<SEC-DOCUMENT>0001157523-19-000775.txt : 20190408
<SEC-HEADER>0001157523-19-000775.hdr.sgml : 20190408
<ACCEPTANCE-DATETIME>20190408154248
ACCESSION NUMBER:		0001157523-19-000775
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190118
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190408
DATE AS OF CHANGE:		20190408

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:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		19737419

	BUSINESS ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-644-2400

	MAIL ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>a51965552.htm
<DESCRIPTION>SIEBERT FINANCIAL CORP. 8-K/A
<TEXT>
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    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <font style="font-size: 18pt;"> </font>
    <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Washington, D.C.&#160; 20549</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">FORM 8-K/A</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Amendment No. 1)</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CURRENT REPORT</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to Section 13 or 15(d) of the</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities Exchange Act of 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of Report (Date of earliest event reported):&#160; January 18, 2019</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">SIEBERT FINANCIAL CORP.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Exact name of registrant as specified in its charter)</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z4af732591b414817864349bfb92bd910">

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          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New York</font></div>
          </td>
          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0-5703</font></div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11-1796714</font></div>
          </td>
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          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; margin-right: 1.8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(State or other jurisdiction of</font></div>
            <div style="text-align: center; margin-right: 1.8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">incorporation)</font></div>
          </td>
          <td style="width: 34%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Commission File Number)</font></div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(IRS Employer Identification Number)</font></div>
          </td>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> <br>
      </font></div>
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          <td style="width: 67%; vertical-align: top; text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">120 Wall Street, New York, NY</font> <br>
          </td>
          <td style="width: 33%; vertical-align: top; text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight:
                bold;">10005</font></font> <br>
          </td>
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          <td style="width: 67%; vertical-align: top; text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Address of principal executive offices)</font><font style="text-indent: 0px; font-size:
              5.02pt;">&#160;</font> <br>
          </td>
          <td style="width: 33%; vertical-align: top; text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Zip Code)</font> <br>
          </td>
        </tr>

    </table>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="text-indent: 0px; font-size: 5pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;








      </font><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Registrant&#8217;s telephone number, including area code:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: &quot;Times New
        Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(212) 644-2400</font></font></div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="c66397af6dd04ac99bf9c02eec65f4fc">

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            <td style="width: 99.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 99.94%; vertical-align: top; text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Former name or former address, if changed since last report.)</font> <br>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
        of the following provisions (see General Instruction A.2. below):</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family:
        'Times New Roman', Times, serif;">Written communications pursuant to Rule 425 under the Securities Act</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family:
        'Times New Roman', Times, serif;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family:
        'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family:
        'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of
        this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-right: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
        any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></font></div>
    <div>&#160;</div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">EXPLANATORY NOTE</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">On January 25, 2019, Siebert Financial Corp. (the &#8220;Company&#8221;) (NASDAQ: SIEB), filed a Current Report on Form 8-K (the
        &#8220;Original Form 8-K&#8221;) reporting, among other items, that on January 18, 2019, Muriel Siebert and Co., Inc., a Delaware corporation (&#8220;MSCO&#8221;), a wholly-owned subsidiary of the Company, acquired approximately 15% of the equity of StockCross Financial
        Services, Inc. (&#8220;StockCross&#8221;).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">This Amendment No. 1 to the Original Form 8-K is being filed solely to include the financial statements and financial
        information required under Item 9.01, which statements and information were excluded from the Original Form 8-K in reliance on paragraphs (a)(4) and (b)(2) of Item 9.01 of Form 8-K. Except as stated in this Explanatory Note, no other information
        contained in the Original Form 8-K is changed.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Forward-Looking Statements.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Current Report on Form 8-K/A contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities
        Litigation Reform Act of 1995. Forward-looking statements typically are identified by use of terms such as &#8220;may,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate&#8221; and similar words. Except as required by law, the Company
        undertakes no obligation to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>publicly update or revise any forward-looking statements, whether as a result of new information, future events or
        otherwise. The Company&#8217;s actual results could differ materially from those contained in forward-looking statements due to a number of factors, including the statements under &#8220;Risk Factors&#8221; found in the Company&#8217;s Annual Reports on Form 10-K and its
        Quarterly Reports on Form 10-Q filed with the SEC.</font></div>
    <div>&#160;</div>
    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Item 9.01 Financial Statements and Exhibits.</font> <br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="afef3cade8f44640b8be6f1a83700d5d">

