,777,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: left; text-indent: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="width: 97%; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">Securities consist of common stock, which is valued on the last business day of the year at the last available reported sales price on the primary securities exchange.</td></tr>
</table>


<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Company accounts for income
taxes utilizing the asset and liability approach requiring the recognition of deferred tax assets and liabilities for the expected
future tax consequences of net operating loss carryforwards and temporary differences between the basis of assets and liabilities
for financial reporting purposes and tax purposes.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Furniture, Equipment and Leasehold Improvements</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Furniture, equipment and leasehold
improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line
method over the estimated useful lives of the assets, generally five years. Leasehold improvements are amortized over the shorter
of the estimated useful life of the improvements or period of the lease.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingCostsPolicyTextBlock', window );">Advertising Costs</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Advertising costs are charged
to expense as incurred.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Per Share Data</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Basic earnings (loss) per share
is calculated by dividing net income (loss) by the weighted average outstanding common shares during the year. Diluted earnings
per share is calculated by dividing net income by the number of shares outstanding under the basic calculation and adding all
dilutive securities, which consist of options. As the Company incurred a net loss for each of the years ended December 31, 2014,
2013 and 2012, basic and diluted net loss per common share are the same for each year as the effect of stock options is anti-dilutive.
In 2014, 2013 and 2012, 265,000, 350,000 and 400,000 common shares, respectively, issuable upon the exercise of options were not
included in the computation.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue</a></td>
        <td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Commission
    revenues and related clearing expenses are recorded on a trade-date basis. Fees, consisting principally of revenue participation
    with the Company&#146;s clearing broker in distribution fees, and interest are recorded as earned.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Investment
    banking revenue includes gains and fees, net of syndicate expenses, arising from underwriting syndicates in which the Company
    participates. Investment banking management fees are recorded on the offering date, sales concessions on the settlement date
    and underwriting fees at the time the underwriting is completed and the income is reasonably determinable.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Trading
    gains and losses are also recorded on a trade-date basis and principally represent riskless principal transactions which the
    Company, after receiving an order, buys or sells securities as principal and at the same time sells or buys the securities
    with a markup or markdown to satisfy the order.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Interest
    is recorded on an accrual basis and dividends are recorded on the ex-dividend date.</font></td></tr>
</table><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Stock-Based Compensation</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Share-based payments to employees,
including grants of employee stock options, are recognized in the statement of operations as an operating expense, based on their
fair values on the grant date. Share-based compensation costs are recognized on a straight-line basis over the requisite service
periods of awards which would normally be the vesting period of the options</font>.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsFiniteLivedPolicy', window );">Intangible</a></td>
        <td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">Purchased intangibles which have finite useful lives are principally being amortized using the straight-line method over estimated useful lives of three to five years. Domain names and other intellectual property which are deemed to have an indefinite useful life are not amortized but are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test for indefinite-lived intangibles consists of a comparison of their fair value with their carrying amount (see note F).</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt"></font></td></tr>
</table><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">Valuation of Long-Lived Assets</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Company evaluates the recoverability
of its long-lived assets including amortizable intangibles and recognizes an impairment loss in the event the carrying value of
these assets exceeds the estimated future undiscounted cash flows attributable to these assets. The Company assesses potential
impairment to its long-lived assets when events or changes in circumstances indicate that its carrying value may not be recoverable.
Should impairment exist, the impairment loss would be measured based on the excess of the carrying value of the assets over their
fair value.</font></p><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Commencing on November 4, 2014,
the accompanying financial statements include the accounts of SBSF and its wholly-owned subsidiary SBS after elimination of intercompany
balances and transactions. Prior thereto, the financial statements represent those of SBS. The creation of SBSF and related transfer
thereto of the members&#146; interest in SBS did not result in any change in the carrying value of the existing assets or liabilities
of SBS in the consolidated financial statements as both entities were under common control.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash Equivalents</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Cash equivalents represent short-term, highly liquid
investments which are readily convertible to cash and have maturities of three months or less at time of purchase. Cash equivalents,
which are valued at fair value, consist of money market funds which amounted to $15,965,885 and $19,787,407 at December 31, 2014
and 2013, respectively (Level 1). The Company maintains its assets with financial institutions which may at times exceed federally
insured limits. In the event of financial institutions insolvency, recovery of the assets may be limited.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair value of financial instruments</a></td>
        <td class="text"><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3"><font style="font-size: 8pt">Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value into three levels:</font></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><font style="font-size: 8pt">Level 1</font></td>
    <td><font style="font-size: 8pt">Unadjusted quoted prices in active markets for identical assets or liabilities. </font></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
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    <td><font style="font-size: 8pt">Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available.</font></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
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    <td><font style="font-size: 8pt">Unobservable inputs which reflect the assumptions that the managing members develop based on available information about the assumptions market participants would use in valuing the asset or liability. </font></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Company is not subject to
federal income taxes. Instead, the members are required to include in their income tax returns their respective share of the Company&#146;s
income or loss. The Company is subject to tax in certain state and local jurisdictions. Deferred taxes are not significant.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Furniture, Equipment and Leasehold Improvements</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Furniture, equipment and leasehold
improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation is calculated using the straight-line
method over the estimated useful lives of the assets, generally five years. Leasehold improvements are amortized over the period
of the lease.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">Goodwill</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill, which was recorded in
connection with the acquisition of the capital markets business (see Note B), is not subject to amortization and is tested for
impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The impairment
test consists of a comparison of the fair value of the reporting unit with the carrying amount its net assets, including goodwill.
Fair value is typically based upon estimated future cash flows discounted at a rate commensurate with the risk involved or market-based
comparables. If the carrying amount of the Company&#146;s net assets exceeds the fair value of the reporting unit, then an analysis
will be performed to compare the implied fair value of goodwill with the carrying amount of goodwill. An impairment loss will
be recognized in an amount equal to the excess of the carrying amount over its implied fair value.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue</a></td>
        <td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Investment
    banking revenues include gains and fees, net of syndicate expenses, arising primarily from municipal bond offerings in which
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    on the settlement date, and underwriting fees at the time the underwriting is completed and the income is reasonably determinable</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top">
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    gains and losses are reflected as trading profits. Commission revenue which relates to the capital market business are recorded
    on a trade date basis.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top">
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    are recorded on the ex-dividend date, and interest income is recognized on an accrual basis.</font></td></tr>
</table><span></span></td>
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<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Issuer
    relationships, which were recorded in connection with the acquisition of the capital markets business (see Note B), are being
    amortized by the straight-line method over 2.9 years.</font></td></tr>
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
    assets with finite lives are tested for recoverability whenever events or changes in circumstances indicate that the carrying
    amount may not be recoverable. The Company assesses the recoverability of its intangible assets by determining whether the
    unamortized balance can be recovered over the assets&#146; remaining useful life through undiscounted estimated future cash
    flows. If undiscounted estimated future cash flows indicate that the unamortized amounts will not be recovered, an adjustment
    will be made to reduce such amounts to fair value based on estimated future cash flows discounted at a rate commensurate with
    the risk associated with achieving such cash flows.</font></td></tr>
</table><span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 340<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32704220&amp;loc=d3e8275-108329<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 340<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6387522&amp;loc=d3e8384-108330<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 305<br><br> -SubTopic 10<br><br> -Section 05<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 203<br><br> -Paragraph 02-03<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.3A-02)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph k<br><br> -Article 1<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02, 03<br><br> -Article 3A<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
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        <tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section CC<br><br> -Subsection 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 05<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6390181&amp;loc=d3e202-110218<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock</td>
                  </tr>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for finite-lived intangible assets. This accounting policy also might address: (1) the amortization method used; (2) the useful lives of such assets; and (3) how the entity assesses and measures impairment of such assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for investments in debt and equity securities that have readily determinable fair values (marketable securities). At a minimum, the disclosure might address accounting policies for investments classified as trading, available for sale, or held to maturity and may include how the entity determines whether impairments of available for sale or held to maturity investments are other than temporary, how the fair values of the entity's securities are determined, and the entity's accounting treatment for transfers between investment categories.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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          </td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EEYDI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">267,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">130,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">284,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfBusiness', window );">Gain on the disposition of business sold to affiliate</a></td>
        <td class="num"><a title="us-gaap_GainLossOnSaleOfBusiness" onclick="toggleNextSibling(this);">(1,820,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainLossOnSaleOfBusiness</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_IncomeLossFromEquityInvestees', window );">(Income) loss from equity investees</a></td>
        <td class="num"><a title="SIEB_IncomeLossFromEquityInvestees" onclick="toggleNextSibling(this);">(67,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IncomeLossFromEquityInvestees</span><span></span></td>
        <td class="nump"><a title="SIEB_IncomeLossFromEquityInvestees" onclick="toggleNextSibling(this);">65,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IncomeLossFromEquityInvestees</span><span></span></td>
        <td class="num"><a title="SIEB_IncomeLossFromEquityInvestees" onclick="toggleNextSibling(this);">(806,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IncomeLossFromEquityInvestees</span><span></span></td>
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      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate', window );">Interest accrued on receivable from business sold to affiliate</a></td>
        <td class="num"><a title="SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate" onclick="toggleNextSibling(this);">(37,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital', window );">Distributions from equity investees</a></td>
        <td class="nump"><a title="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" onclick="toggleNextSibling(this);">13,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" onclick="toggleNextSibling(this);">1,212,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" onclick="toggleNextSibling(this);">97,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_WriteOffOfSoftwareDevelopmentCosts', window );">Write off of software development costs</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="SIEB_WriteOffOfSoftwareDevelopmentCosts" onclick="toggleNextSibling(this);">433,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_WriteOffOfSoftwareDevelopmentCosts</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment of intangibles</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_ImpairmentOfIntangibleAssetsFinitelived" onclick="toggleNextSibling(this);">300,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</span><span></span></td>