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          <td style="width: 8%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(a)</font> <br>
          </td>
          <td style="width: 92%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Financial statements of businesses acquired.</font> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
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          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Audited financial statements and the accompanying notes of StockCross for the years ended
              December 31, 2018 and 2017, attached hereto as Exhibit 99.2 and incorporated herein by reference.</font> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(b)</font> <br>
          </td>
          <td style="width: 92%; vertical-align: top;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Pro forma financial information.</font> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Unaudited pro forma financial statements and the accompanying notes for the fiscal year ended
              December 31, 2018 attached hereto as Exhibit 99.3 and incorporated herein by reference.</font> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(d)</font> <br>
          </td>
          <td style="width: 92%; vertical-align: top;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Exhibits</font> <br>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="26dec645eef2431bbf41c2170b2417b9">

        <tr>
          <td style="width: 8%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Exhibit No.</font> <br>
          </td>
          <td style="width: 92%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Description</font> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1"><a href="http://www.sec.gov/Archives/edgar/data/65596/000115752319000149/a51930939ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">99.1</font></a>
            <br>
          </td>
          <td style="width: 92%; vertical-align: top;" rowspan="1"><a href="http://www.sec.gov/Archives/edgar/data/65596/000115752319000149/a51930939ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Stock







                Repurchase Agreement, dated as of January 18, 2019, by and among tZERO Group, Inc., StockCross Financial Services, Inc., and Muriel Siebert &amp; Co., Inc. (filed as Exhibit 99.1 to the Current Report on Form 8-K filed on January 25, 2019
                and incorporated by reference herein)</font></a> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1"><a href="a51965552_ex992.htm"><font style="font-size: 10pt; font-family: 'Times New Roman',
                Times, serif; color: #000000;">99.2</font></a> <br>
          </td>
          <td style="width: 92%; vertical-align: top;" rowspan="1"><a href="a51965552_ex992.htm"><font style="font-size: 10pt; font-family: 'Times New Roman',
                Times, serif; color: #000000;">Audited financial statements and the accompanying notes of StockCross for the years ended December 31, 2018 and 2017.</font></a> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 92%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1"><a href="a51965552_ex993.htm"><font style="font-size: 10pt; font-family: 'Times New Roman',
                Times, serif; color: #000000;">99.3</font></a> <br>
          </td>
          <td style="width: 92%; vertical-align: top;" rowspan="1"><a href="a51965552_ex993.htm"><font style="font-size: 10pt; font-family: 'Times New Roman',
                Times, serif; color: #000000;">Unaudited pro forma financial statements and the accompanying notes for the fiscal year ended December 31, 2018.</font></a> <br>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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    <br>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SIGNATURES</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
        signed on its behalf by the undersigned hereunto duly authorized.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
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          <td style="width: 50%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:&#160; April 8, 2019</font> <br>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 4%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
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          <td style="width: 4%; vertical-align: top; padding-bottom: 2px;" rowspan="1" colspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font> <br>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">/s/ <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Andrew H. Reich</font> </td>
          <td style="vertical-align: top; width: 26%; padding-bottom: 2px;" rowspan="1" colspan="1">&#160;</td>
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          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 4%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Andrew H. Reich</font> <br>
          </td>
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          <td style="width: 4%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: top;" rowspan="1" colspan="2"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EVP, Chief Operating Officer, Chief Financial Officer and Secretary</font> <br>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>a51965552_ex992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;"><a name="Exhibit992"><!--Anchor--></a>Exhibit 99.2</font><br>
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        <div style="text-align: center; color: rgb(35, 33, 33); font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">To the Board of Directors and Stockholders</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">of Stockcross Financial Services, Inc. and Subsidiary</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Beverly Hills, California 90212</font></div>
        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(35, 33, 33);">Opinion on the Consolidated Financial Statements</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">We have audited the accompanying consolidated statement of financial condition of Stockcross Financial
            Services, Inc. and Subsidiary (the Company) as of December 31, 2018, the related consolidated statements of operations, changes in stockholders' equity, Statement of Changes in Liabilities Subordinated to Claims of General Creditors, and cash
            flows for the year then ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
            the Company as of December 31, 2018, and the results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.</font></div>
        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(35, 33, 33);">Basis for Opinion</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">These consolidated financial statements are the responsibility of Company's management. Our
            responsibility is to express an opinion on Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to
            be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we
            plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of
            material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
            disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial
            statements. We believe that our audit provides a reasonable basis for our opinion.</font></div>
        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(35, 33, 33);">Supplemental Information</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">The Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for
            Determination of Reserve Requirements Under SEC Rule 15c3-3, Schedule Ill, Computation for Determination of PAB Account Reserve requirements under Rule 15c3-3, and Schedule IV, Information Relating to Possession or Control Requirements Under
            SEC Rule 15c3-3, has been subjected to audit procedures performed in conjunction with the audit of the Company's consolidated financial statements. The supplemental information is the responsibility of Company's management. Our audit procedures
            included determining whether the supplemental information reconciles to the consolidated financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the
            information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">R. </font>&#167;240.17a-5. In our opinion, the Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule 11, Computation for Determination of Reserve
            Requirements Under SEC Rule 15c3-3, Schedule Ill, Computation for Determination of PAB Account Reserve requirements under Rule 15c3-3, and Schedule IV, Information Relating to Possession or Control Requirements Under SEC Rule 15c3-3, is fairly
            stated, in all material respects, in relation to the consolidated financial statements as a whole.</font></div>
        <div>&#160;</div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">BUCHBINDER TUNICK &amp; COMPANY LLP</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);"> </font><img src="signature.jpg"></div>
        <div><br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">We have served as the Company&#8217;s auditor since 2017.</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Little Falls, New Jersey</font><font style="font-size: 6.8pt;" id="TRGRRTFtoHTMLTab"></font></div>
        <div style="text-align: left;"><font style="font-size: 6.8pt;" id="TRGRRTFtoHTMLTab"> </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);"><font style="font-size: 10pt; font-family:
              &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">February 26</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">,</font><font style="font-size: 10pt;
              font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);"> 2019</font></font></div>
        <div style="text-align: left;">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(35, 33, 33);"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);"> </font></font></div>
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            <td style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">150 Clove Road</font> <br>
            </td>
            <td colspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">6720-A Rockledge Drive</font> <br>
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            <td style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">One Pennsylvania Plaza</font> <br>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Buchbinder Tunick <font style="font-size: 10pt; font-family: &quot;Times New
                    Roman&quot;,Times,serif;">&amp; </font>Company LLP </font></div>
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            <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">5th Floor</font> <br>
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            <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Suite 510</font> <br>
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            <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Suite 3500</font> <br>
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            <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Certified Public Accountants</font> <br>
            </td>
          </tr>
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            <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Little Falls, New Jersey 07424</font> <br>
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            <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Bethesda, Maryland 20817</font> <br>
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            <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">New York, New York 10119</font> <br>
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            <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">buchbinder.com</font> <br>
            </td>
          </tr>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">973.812.0100</font></div>
            </td>
            <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">240.200.1400</font> <br>
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            <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">212.695.5003</font> <br>
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            <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Follow us on </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">linkedin</font></font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC. AND SUBSIDIARY</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF FINANCIAL CONDITION</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DECEMBER 31, 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ASSETS</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Cash</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,354,297</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Cash and securities segregated under federal and other regulations (cash of $164,417,785 and securities with a
                fair value of $40,037,198)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">204,454,983</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Receivable from broker-dealers and clearing organizations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,095,247</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Receivable from customers</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">79,907,282</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Securities owned-marketable, at fair value</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,734,855</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Securities borrowed</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">297,967,220</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Property, equipment and leasehold improvements, net of accumulated depreciation and amortization</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38,937</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Deferred tax asset</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">301,824</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Other assets</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,235,948</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">595,090,593</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Liabilities</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Payable to customers</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">277,783,908</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Payable to non customers</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,330,156</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Drafts payable</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,544,257</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Payable to broker-dealers and clearing organizations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">694,751</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Securities loaned</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">276,239,375</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Securities sold, not yet purchased, at fair value</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46,682</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Accounts payable, accrued expenses and other liabilities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">538,630</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Accrued expense, discontinued operations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">350,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Subordinated debt</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">577,527,759</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Stockholder's Equity</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Common stock; $.0016 par value, 20,000,000 shares authorized, 6,152,000 shares issued and 6,109,204
                outstanding</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,844</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Paid-in capital</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,036,489</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Retained earnings</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,688,473</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Less:&#160; Treasury stock, at cost (43,296 shares at $3.972)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(171,972</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,562,834</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">595,090,593</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to consolidated financial statements</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC. AND SUBSIDIARY</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">YEAR ENDED DECEMBER 31, 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">REVENUES</font></div>
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          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Interest income</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">7,510,014</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Other income</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,588,169</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Commissions</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,548,042</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Market making</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,271,671</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Principal transactions</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">422,329</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Total operating revenue</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">13,340,225</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">EXPENSES</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Employee compensation and benefits</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,913,846</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Other expenses</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,763,643</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Data processing</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,755,662</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Occupancy</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,436,318</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Clearing costs</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">839,114</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Interest expense</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">325,546</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Advertising and promotion</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">55,876</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Depreciation and amortization</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">21,666</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Total operating expenses</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">14,111,671</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">LOSS FROM CONTINUING OPERATIONS</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(771,446</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">DISCONTINUED OPERATIONS</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Loss from discontinued operations</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Loss before (benefit) from income taxes</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(928,963</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Taxes</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Current taxes</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">63,393</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">(Benefit) from income taxes</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(301,824</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Net (benefit) from income taxes</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(238,431</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Net Loss</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(690,532</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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    &#160;