        <td class="nump"><a title="us-gaap_ImpairmentOfIntangibleAssetsFinitelived" onclick="toggleNextSibling(this);">300,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInSecuritiesBorrowed', window );">Securities owned, at fair value</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInSecuritiesBorrowed" onclick="toggleNextSibling(this);">(82,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInSecuritiesBorrowed</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInSecuritiesBorrowed" onclick="toggleNextSibling(this);">(151,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInSecuritiesBorrowed</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInSecuritiesBorrowed" onclick="toggleNextSibling(this);">(5,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInSecuritiesBorrowed</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfLoansReceivable', window );">Receivable from affiliate</a></td>
        <td class="num"><a title="us-gaap_ProceedsFromCollectionOfLoansReceivable" onclick="toggleNextSibling(this);">(76,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromCollectionOfLoansReceivable</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInBrokerageReceivables', window );">Receivable from brokers</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInBrokerageReceivables" onclick="toggleNextSibling(this);">317,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInBrokerageReceivables</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInBrokerageReceivables" onclick="toggleNextSibling(this);">818,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInBrokerageReceivables</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInBrokerageReceivables" onclick="toggleNextSibling(this);">(890,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInBrokerageReceivables</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">33,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">149,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">(73,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">(685,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">445,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">(1,183,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">(8,694,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">(2,944,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">(2,014,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows From Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of furniture, equipment and leasehold improvements</a></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(154,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(520,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(262,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties', window );">Distributions from equity investees</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInDueFromRelatedParties" onclick="toggleNextSibling(this);">173,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInDueFromRelatedParties</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInDueFromRelatedParties" onclick="toggleNextSibling(this);">6,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInDueFromRelatedParties</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees', window );">(Payment) collection of advances made to equity investees</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees" onclick="toggleNextSibling(this);">(1,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees</span><span></span></td>
        <td class="nump"><a title="SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees" onclick="toggleNextSibling(this);">24,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash provided by/ (used in) investing activities</a></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">19,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(515,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(238,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Purchase of treasury shares</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_PaymentsForRepurchaseOfCommonStock" onclick="toggleNextSibling(this);">(19,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForRepurchaseOfCommonStock</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsForRepurchaseOfCommonStock" onclick="toggleNextSibling(this);">(13,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForRepurchaseOfCommonStock</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net decrease in cash and cash equivalents</a></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">(8,675,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">(3,478,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">(2,265,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents - beginning of year</a></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">15,424,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">18,902,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">21,167,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents - end of year</a></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">6,749,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">15,424,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash" onclick="toggleNextSibling(this);">18,902,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Cash Flow Disclosures:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaidNet', window );">Income taxes paid (received), net</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaidNet" onclick="toggleNextSibling(this);">19,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaidNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaidNet" onclick="toggleNextSibling(this);">34,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaidNet</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">170,747</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeAmortizationOfDiscount', window );">Amortization of discount on obligation due affiliate</a></td>
        <td class="nump"><a title="us-gaap_InvestmentIncomeAmortizationOfDiscount[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">36,641</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentIncomeAmortizationOfDiscount<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">267,973</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(1,031,467)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers', window );">Due to/from broker</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInPayablesToBrokerDealers[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(2,514,399)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPayablesToBrokerDealers<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInSecuritiesBorrowed', window );">Securities owned, at fair value</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInSecuritiesBorrowed[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInSecuritiesBorrowed<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssets', window );">Other assets</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOperatingAssets[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(54,533)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOperatingAssets<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseDueFromAffiliates', window );">Payable to (receivable from) affiliates</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseDueFromAffiliates[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">76,056</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseDueFromAffiliates<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Bank overdraft</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherReceivables[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(1,225,779)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherReceivables<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StraightLineRent', window );">Deferred rent</a></td>
        <td class="num"><a title="us-gaap_StraightLineRent[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(72,788)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StraightLineRent<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">741,040</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(3,606,509)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows From Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of furniture, equipment and leasehold improvements</a></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(89,364)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid', window );">Distributions to members</a></td>
        <td class="num"><a title="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(26,472)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt', window );">Subordinated borrowings</a></td>
        <td class="nump"><a title="us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">9,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfSubordinatedDebt', window );">Subordinated repayments</a></td>
        <td class="num"><a title="us-gaap_RepaymentsOfSubordinatedDebt[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(5,000,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfSubordinatedDebt<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">3,973,528</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net decrease in cash and cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">277,655</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents - beginning of year</a></td>
        <td class="nump"><a title="us-gaap_Cash[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">19,787,407</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents - end of year</a></td>
        <td class="nump"><a title="us-gaap_Cash[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">20,065,062</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Cash Flow Disclosures:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaidNet', window );">Income taxes paid (received), net</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaidNet[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">24,323</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaidNet<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Interest paid</a></td>
        <td class="nump"><a title="us-gaap_InterestPaid[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">100,295</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestPaid<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_NotePayableForPurchaseOfBusinessFromAffiliate', window );">Note payable for purchase of business from affiliate</a></td>
        <td class="nump"><a title="SIEB_NotePayableForPurchaseOfBusinessFromAffiliate[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">1,820,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_NotePayableForPurchaseOfBusinessFromAffiliate<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships', window );">Intangible assets acquired related to business acquired from affiliate issuer relationships</a></td>
        <td class="num"><a title="SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(819,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_Goodwill1', window );">Goodwill</a></td>
        <td class="num"><a title="SIEB_Goodwill1[us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember]" onclick="toggleNextSibling(this);">(1,001,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_Goodwill1<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsfOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember', window );">Siebert, Brandford, Shank and Co LLC</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">192,891</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">1,579,176</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeAmortizationOfDiscount', window );">Amortization of discount on obligation due affiliate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">250,154</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">266,093</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">395,913</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(739,538)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers', window );">Due to/from broker</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInPayablesToBrokerDealers[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(2,328,918)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPayablesToBrokerDealers<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInPayablesToBrokerDealers[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">2,323,885</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPayablesToBrokerDealers<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInSecuritiesBorrowed', window );">Securities owned, at fair value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInSecuritiesBorrowed[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">11,264,998</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInSecuritiesBorrowed<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInSecuritiesBorrowed[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(11,264,998)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInSecuritiesBorrowed<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssets', window );">Other assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOperatingAssets[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">139,264</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOperatingAssets<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOperatingAssets[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">81,554</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOperatingAssets<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseDueFromAffiliates', window );">Payable to (receivable from) affiliates</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseDueFromAffiliates[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">36,929</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseDueFromAffiliates<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseDueFromAffiliates[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(27,506)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseDueFromAffiliates<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherReceivables', window );">Bank overdraft</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherReceivables[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">1,225,779</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherReceivables<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StraightLineRent', window );">Deferred rent</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_StraightLineRent[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(9,740)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StraightLineRent<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StraightLineRent[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(54,848)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StraightLineRent<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(1,368,577)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(1,277,796)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">9,798,693</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(9,113,978)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash Flows From Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of furniture, equipment and leasehold improvements</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(47,759)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(63,381)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid', window );">Distributions to members</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(2,473,529)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(193,792)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt', window );">Subordinated borrowings</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfSubordinatedDebt', window );">Subordinated repayments</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_RepaymentsOfSubordinatedDebt[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(6,000,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfSubordinatedDebt<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(2,473,529)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(6,193,792)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net decrease in cash and cash equivalents</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">7,277,405</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">(15,371,151)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents - beginning of