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to consolidated financial statements</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
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    <div>&#160; <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z354c8810de344cf7914ba9972ae547a9">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC. AND SUBSIDIARY</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF CASH FLOWS</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">YEAR ENDED DECEMBER 31, 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Cash flows from operating activities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Net Loss</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(690,532</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Adjustments to reconcile net income to net cash used in operating activities:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Depreciation and amortization</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,666</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Deferred tax asset</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(301,824</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%;">
            <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Changes in operating assets and liabilities:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Cash and securities segregated under federal and other regulations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">48,428,157</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Receivable from broker - dealers and clearing organizations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(398,185</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Receivable from customers</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(8,594,641</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Receivable from non-customers</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">107,992</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities owned, at market value</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,022,416</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities borrowed</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(82,398,728</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Other assets</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(70,108</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Payable to customers</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(42,469,581</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Payable to non customers</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,083,524</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Drafts payable</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(441,498</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Payable to broker - dealers and clearing organizations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">22,431</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities loaned</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">80,633,058</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities sold, but not yet purchased</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(28,727</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Accounts payable, accrued expenses and other liabilities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(170,410</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Total adjustments</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(1,599,290</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash used in continued operations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(2,289,822</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Net cash used by discontinued operations</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(681,359</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash used in operating activities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,971,181</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Cash flows from investing activities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Sale of property</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">415,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash provided by investing activities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">415,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Cash flows from financing activities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Proceeds from issuance of subordinated debt</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Proceeds from payment for subscribed stock</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">567,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Treasury stock purchase</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(171,972</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Return of capital distribution</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(750,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash provided by financing activities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,645,028</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">NET CHANGE IN CASH</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">88,847</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">CASH&#160; - BEGINNING</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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    &#160;
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to consolidated financial statement</font></div>
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        <tr>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC. AND SUBSIDIARY</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF CASH FLOWS (CONTINUED)</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Income taxes</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63,393</font></div>
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    &#160;
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to consolidated financial statements</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle;" colspan="28">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC. AND SUBSIDIARY</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle;" colspan="28">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">YEAR ENDED DECEMBER 31, 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Number of</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">capital</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Retained</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">earnings</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">subscription</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receivable</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Treasury</font></div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Stock</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance-beginning</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,152,500</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,844</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,726,520</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,379,005</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(567,000</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,548,369</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(690,532</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(690,532</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain from sale of property</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59,969</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59,969</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">567,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 16%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance-end</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,036,489</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(171,972</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,562,834</font></font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

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    &#160;
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to consolidated financial statements</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    <div><br>
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    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z3cc9e212e427405a9929c56eb7aade23">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC. AND SUBSIDIARY</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF CHANGES IN LIABILITIES SUBORDINATED</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TO CLAIMS OF GENERAL CREDITORS</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">YEAR ENDED DECEMBER 31, 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance, beginning of period</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes during the period</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance, end of period</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    &#160;
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to consolidated financial statements</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    <div><br>
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    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">StockCross Financial Services, Inc. and Subsidiary</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notes to Consolidated Financial Statements</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31, 2018</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ORGANIZATION AND NATURE OF BUSINESS</font></div>
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    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">StockCross Financial Services, Inc. (the "Company") is a securities broker dealer registered with the
        Securities and Exchange Commission (&#8220;SEC&#8221;) and is a member of Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) and Securities Investor Protection Corporation (&#8220;SIPC&#8221;).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is located in Beverly Hills, California, with offices throughout the United States and worldwide customers.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective August 16, 2018 the Company established a Bermuda subsidiary StockCross Digital Solutions, Ltd. (&#8220;StockCross
        Digital&#8221;).&#160; For the year ended December 31, 2018 there was no income or expenses associated with the subsidiary.&#160; The sole transaction was to initially fund the subsidiary in the amount of $10,000 and the subsidiary is an inactive corporation at
        December 31, 2018.&#160; See Principles of Consolidation note below.</font></div>
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    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is affiliated with Muriel Siebert &amp; Co. Inc. (&#8220;MSCO&#8221;) through common ownership. MSCO is
        a wholly owned subsidiary of Siebert Financial Corp. (&#8220;SFC&#8220;).</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basis of Presentation</font></div>
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    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financial statements are presented on the accrual basis of accounting in accordance with accounting
        principles generally accepted in the United States of America.</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recently Issued Accounting Pronouncements</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In February 2016, the FASB issued ASU 2016-02, Leases, which replaces the existing guidance in ASC 840,
        Leases.&#160; The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either
        finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The guidance will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted.
        Management of the Company has evaluated the impact of ASU 2016-02 will have on its financial statements and related disclosures and determined that there would be no material change to the occupancy expenses reported.&#160; Management has also
        determined that as of the year ended December 31, 2018, the company had present value of lease commitments of approximately $2.2M that will be recorded on the Statement of Financial Position as follows:</font></div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z5f61c7daf3694c5d929d77c30533d48f" style="border-collapse: collapse; width: 92%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Summary of ASU 2016-02</u></font></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Assets</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating lease right-of-use asset</font></div>
          </td>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,220,045</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Liabilities</font></div>
          </td>
          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating lease liability</font></div>
          </td>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,220,045</font></div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The new standard is effective on January 1, 2019, with early adoption permitted. The Company adopted the new standard on
        its effective date. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company will use the effective date in the financial statements as its date of
        initial application.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In August 2018, the FASB issued ASU 2018-13, <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Fair value Measurement (ASC 820):&#160; Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement</font>.&#160; ASU 2018-13 removes certain disclosures, modifies certain disclosures
        and adds additional disclosures.&#160; The ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019.&#160; Early adoption is permitted.&#160; The Company is evaluating the effect that this