year</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Cash[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">12,510,002</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">27,881,153</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents - end of year</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Cash[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">19,787,407</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Cash[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">12,510,002</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Cash<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Cash Flow Disclosures:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaidNet', window );">Income taxes paid (received), net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaidNet[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">28,177</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaidNet<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaidNet[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">101,517</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaidNet<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Interest paid</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_InterestPaid[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">$ 48,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestPaid<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestPaid[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">$ 66,718</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestPaid<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_CollectionPaymentOfAdvancesMadeToEquityInvestees</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_Goodwill1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_Goodwill1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_IncomeLossFromEquityInvestees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_IncomeLossFromEquityInvestees</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_IntangibleAssetsAcquiredRelatedToBusinessAcquiredFromAffiliateIssuerRelationships</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_InterestAccruedOnReceivableFromBusinessSoldToAffiliate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_NotePayableForPurchaseOfBusinessFromAffiliate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_NotePayableForPurchaseOfBusinessFromAffiliate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_WriteOffOfSoftwareDevelopmentCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_WriteOffOfSoftwareDevelopmentCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Cash</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash distribution paid to unit-holder of limited liability company (LLC).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfBusiness">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gain (loss) from sale or disposal of an organization or integrated set of activities (for example, but not limited to, a partnership or corporation) engaged in providing a product or service in a commercial, industrial, or professional environment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfBusiness</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaidNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxesPaidNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseDueFromAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in receivables to be collected from an entity that is controlling, under the control of, or within the same control group as the reporting entity by means of direct or indirect ownership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseDueFromAffiliates</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInBrokerageReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the total amount due to the entity related to activities and operations with other broker dealers, and clearing organizations, including deposits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInBrokerageReceivables</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueFromRelatedParties</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of assets used to generate operating income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssets</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherReceivables">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherReceivables</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of obligations incurred arising from transactions with broker-dealers, such as amounts due on margin and unsettled cash transactions; includes payables to brokers, dealers and clearing organizations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPayablesToBrokerDealers</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInSecuritiesBorrowed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the total amount due the entity arising from securities borrowed transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInSecuritiesBorrowed</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestPaid</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeAmortizationOfDiscount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of accretion of purchase discount on nonoperating securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InvestmentIncomeAmortizationOfDiscount</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
                  </tr>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncashInvestingAndFinancingItemsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NoncashInvestingAndFinancingItemsAbstract</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfLoansReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the collection, including prepayments, of loans receivable issued for financing of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3179-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromCollectionOfLoansReceivable</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations that are returns of capital. Excludes dividends or distributions from equity method investments classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a borrowing where a lender is placed in a lien position behind debt having a higher priority of repayment (senior) in liquidation of the entity's assets or underlying collateral.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfSubordinatedLongTermDebt</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfSubordinatedDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow from the repayment of long-term borrowing where a lender is placed in a lien position behind debt having a higher priority of repayment (senior) in case of liquidation of the entity's assets or underlying collateral.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RepaymentsOfSubordinatedDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StraightLineRent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference between actual rental income due and rental income recognized on a straight-line basis.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StraightLineRent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=SIEB_SbsfOperationsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EHGAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentUnamortizedDiscount', window );">Unamortized discount</a></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentUnamortizedDiscount" onclick="toggleNextSibling(this);">$ 1,143,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentUnamortizedDiscount</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholder's equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump"><a title="us-gaap_CommonStockParOrStatedValuePerShare" onclick="toggleNextSibling(this);">$ 0.01</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockParOrStatedValuePerShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockParOrStatedValuePerShare" onclick="toggleNextSibling(this);">$ 0.01</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockParOrStatedValuePerShare</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, authorized shares</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">49,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">49,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, issued shares</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesIssued" onclick="toggleNextSibling(this);">23,211,846</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesIssued</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesIssued" onclick="toggleNextSibling(this);">23,211,846</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesIssued</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, outstanding shares</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesOutstanding" onclick="toggleNextSibling(this);">22,085,126</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesOutstanding" onclick="toggleNextSibling(this);">22,085,126</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesOutstanding</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury Stock Shares</a></td>
        <td class="nump"><a title="us-gaap_TreasuryStockShares" onclick="toggleNextSibling(this);">1,126,720</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockShares</span><span></span></td>
        <td class="nump"><a title="us-gaap_TreasuryStockShares" onclick="toggleNextSibling(this);">1,126,720</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockShares</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentUnamortizedDiscount', window );">Unamortized discount</a></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentUnamortizedDiscount[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,143,359</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentUnamortizedDiscount<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_IssuerRelationshipsNetOfAmortization', window );">Issuer relationships, net of amortization</a></td>
        <td class="nump"><a title="SIEB_IssuerRelationshipsNetOfAmortization[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 41,212</a><span style="display:none;white-space:normal;text-align:left;">SIEB_IssuerRelationshipsNetOfAmortization<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_IssuerRelationshipsNetOfAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_IssuerRelationshipsNetOfAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of common stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
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                <p>The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 55<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34725769&amp;loc=d3e28878-108400<br><br><br><br></p>
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                <p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Reconciliation between the income
tax provision and income taxes computed by applying the statutory Federal income tax rate to loss before income taxes is as follows:</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 57%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 10%; padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
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    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
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    <td style="padding-bottom: 10pt; line-height: 115%"></td></tr>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#151;</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">46,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">36,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">98,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">48,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">23,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">19,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">34,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The principal items giving rise
to deferred tax assets (liabilities) are as follows:</p>

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    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 9%; padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 1%; padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="border-bottom: black 1pt solid; padding-bottom: 10pt; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom">
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<tr style="vertical-align: top">
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    <td style="width: 94%; padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Due to cumulative losses incurred
by the Company during the current and prior two years, the Company is unable to conclude that it is more likely than not that it
will realize its deferred tax asset in excess of the deferred tax liability and, accordingly, has recorded a valuation allowance
to fully offset such amount at December 31, 2014 and 2013.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">At December 31, 2014, the Company
has state net operating loss carryforwards aggregating $23.6 million, which expires through 2034 in various states. In addition,
the Company has federal net operating loss carryforwards of $18.1 million at December 31, 2014, which expires through 2034. The
Company also has additional federal net operating loss carryforwards of $410,000 at December 31, 2014 which is attributable to
WFN and expires through 2020. Utilization of WFN&#146;s federal net operating loss carryforwards is subject to annual limitations
under Section 382 of the Internal Revenue Code.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company applied the &#147;more-likely-than
not&#148; recognition threshold to all tax positions taken or expected to be taken in a tax return which resulted in no unrecognized
tax benefits reflected in the financial statements as of December 31, 2014. The Company classifies interest and penalties that
would accrue according to the provisions of relevant tax law as income taxes.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The provision for income taxes
in 2013 represents a federal minimum tax assessment of $19,000 including $4,000 of interest and penalties, relating to the year
2012.The provision for income taxes in 2012 represents a state tax assessment of 34,000 relating to years 2007, 2008 and 2009 based
on a tax examination completed by New York State in 2012. Tax years 2011 and thereafter are subject to examinations by federal
and certain state authorities. For other states the 2009 through 2013 tax years remain open for examinations. The Company is currently
under tax examination by New York State for the tax years 2010 and 2011.</p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EVRAE">
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          <div style="width: 200px;"><strong>Document and Entity Information (USD $)<br></strong></div>
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          <div>Dec. 31, 2014</div>
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          <div>Mar. 13, 2015</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">Smaller Reporting Company<span></span></td>
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                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
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                <p>No definition available.</p>
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                <p>End date of current fiscal year in the format --MM-DD.</p>
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                <p>No definition available.</p>
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                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>No definition available.</p>
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                    <td>duration</td>
                  </tr>
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              </div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>H - STOCKHOLDERS' EQUITY<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">H - STOCKHOLDERS' EQUITY</a></td>
        <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><font style="font-variant: small-caps"><b>Note
H - Stockholders&#146; Equity</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; word-spacing: 0px; text-align: justify; margin-right: 0; margin-left: 0">Siebert
is subject to the SEC&#146;s Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital. Siebert
has elected to use the alternative method, permitted by the rule, which requires that Siebert maintain minimum net capital, as
defined, equal to the greater of $250,000 or 2 percent of aggregate debit balances arising from customer transactions, as defined.
The Net Capital Rule of the New York Stock Exchange also provides that equity capital may not be withdrawn or cash dividends paid
if resulting net capital would be less than 5% of aggregate debits. At December 31, 2014 and 2013, Siebert had net capital of approximately
$5,100,000 and $13,000,000, respectively, as compared with net capital requirements of $250,000. Siebert claims exemption from
the reserve requirement under Section 15c3-3(k)(2)(ii) as it clears its customer transactions through an unaffiliated clearing
firm on a fully disclosed basis.</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">On January 23, 2008, the Board of
Directors of the Company authorized a buy back of up to 300,000 shares of common stock. Shares will be purchased from time to time
in the open market and in private transactions. During 2012 and 2013, the Company repurchased 8,107 and 12,266 shares of common
stock at an average price of $1.67 and $1.56, respectively. No shares were purchased during 2014. As of December 31, 2014, 129,137
of common shares have been repurchased pursuant to such authorization.</p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187143-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph d<br><br> -Article 4<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquityNoteDisclosureTextBlock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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  </body>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E4UBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenue:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FeesAndCommissions', window );">Commissions and fees</a></td>
        <td class="nump"><a title="us-gaap_FeesAndCommissions" onclick="toggleNextSibling(this);">$ 10,757,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FeesAndCommissions</span><span></span></td>
        <td class="nump"><a title="us-gaap_FeesAndCommissions" onclick="toggleNextSibling(this);">$ 11,945,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FeesAndCommissions</span><span></span></td>
        <td class="nump"><a title="us-gaap_FeesAndCommissions" onclick="toggleNextSibling(this);">$ 14,630,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FeesAndCommissions</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentBankingRevenue', window );">Investment banking</a></td>
        <td class="nump"><a title="us-gaap_InvestmentBankingRevenue" onclick="toggleNextSibling(this);">1,830,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentBankingRevenue</span><span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentBankingRevenue" onclick="toggleNextSibling(this);">2,418,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentBankingRevenue</span><span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentBankingRevenue" onclick="toggleNextSibling(this);">3,917,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentBankingRevenue</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradingGainsLosses', window );">Trading gains, net</a></td>
        <td class="nump"><a title="us-gaap_TradingGainsLosses" onclick="toggleNextSibling(this);">1,351,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TradingGainsLosses</span><span></span></td>
        <td class="nump"><a title="us-gaap_TradingGainsLosses" onclick="toggleNextSibling(this);">1,976,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TradingGainsLosses</span><span></span></td>
        <td class="nump"><a title="us-gaap_TradingGainsLosses" onclick="toggleNextSibling(this);">2,360,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TradingGainsLosses</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainOrLossOnSaleOfStockInSubsidiary', window );">Gain on the disposition of business to affiliate</a></td>
        <td class="nump"><a title="us-gaap_GainOrLossOnSaleOfStockInSubsidiary" onclick="toggleNextSibling(this);">1,820,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GainOrLossOnSaleOfStockInSubsidiary</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDividendIncomeOperating', window );">Interest and dividends</a></td>
        <td class="nump"><a title="us-gaap_InterestAndDividendIncomeOperating" onclick="toggleNextSibling(this);">57,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndDividendIncomeOperating</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestAndDividendIncomeOperating" onclick="toggleNextSibling(this);">62,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndDividendIncomeOperating</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestAndDividendIncomeOperating" onclick="toggleNextSibling(this);">76,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndDividendIncomeOperating</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total</a></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">15,815,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">16,401,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">20,983,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LaborAndRelatedExpense', window );">Employee compensation and benefits</a></td>
        <td class="nump"><a title="us-gaap_LaborAndRelatedExpense" onclick="toggleNextSibling(this);">8,267,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LaborAndRelatedExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_LaborAndRelatedExpense" onclick="toggleNextSibling(this);">9,262,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LaborAndRelatedExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_LaborAndRelatedExpense" onclick="toggleNextSibling(this);">10,045,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LaborAndRelatedExpense</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FloorBrokerageExchangeAndClearanceFees', window );">Clearing fees, including floor brokerage</a></td>
        <td class="nump"><a title="us-gaap_FloorBrokerageExchangeAndClearanceFees" onclick="toggleNextSibling(this);">1,665,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FloorBrokerageExchangeAndClearanceFees</span><span></span></td>
        <td class="nump"><a title="us-gaap_FloorBrokerageExchangeAndClearanceFees" onclick="toggleNextSibling(this);">2,382,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FloorBrokerageExchangeAndClearanceFees</span><span></span></td>
        <td class="nump"><a title="us-gaap_FloorBrokerageExchangeAndClearanceFees" onclick="toggleNextSibling(this);">2,742,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FloorBrokerageExchangeAndClearanceFees</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional fees</a></td>
        <td class="nump"><a title="us-gaap_ProfessionalFees" onclick="toggleNextSibling(this);">4,310,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfessionalFees</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfessionalFees" onclick="toggleNextSibling(this);">5,293,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfessionalFees</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfessionalFees" onclick="toggleNextSibling(this);">3,106,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfessionalFees</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_LossRelatedToArbitrationSettlement', window );">Loss related to arbitration settlement</a></td>
        <td class="nump"><a title="SIEB_LossRelatedToArbitrationSettlement" onclick="toggleNextSibling(this);">4,300,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_LossRelatedToArbitrationSettlement</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketingAndAdvertisingExpense', window );">Advertising and promotion</a></td>
        <td class="nump"><a title="us-gaap_MarketingAndAdvertisingExpense" onclick="toggleNextSibling(this);">248,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MarketingAndAdvertisingExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_MarketingAndAdvertisingExpense" onclick="toggleNextSibling(this);">405,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MarketingAndAdvertisingExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_MarketingAndAdvertisingExpense" onclick="toggleNextSibling(this);">418,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MarketingAndAdvertisingExpense</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Communication', window );">Communications</a></td>
        <td class="nump"><a title="us-gaap_Communication" onclick="toggleNextSibling(this);">865,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Communication</span><span></span></td>
        <td class="nump"><a title="us-gaap_Communication" onclick="toggleNextSibling(this);">1,296,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Communication</span><span></span></td>
        <td class="nump"><a title="us-gaap_Communication" onclick="toggleNextSibling(this);">1,601,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Communication</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OccupancyNet', window );">Occupancy</a></td>
        <td class="nump"><a title="us-gaap_OccupancyNet" onclick="toggleNextSibling(this);">788,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OccupancyNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_OccupancyNet" onclick="toggleNextSibling(this);">1,046,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OccupancyNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_OccupancyNet" onclick="toggleNextSibling(this);">907,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OccupancyNet</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment of intangibles</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_ImpairmentOfIntangibleAssetsFinitelived" onclick="toggleNextSibling(this);">300,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</span><span></span></td>
        <td class="nump"><a title="us-gaap_ImpairmentOfIntangibleAssetsFinitelived" onclick="toggleNextSibling(this);">300,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_WriteOffOfSoftwareDevelopmentCosts', window );">Write off of software development costs</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="SIEB_WriteOffOfSoftwareDevelopmentCosts" onclick="toggleNextSibling(this);">433,000</a><span style="display:none;white-space:normal;text-align:left;">SIEB_WriteOffOfSoftwareDevelopmentCosts</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Other general and administrative</a></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">2,033,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">2,245,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherGeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">2,374,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherGeneralAndAdministrativeExpense</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total</a></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses" onclick="toggleNextSibling(this);">22,476,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses" onclick="toggleNextSibling(this);">22,229,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses" onclick="toggleNextSibling(this);">21,926,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Income (loss) from equity investees, including, in 2014, interest on receivable of $37,000</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">104,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">(65,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromEquityMethodInvestments" onclick="toggleNextSibling(this);">806,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromEquityMethodInvestments</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Loss before income taxes</a></td>
        <td class="num"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">(6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">(5,893,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
        <td class="num"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">(137,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">19,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">34,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net loss per share of common stock - basic and diluted</a></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasicAndDiluted" onclick="toggleNextSibling(this);">$ (0.30)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasicAndDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasicAndDiluted" onclick="toggleNextSibling(this);">$ (0.27)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasicAndDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasicAndDiluted" onclick="toggleNextSibling(this);">$ (0.01)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasicAndDiluted</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average shares outstanding - basic and diluted</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" onclick="toggleNextSibling(this);">22,085,126</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" onclick="toggleNextSibling(this);">22,087,324</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" onclick="toggleNextSibling(this);">22,100,759</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember', window );">Siebert, Brandford, Shank Financial, LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenue:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentBankingRevenue', window );">Investment banking</a></td>
        <td class="nump"><a title="us-gaap_InvestmentBankingRevenue[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">20,949,508</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentBankingRevenue<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradingGainsLosses', window );">Trading gains, net</a></td>
        <td class="nump"><a title="us-gaap_TradingGainsLosses[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">3,670,726</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TradingGainsLosses<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_Commissions', window );">Commissions</a></td>
        <td class="nump"><a title="SIEB_Commissions[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">182,771</a><span style="display:none;white-space:normal;text-align:left;">SIEB_Commissions<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDividendIncomeOperating', window );">Interest and dividends</a></td>
        <td class="nump"><a title="us-gaap_InterestAndDividendIncomeOperating[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">3,395</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndDividendIncomeOperating<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total</a></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">24,806,400</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LaborAndRelatedExpense', window );">Employee compensation and benefits</a></td>
        <td class="nump"><a title="us-gaap_LaborAndRelatedExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">17,819,595</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LaborAndRelatedExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FloorBrokerageExchangeAndClearanceFees', window );">Clearing fees, including floor brokerage</a></td>
        <td class="nump"><a title="us-gaap_FloorBrokerageExchangeAndClearanceFees[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">383,538</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FloorBrokerageExchangeAndClearanceFees<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional fees</a></td>
        <td class="nump"><a title="us-gaap_ProfessionalFees[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">895,951</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfessionalFees<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Communication', window );">Communications</a></td>
        <td class="nump"><a title="us-gaap_Communication[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">929,496</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Communication<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OccupancyNet', window );">Occupancy</a></td>
        <td class="nump"><a title="us-gaap_OccupancyNet[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">1,186,967</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OccupancyNet<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest</a></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">136,936</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations', window );">State and local income tax</a></td>
        <td class="nump"><a title="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">31,901</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative including ($100,000, 100,000 and 75,000 to affiliate)</a></td>
        <td class="nump"><a title="us-gaap_GeneralAndAdministrativeExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">3,251,269</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GeneralAndAdministrativeExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total</a></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">24,635,653</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_IncomeStatementLocationAxis=SIEB_SiebertBrandfordShankOperationsMember]" onclick="toggleNextSibling(this);">170,747</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SiebertBrandfordShankOperationsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember', window );">Siebert, Brandford, Shank and Co LLC</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenue:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentBankingRevenue', window );">Investment banking</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentBankingRevenue[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">20,847,546</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentBankingRevenue<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentBankingRevenue[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">23,092,819</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentBankingRevenue<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradingGainsLosses', window );">Trading gains, net</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_TradingGainsLosses[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">4,114,958</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TradingGainsLosses<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_TradingGainsLosses[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">5,149,140</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TradingGainsLosses<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_Commissions', window );">Commissions</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDividendIncomeOperating', window );">Interest and dividends</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_InterestAndDividendIncomeOperating[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">2,817</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndDividendIncomeOperating<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestAndDividendIncomeOperating[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">4,389</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestAndDividendIncomeOperating<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">24,965,321</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">28,246,348</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LaborAndRelatedExpense', window );">Employee compensation and benefits</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LaborAndRelatedExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">18,619,549</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LaborAndRelatedExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_LaborAndRelatedExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">20,541,452</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LaborAndRelatedExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FloorBrokerageExchangeAndClearanceFees', window );">Clearing fees, including floor brokerage</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_FloorBrokerageExchangeAndClearanceFees[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">122,209</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FloorBrokerageExchangeAndClearanceFees<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_FloorBrokerageExchangeAndClearanceFees[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">129,694</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FloorBrokerageExchangeAndClearanceFees<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional fees</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_ProfessionalFees[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">528,313</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfessionalFees<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProfessionalFees[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">591,175</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProfessionalFees<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Communication', window );">Communications</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Communication[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">889,207</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Communication<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Communication[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">905,970</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Communication<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OccupancyNet', window );">Occupancy</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_OccupancyNet[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">1,088,755</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OccupancyNet<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OccupancyNet[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">1,052,908</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OccupancyNet<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">48,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">66,718</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations', window );">State and local income tax</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">36,326</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">78,706</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative including ($100,000, 100,000 and 75,000 to affiliate)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_GeneralAndAdministrativeExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">3,440,071</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GeneralAndAdministrativeExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_GeneralAndAdministrativeExpense[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">3,300,549</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GeneralAndAdministrativeExpense<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">24,772,430</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingExpenses[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">26,667,172</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingExpenses<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">$ 192,891</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_IncomeStatementLocationAxis=SIEB_SbsOperationsMember]" onclick="toggleNextSibling(this);">$ 1,579,176</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_IncomeStatementLocationAxis<br>= SIEB_SbsOperationsMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_Commissions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_Commissions</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_LossRelatedToArbitrationSettlement">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_LossRelatedToArbitrationSettlement</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_WriteOffOfSoftwareDevelopmentCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_WriteOffOfSoftwareDevelopmentCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Communication">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense incurred in the period for communication, which is the exchange of information by several methods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Communication</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FeesAndCommissions">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of fees and commissions from financial services and banking activities and correspondent clearing. Includes fees from depositor accounts, credit cards, merchant discounts, and fiduciary and trust activities, guarantee fees, investment advisory, management, and administrative fees, transfer agent fees, and insurance commissions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 13<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FeesAndCommissions</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FloorBrokerageExchangeAndClearanceFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FloorBrokerageExchangeAndClearanceFees</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainOrLossOnSaleOfStockInSubsidiary">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of gain (loss) on sale or disposal of equity in securities of subsidiaries.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph ((13)(g))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph g<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GainOrLossOnSaleOfStockInSubsidiary</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35710027&amp;loc=d3e41242-110953<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph h<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndDividendIncomeOperating">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.1-5)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 1, 2 , 3, 4, 5<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestAndDividendIncomeOperating</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the cost of borrowed funds accounted for as interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentBankingRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes (1) underwriting revenue (the spread between the resale price received and the cost of the securities and related expenses) generated through the purchasing, distributing and reselling of new issues of securities (alternatively, could be a secondary offering of a large block of previously issued securities); and (2) fees earned for mergers, acquisitions, divestitures, restructurings, and other types of financial advisory services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.13(b),(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InvestmentBankingRevenue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LaborAndRelatedExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LaborAndRelatedExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketingAndAdvertisingExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total expense recognized in the period for promotion, public relations, and brand or product advertising.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_MarketingAndAdvertisingExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OccupancyNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6455398&amp;loc=d3e45280-112737<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.14(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OccupancyNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingExpensesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherGeneralAndAdministrativeExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.6-07.2(a),(b),(c),(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606610-122999<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 225<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (k)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488370&amp;loc=d3e13550-115849<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProfessionalFees</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Revenues</td>
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                <table border="0" cellpadding="0" cellspacing="0">
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of state and local current and deferred income tax expense (benefit) attributable to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)-(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StateAndLocalIncomeTaxExpenseBenefitContinuingOperations</td>
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                <p>Amount of gain (loss) resulting from the difference between the acquisition price and the selling price or fair value of trading assets and trading liabilities, conducted separately from customer trading activities. Includes, but is not limited to, changes in fair value of trading assets and trading liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4F<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35706170&amp;loc=SL5624186-113959<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35711157&amp;loc=d3e42567-110969<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.13(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 320<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35711043&amp;loc=d3e42454-110968<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                <p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p>
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                <p>No definition available.</p>
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                <table border="0" cellpadding="0" cellspacing="0">
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          <div style="width: 200px;"><strong>D - INVESTMENT IN AFFILIATES<br></strong></div>
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          <div>Dec. 31, 2014</div>
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<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Siebert and two individuals (the &#147;Principals&#148;)
formed SBS to succeed to the tax-exempt underwriting business of the Siebert Brandford Shank division of Siebert. The agreements
with the Principals provide that profits will be shared 51% to the Principals and 49% to Siebert.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Pursuant to the terms of the Operating Agreement,
Financial and each of the Principals owned a 33.33% interest in SBSFPC which engaged in derivatives transactions related to the
municipal underwriting business. The Operating Agreement provides that income/(loss) be shared 66.66% by the Principals and 33.33%
by Financial. SBSFPC ceased operations in December 2014.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Summarized consolidated financial data of SBSF
and SBS in 2014 and financial data for SBS in 2013 and 2012 is as follows:</p>

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<tr style="vertical-align: bottom">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 8%; text-align: right">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">During 2014, 2013 and 2012 Siebert charged
SBSF $100,000, $100,000, and $75,000 for each year, respectively, for general and administrative services, which Siebert believes
approximates the cost of furnishing such services. In addition, during each of the years 2014, 2013 and 2012, Siebert earned interest
income of $48,000 from SBS in connection with subordinated loans available or made to SBS and Siebert paid SBS interest earned
on restricted cash equivalents of $1,028, $1,500 and $2,900 in 2014, 2013 and 2012, respectively. In addition, in 2014, Siebert
earned interest income of $36,641 from SBSF on the purchase obligation in connection with the sale of the capital markets business
(see Note B).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Siebert&#146;s share of undistributed earnings
from SBSF at December 31, 2014 amounted to $7,477,000 and from SBS at December 31, 2013 amounted to $7,407,000. Undistributed earnings
may not be immediately available for distribution to Siebert for various reasons including the amount of SBSF&#146;s available
cash, the provisions of the agreement between Siebert and the Principals and SBSF&#146;s continued compliance with its regulatory
net capital requirements.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Summarized financial data of SBSFPC is as follows:</p>

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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">*Negative balance was attributable to loss
in derivative contracts</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">In July 2013, as a result of the filing of
a bankruptcy petition by the City of Detroit, SBSFPC unwound certain derivative contracts with a financial institution pursuant
to the terms of the contracts. The contracts were recorded as liabilities with a carrying value of $123,063,000. In connection
therewith, SBSFPC assigned certain derivative contracts with the City of Detroit to the financial institution, which were recorded
as assets with a carrying value of $123,063,000. No gain or loss was recognized by SBSFPC as a result of the unwinding and assignment
of these derivative contracts and SBSFPC has no continuing obligations or rights with respect to the derivative contracts. During
the quarter ended March 31, 2013 SBSFPC incurred a loss of $241,000 on the write down in value of the derivative contracts with
the City of Detroit to adjust their carrying value to the carrying value of the derivative contracts with the financial institution.
The Company received distributions from SBSFP of $173,000 during 2014 and $6,000 during 2013 which is shown on the statement of
cash flows as an investing activity as they represent a return of capital.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Effective September 16, 2013, Suzanne Shank,
one of the Principals having 25.5% ownership in SBS and 33.3% interest in SBSFP became the Company&#146;s chief executive officer.
On March 3, 2015 Ms. Shank completed her role as acting chief executive officer of the Company to devote full time to her continuing
position as chief executive officer of SBSF.</p><span></span></td>
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                <p>Tabular disclosure of investments in and advances to affiliates.  Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELH">
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          <div style="width: 200px;"><strong>C. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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    <td><font style="font-size: 8pt">The classification of financial instruments valued at fair value as of December 31, 2014 is as follows: </font></td></tr>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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    <td>&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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          <div style="width: 200px;"><strong>K - SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)<br></strong></div>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
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          <div style="width: 200px;"><strong>H - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Siebert, Brandford, Shank Financial LLC and Subsidiary)<br></strong></div>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>F - INTANGIBLE ASSETS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract', window );"><strong>Goodwill and Intangible Assets Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">In 2000, WFN acquired the stock
of Women&#146;s Financial Network, Inc. and HerDollar.com, Inc., companies in the development stage which had yet to commence
principal operations and had no significant revenue for aggregate consideration of $2,310,000, including costs. The transactions
were accounted for as purchases of assets consisting of domain name, website and content, and a non-compete agreement (the &#147;Acquired
Intangible Assets&#148;). Related deferred tax assets attributable to net operating loss carryforwards of the acquired companies
and deferred tax liabilities attributable to the excess of the statement bases of the acquired assets over their tax bases were
reflected as an adjustment to the carrying amount of such intangibles (see Note G).</p>

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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">During 2012, the Company recorded
impairment charges and wrote down the carrying value of its unamortized intangible assets consisting of domain name and intellectual
property by $300,000, representing the excess of carrying value over its fair value due to a continuing decline in the Company&#146;s
revenue attributable to such intangibles. During the fourth quarter of 2013, as a result of management&#146;s continuing strategic
review of its operations, the Company determined to substantially reduce the amount of resources allocated to the WFN domain. Accordingly,
the Company wrote off the remaining carrying value of the intangible asset of $300,000. No significant residual value is estimated
for the asset.</p><span></span></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>D - SUBORDINATED BORROWINGS AND SECURED DEMAND NOTE RECEIVABLE (Siebert, Brandford, Shank Financial LLC and Subsidiary)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
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      </tr>
      <tr class="rh">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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<p style="margin: 0pt"></p><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 470<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479118&amp;loc=d3e64650-112822<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>E - FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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      <tr class="re">
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #E6E6E6">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #E6E6E6">
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expense for the years ended December 31, 2014, 2013 and 2012 amounted to $257,000, $120,000 and $274,000, respectively.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Due to the Company&#146;s discontinuation
of its relationship with a software vendor on June 30, 2012, which had developed and maintained the Company&#146;s website, the
Company wrote-off remaining related software development costs of $433,000. The unamortized carrying value of such development
costs consisted of $1,856,000 of cost net of $1,423,000 of accumulation amortization. Effective July 1, 2012, such services are
provided by the Company&#146;s clearing broker.</p><span></span></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>J - COMMITMENTS, CONTINGENCIES AND OTHER (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock', window );">Future minimum base rental payments</a></td>
        <td class="text"><p style="margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="font: 8pt/10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Future
    minimum base rental payments under these operating leases are as follows:</font></td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 66%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 21%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
    Ending</b><br />
    <b>December 31,</b></font></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2015</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">615,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2016</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">482,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">80,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,177,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 12pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>


<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock', window );">Future minimum base rental payments</a></td>
        <td class="text"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Future
minimum base rent under these operating leases as of December 31, 2014 are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 53%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 34%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: center; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
    Ending</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>December
    31,</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2015</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,043,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2016</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">886,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2017</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">639,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">627,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">587,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">185,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">3,967,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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          </td>
        </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_SubsidiariesMember</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R51.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EOOAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>J - Commitments, Contingencies And Othe (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths', window );">2015</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths" onclick="toggleNextSibling(this);">$ 615,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo', window );">2016</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo" onclick="toggleNextSibling(this);">482,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree', window );">2017</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree" onclick="toggleNextSibling(this);">80,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Future minimum base rental payments under these operating leases</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" onclick="toggleNextSibling(this);">1,177,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths', window );">2015</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,043,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo', window );">2016</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">886,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree', window );">2017</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">639,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour', window );">2018</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">627,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive', window );">2019</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">587,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive', window );">Thereafter</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">185,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Future minimum base rental payments under these operating leases</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDue[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 3,967,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingAfterYearFive</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next rolling twelve months following the latest balance sheet. For interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SIEB_SbsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsMember</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>I - OTHER (Siebert, Brandford, Shank Financial LLC and Subsidiary)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Siebert, Brandford, Shank Financial LLC and Subsidiary</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock', window );">I - OTHER</a></td>
        <td class="text"><p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">During
each of 2014 and 2013, SBS was charged $100,000 by Siebert for general and administrative services. During 2012 SBS was charged
$75,000 by Siebert for general and administrative services. In January 2014, SBS transferred funds from its money market accounts
to its bank account to cover the $1,225,779 overdraft at December 31, 2013.</font></p><span></span></td>
      </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3,6,7,9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 3, 6, 7, 9<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock</td>
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                    <td>nonnum:textBlockItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>B - BUSINESS ACQUISITION (Tables) (Siebert, Brandford, Shank Financial LLC and Subsidiary)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Siebert, Brandford, Shank Financial LLC and Subsidiary</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock', window );">Pro forma amounts of revenue</a></td>
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<tr style="vertical-align: bottom">
    <td style="width: 51%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 33%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Revenue</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">27,729,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Net
    Income</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">672,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table><span></span></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table  does not include leveraged buyouts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1392-128463<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1486-128463<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>duration</td>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELRAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>I - OPTIONS (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_NumberOfOptionsAbstract', window );"><strong>Number of Options</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Beginning balance</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">350,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">1,228,200</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_NumberOfOptionsCancelled', window );">Number of Options Expired</a></td>
        <td class="num"><a title="SIEB_NumberOfOptionsCancelled" onclick="toggleNextSibling(this);">(60,000)</a><span style="display:none;white-space:normal;text-align:left;">SIEB_NumberOfOptionsCancelled</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod', window );">Number of Options Expired</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" onclick="toggleNextSibling(this);">(25,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Number of Options Forfeited</a></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" onclick="toggleNextSibling(this);">(25,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</span><span></span></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" onclick="toggleNextSibling(this);">(25,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</span><span></span></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" onclick="toggleNextSibling(this);">(828,200)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of Options Outstanding, Ending balance</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">265,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">350,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" onclick="toggleNextSibling(this);">400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber', window );">Fully vested and exercisable at end of year</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" onclick="toggleNextSibling(this);">265,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" onclick="toggleNextSibling(this);">350,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" onclick="toggleNextSibling(this);">400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract', window );"><strong>Weighted Average Exercise Price</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Outstanding, Beginning</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 3.1</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 3.33</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 3.88</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_WeightedAverageExercisePricecancelled', window );">Weighted Average Exercise PriceCancelled</a></td>
        <td class="nump"><a title="SIEB_WeightedAverageExercisePricecancelled" onclick="toggleNextSibling(this);">$ 3.05</a><span style="display:none;white-space:normal;text-align:left;">SIEB_WeightedAverageExercisePricecancelled</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Expired</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 5.06</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Forfeited</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 4.04</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 4.75</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 4.14</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Weighted Average Exercise Price Outstanding, Ending</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 3.02</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 3.1</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" onclick="toggleNextSibling(this);">$ 3.33</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1', window );">Weighted Average Exercise Price vest and exercisable</a></td>
        <td class="nump"><a title="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1" onclick="toggleNextSibling(this);">$ 3.02</a><span style="display:none;white-space:normal;text-align:left;">SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1</span><span></span></td>
        <td class="nump"><a title="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1" onclick="toggleNextSibling(this);">$ 3.1</a><span style="display:none;white-space:normal;text-align:left;">SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1</span><span></span></td>
        <td class="nump"><a title="SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1" onclick="toggleNextSibling(this);">$ 3.33</a><span style="display:none;white-space:normal;text-align:left;">SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_NumberOfOptionsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_NumberOfOptionsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_NumberOfOptionsCancelled">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_NumberOfOptionsCancelled</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_WeightedAverageExercisePricecancelled">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_WeightedAverageExercisePricecancelled</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>SIEB_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of options outstanding, including both vested and non-vested options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of exercisable share options (fully vested and expected to vest) that may be converted as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options of the plan that expired.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>64
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E1AAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>E - FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization expense</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">$ 257,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">$ 120,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization" onclick="toggleNextSibling(this);">$ 274,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization expense</a></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[dei_LegalEntityAxis=SIEB_SbsFinancialMember]" onclick="toggleNextSibling(this);">226,761</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ dei_LegalEntityAxis<br>= SIEB_SbsFinancialMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization expense</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 250,154</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationDepletionAndAmortization[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">$ 266,093</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationDepletionAndAmortization<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsFinancialMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SIEB_SbsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_LegalEntityAxis=SIEB_SbsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>65
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else {
							e.nextSibling.style.display='none';
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ECEBG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Common Stock</div>
        </th>
        <th class="th">
          <div>Additional Paid-In Capital</div>
        </th>
        <th class="th">
          <div>Retained Earnings</div>
        </th>
        <th class="th">
          <div>Treasury Stock</div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Begining Balance, Amount at Dec. 31, 2011</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">$ 232,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">$ 19,490,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">$ 16,230,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">$ (4,728,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">$ 31,224,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Begining Balance, Shares at Dec. 31, 2011</a></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">23,211,846</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">1,106,347</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">(171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Treasury share purchases, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_TreasuryStockSharesAcquired[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">8,107</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockSharesAcquired<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredParValueMethod', window );">Treasury share purchases, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_TreasuryStockValueAcquiredParValueMethod[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">(13,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValueAcquiredParValueMethod<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_TreasuryStockValueAcquiredParValueMethod" onclick="toggleNextSibling(this);">(13,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValueAcquiredParValueMethod</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance, Amount at Dec. 31, 2012</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">232,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">19,490,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">16,059,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">(4,741,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">31,040,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance, Shares at Dec. 31, 2012</a></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">23,211,846</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">1,114,454</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">(5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Treasury share purchases, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_TreasuryStockSharesAcquired[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">12,266</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockSharesAcquired<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredParValueMethod', window );">Treasury share purchases, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_TreasuryStockValueAcquiredParValueMethod[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">(19,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValueAcquiredParValueMethod<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_TreasuryStockValueAcquiredParValueMethod" onclick="toggleNextSibling(this);">(19,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TreasuryStockValueAcquiredParValueMethod</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance, Amount at Dec. 31, 2013</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">232,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">19,490,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">10,147,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">(4,760,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">25,109,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance, Shares at Dec. 31, 2013</a></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">23,211,846</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">1,126,720</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">(6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending Balance, Amount at Dec. 31, 2014</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">$ 232,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">$ 19,490,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">$ 3,590,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">$ (4,760,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">$ 18,552,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balance, Shares at Dec. 31, 2014</a></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">23,211,846</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember]" onclick="toggleNextSibling(this);">1,126,720</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_TreasuryStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SharesIssued</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased during the period and are being held in treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_TreasuryStockSharesAcquired</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValueAcquiredParValueMethod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the par value method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>B. BUSINESS ACQUISITION (Siebert, Brandford, Shank Financial LLC and Subsidiary)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
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          <div>Dec. 31, 2014</div>
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          <div class="a">Siebert, Brandford, Shank Financial LLC and Subsidiary</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationDisclosureTextBlock', window );">B. BUSINESS ACQUISITION</a></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">On November 4, 2014, the members
of SBS contributed their membership interest into a newly formed Delaware limited liability company, Siebert Brandford Shank Financial,
L.L.C. (&#147;SBSF&#148;), in exchange for the same percentage interests in SBSF. On the same day Muriel Siebert &#38; Co., Inc.,
(&#147;Siebert&#148;) entered an Asset Purchase Agreement (the &#147;Purchase Agreement&#148;) with SBS and SBSF, pursuant
to which Siebert sold substantially all of the assets relating to Siebert&#146;s capital markets business to SBSF. Pursuant to
the Purchase Agreement, SBSF assumed post-closing liabilities relating to the transferred business. An individual having a 25.5%
membership interest in SBS prior to the contribution of membership interests to SBSF, is Siebert&#146;s chief executive officer.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Purchase Agreement provides
for an aggregate purchase price for the disposition of $3,000,000, payable by SBSF after closing in annual installments commencing
on March 1, 2016 and continuing on each of March 1, 2017, 2018, 2019 and 2020. The transferred business was contributed by SBSF
to, and operated by SBS. The amount payable on each annual payment date will equal 50% of the net income attributable to the transferred
business recognized by SBS in accordance with generally accepted accounting principles during the fiscal year ending immediately
preceding the applicable payment date; provided that, if net income attributable to the transferred business generated prior to
the fifth annual payment date is insufficient to pay the remaining balance of the purchase price in full on the fifth annual payment
date, then the unpaid amount of the purchase price will be paid in full on March 1, 2021.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The fair value (Level 3 &#150;
see Note C(3)) of the purchase obligation was determined to be $1,820,000, based on the present value of estimated annual installments
to be paid during 2016 through 2020 from forecasted net income of the transferred business plus a final settlement in 2021, discounted
at 11.5% (representing SBS&#146;s weighted average cost of capital). The discount of $1,180,000 recorded for the purchase obligation
is being amortized as interest expense using an effective yield initially calculated based on the original carrying amount of the
obligation and estimated annual installments to be paid and adjusted in future periods to reflect actual installments paid and
changes in estimates of future installments. Interest expense recognized on the obligation for the period from November 4, 2014
to December 31, 2014 amounted to $36,641 based on a yield of approximately 12%.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Transferred assets of Siebert&#146;s
capital markets business, consisted of issuer relationships and goodwill. Issuer relationships, representing their fair value at
the date of acquisition determined based on a discounted cash flow analysis (Level 3). Goodwill, which includes employees of Siebert
who transferred to SBS was recorded at $1,001,000, representing the excess of the fair value ($1,820,000) of SBSF&#146;s purchase
obligation to Siebert over the fair value of the issuer relationships.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Since the date of acquisition,
revenue of $199,000 and net loss of $129,000 attributable to the capital markets business is included in the accompanying statement
of operations.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The following represents the unaudited
pro forma amounts of revenue and net income of the Company for the year ended December 31, 2014, assuming the capital markets business
had been acquired as of January 1, 2014:</p>

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    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 9%; padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="width: 33%; padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 3%; padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
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    <td style="padding-bottom: 10pt; padding-left: 25.9pt; text-indent: -8.65pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Revenue</font></td>
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    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">27,729,000</font></td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
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    <td style="padding-bottom: 10pt; padding-left: 25.9pt; text-indent: -8.65pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Net Income</font></td>
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    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">672,000</font></td>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The above net income reflects
the additional amortization that would have been charged assuming the fair value adjustment to customer accounts had been applied
as of January 1, 2014 and amortization of discount on the purchase obligation for the entire year.</p><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1383-128463<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6996-128479<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=39739317&amp;loc=d3e4922-128472<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=39739317&amp;loc=d3e4934-128472<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=39739317&amp;loc=d3e4926-128472<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e7000-128479<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1392-128463<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1486-128463<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6927-128479<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1497-128463<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1490-128463<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e7008-128479<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=39739317&amp;loc=d3e4845-128472<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1500-128463<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25497992&amp;loc=d3e1524-128463<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZF">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>D - INVESTMENT IN AFFILIATES (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract', window );"><strong>Investments in and Advances to Affiliates, Schedule of Investments [Abstract]</strong></a></td>
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        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">Investment in and advances
to, equity in income / (loss) of, and distributions received from, affiliates consist of the following:</p>

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<tr style="vertical-align: bottom">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">7,979,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
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    <td style="border-bottom: black 1.5pt double; padding-bottom: 0.6pt; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">67,000</td>
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<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">Distributions</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">13,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">173,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">186,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><b>December 31, 2013</b></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><b>SBS</b></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><b>SBSFPC</b></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td>
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    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">7,832,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">190,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">94,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
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    <td style="padding-bottom: 1.75pt; text-align: left; text-indent: 0pt; line-height: 10pt">)</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">(65,000</td>
    <td style="padding-bottom: 1.75pt; text-align: left; text-indent: 0pt; line-height: 10pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">Distributions</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">1,212,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">6,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">1,218,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; text-indent: 0pt; line-height: 10pt"><b>December 31, 2012</b></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><b>SBS</b></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><b>SBSFPC</b></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><b>TOTAL</b></td>
    <td style="text-align: center; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">Income from equity investees</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">774,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">32,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">806,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left; text-indent: 0pt; line-height: 10pt">Distributions</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">95,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">2,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td>
    <td style="border-bottom: black 1.5pt double; text-align: left; text-indent: 0pt; line-height: 10pt">$</td>
    <td style="border-bottom: black 1.5pt double; text-align: right; text-indent: 0pt; line-height: 10pt">97,000</td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt">&#160;</td></tr>
</table>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 27pt"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock', window );">Summarized financial data of affiliates</a></td>
        <td class="text"><table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 66%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">22,999,000</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">7,083,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    members&#146; capital</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">15,916,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">250,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">250,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">28,246,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Net
    income</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">171,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">193,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">1,579,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">Summarized
financial data of SBSFPC is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 66%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left; text-indent: 0pt; line-height: 10pt; font-size: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2013</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2012</b></font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
    assets</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">26,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">584,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
    liabilities</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">26,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">15,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
    members&#146; capital</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">569,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Total
    revenue</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(222,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)*</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">293,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #E6E6E6">
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">Net
    income (loss)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(51,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(478,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">98,000</font></td>
    <td style="text-align: left; text-indent: 0pt; line-height: 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt/10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>custom:SummarizedFinancialDataOfAffiliatesScheduleTextBlock</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">SIEB_SummarizedFinancialDataOfAffiliatesScheduleTextBlock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  </tr>
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                <p>The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities.</p>
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    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '1/1/2013 - 3/31/2013' is shorter (89 days) and has only 3 values, so it is being removed.</Log>
    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '4/1/2013 - 6/30/2013' is shorter (90 days) and has only 1 values, so it is being removed.</Log>
    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '7/1/2013 - 9/30/2013' is shorter (91 days) and has only 1 values, so it is being removed.</Log>
    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '10/1/2013 - 12/31/2013' is shorter (91 days) and has only 3 values, so it is being removed.</Log>
    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '1/1/2014 - 3/31/2014' is shorter (89 days) and has only 3 values, so it is being removed.</Log>
    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '4/1/2014 - 6/30/2014' is shorter (90 days) and has only 1 values, so it is being removed.</Log>
    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '7/1/2014 - 9/30/2014' is shorter (91 days) and has only 1 values, so it is being removed.</Log>
    <Log type="Info">Columns in Cash Flows statement 'CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)' have maximum duration 365 days and at least 72 values. Shorter duration columns must have at least one fourth (18) as many values. Column '10/1/2014 - 12/31/2014' is shorter (91 days) and has only 3 values, so it is being removed.</Log>
    <Log type="Info">Process Flow-Through: 00000002 - Statement - CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Dec. 31, 2012'</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Dec. 31, 2011'</Log>
    <Log type="Info">Process Flow-Through: 00000003 - Statement - CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical)</Log>
    <Log type="Info">Process Flow-Through: 00000004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Dec. 31, 2014'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Sep. 30, 2014'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Jun. 30, 2014'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Mar. 31, 2014'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Dec. 31, 2013'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Sep. 30, 2013'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Jun. 30, 2013'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Mar. 31, 2013'</Log>
    <Log type="Info">Process Flow-Through: 00000006 - Statement - Statements of Changes in Members' Capital</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Sep. 30, 2014'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Jun. 30, 2014'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Sep. 30, 2013'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Jun. 30, 2013'</Log>
    <Log type="Info">Process Flow-Through: 00000007 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</Log>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E4PBI">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>D - INVESTMENT IN AFFILIATES (Details 2) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="8">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
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        <th class="th">
          <div>Dec. 31, 2014</div>
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        <th class="th">
          <div>Dec. 31, 2013</div>
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          <div>Dec. 31, 2012</div>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">$ 20,728,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">$ 27,970,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">$ 20,728,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">$ 27,970,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinimumNetCapitalRequired1', window );">Regulatory minimum net capital requirement</a></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1</span><span></span></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">4,975,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">3,454,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">3,705,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">3,718,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">4,191,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">3,666,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">4,278,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">4,266,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">15,815,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">16,401,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues" onclick="toggleNextSibling(this);">20,983,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">948,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,456,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(6,077,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">28,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,546,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,644,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,353,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(1,369,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(6,557,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(5,912,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">(171,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsFinancialMember', window );">Siebert, Brandford, Shank Financial LLC and Subsidiary</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[dei_LegalEntityAxis=SIEB_SbsFinancialMember]" onclick="toggleNextSibling(this);">24,806,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ dei_LegalEntityAxis<br>= SIEB_SbsFinancialMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsFinancialMember]" onclick="toggleNextSibling(this);">171,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsFinancialMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsMember', window );">SBS</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">28,518,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">22,999,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">28,518,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">22,999,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">12,458,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">7,083,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">12,458,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">7,083,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Capital', window );">Total members' capital</a></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">16,060,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">15,916,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">16,060,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">15,916,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinimumNetCapitalRequired1', window );">Regulatory minimum net capital requirement</a></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_MinimumNetCapitalRequired1[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">250,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_MinimumNetCapitalRequired1<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">24,965,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">28,246,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">193,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsMember]" onclick="toggleNextSibling(this);">1,579,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SIEB_SbsfpcMember', window );">SBSFPC</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">26,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">584,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">26,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Assets[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">584,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">26,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">15,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">26,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">15,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Capital', window );">Total members' capital</a></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">569,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Capital[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">569,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Capital<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total revenue</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="num"><a title="us-gaap_Revenues[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">(222,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_Revenues[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">293,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Revenues<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">$ (51,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">$ (478,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[dei_LegalEntityAxis=SIEB_SbsfpcMember]" onclick="toggleNextSibling(this);">$ 98,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ dei_LegalEntityAxis<br>= SIEB_SbsfpcMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 12<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 18<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Assets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of total capital as defined in the regulations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 948<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47304-110998<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 505<br><br> -Section 50<br><br> -Paragraph 1H<br><br> -Subparagraph (c)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35709795&amp;loc=d3e65071-112826<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 505<br><br> -Section 50<br><br> -Paragraph 1H<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35709795&amp;loc=d3e65071-112826<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 948<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (c)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6490092&amp;loc=d3e47080-110998<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Capital</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19-26)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Liabilities</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of minimum net capital required to be maintained to engage in securities transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Rule 15c3<br><br> -Number 240<br><br> -Section 1<br><br> -Paragraph 1<br><br> -Subparagraph i<br><br> -Article 15c3<br><br> -Subsection a<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_MinimumNetCapitalRequired1</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Revenues</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>I - OPTIONS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Equity [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock', window );">I - OPTIONS</a></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company&#146;s 2007 Long-Term
Incentive Plan (the &#147;Plan&#148;) authorizes the grant of options to purchase up to an aggregate of 2,000,000 shares, subject
to adjustment in certain circumstances. Both non-qualified options and options intended to qualify as &#147;Incentive Stock Options&#148;
under Section 422 of the Internal Revenue Code may be granted under the Plan. A Stock Option Committee of the Board of Directors
administers the Plan. The committee has the authority to determine when options are granted, the term during which an option may
be exercised (provided no option has a term exceeding 10 years), the exercise price and the exercise period. The exercise price
shall not be less than the fair market value on the date of grant. No option may be granted under the Plan after December 2017.
Generally, employee options vest 20% per year for five years and expire ten years from the date of grant. At December 31, 2014,
options for 1,760,000 shares of common stock are available for grant under the Plan.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">A summary of the Company&#146;s
stock option transactions for the three years ended December 31, 2014 is presented below:</p>

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    <td colspan="5" style="padding-bottom: 10pt; text-align: center; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2014</b></font></td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; text-align: center; line-height: 115%">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
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    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; text-align: right; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="padding-bottom: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td style="padding-bottom: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Weighted average remaining contractual terms of 3.51 years and no aggregate intrinsic value.</font></td></tr>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">For the year ended December 31,
2014, 2013 and 2012, no stock options were granted.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">As of December 31, 2014, there
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                <p>The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details.</p>
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