        update will have on its financial statements and related disclosures.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Management has evaluated other recently issued accounting pronouncements and does not believe that any of these
        pronouncements will have a significant impact on our consolidated financial statements and related disclosures.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Principles of Consolidation</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consolidated financial statements include the Company&#8217;s wholly owned corporate subsidiary StockCross
        Digital.&#160; All significant intercompany transactions and balances are eliminated.&#160; There was no income or expenses generated for the year ended 2018 from StockCross Digital.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash represents cash on hand and cash held in banks. At times, cash balances may exceed Federal Deposit
        Insurance Corporation insured limits.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash and Securities Segregated Under Federal and Other Regulations</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash equivalents (interest bearing deposit accounts) and securities owned in the amount of $204,454,983 (cash
        $164,417,785, securities with a fair value $40,037,198) have been segregated in special reserve accounts for the benefit of customers and proprietary accounts of introducing broker dealers under Rule 15c3-3 of the Securities and Exchange
        Commission.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Receivable from and Payable to Broker-Dealers and Clearing Organizations</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts receivable from and payable to broker-dealers and clearing organizations include amounts held on deposit with
        clearing organizations, amounts due from/to introducing broker-dealers, fail-to deliver and fail-to-receive items, and amounts receivable for unsettled regular-way transactions.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At December 31, 2018, amounts receivable from and payable to broker-dealers and clearing organizations include the
        following:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 92%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z74f5a465bc424bc8a6ad6dff82b09bd5">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Receivables:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Clearing organizations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,875,322</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Brokers and dealers</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">123,069</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Securities failed to deliver</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,856</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,095,247</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Payables:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Securities failed to receive</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">384,753</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Due to MSCO</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">309,998</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">694,751</font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Receivable From and Payable to Customers</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts receivable from and payable to customers include amounts due and owed on cash and margin transactions.&#160;
        Securities owned by customers are held as collateral for receivables.&#160; Receivables from customers are reported at their outstanding principal balance, adjusted for any allowance for doubtful accounts.&#160; An allowance is established when
        collectability is not reasonably assured.&#160; When the receivable from a brokerage client is considered to be impaired, the amount of impairment is generally measured based on the fair value of the securities acting as collateral, which is measured
        based on current prices from independent sources such as listed market prices or broker-dealer price quotations.&#160; Securities beneficially owned by customers, including those that collateralize margin or other similar transactions, are not reflected
        in the Statement of Financial Condition.&#160; No allowance for doubtful accounts was necessary at December 31, 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Securities Owned-Marketable, at Fair Value</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities owned-marketable, at fair value represent marketable securities owned by the company at trade-date valuation.&#160;
        See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Securities Borrowed and Loaned</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities borrowed are recorded at the amount of cash collateral advanced.&#160; Securities borrowed transactions require the
        Company to deposit cash, letters of credit, or other collateral with the lender.&#160; Securities loaned are recorded at the amount of cash collateral received.&#160; For securities borrowed and loaned, the Company monitors the market value, with additional
        collateral obtained or refunded as necessary.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Property, Equipment and Leasehold Improvements</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Property, equipment and leasehold improvements are carried at cost less accumulated depreciation and amortization.&#160;
        Depreciation and amortization are recorded on a straight-line basis over the lesser of the estimated useful lives of the related assets or the non-cancelable remaining lease terms, as appropriate.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On July 31, 2018 the Company sold an office condominium located in Omaha, NE for $415,000 to a related party.&#160; Since the
        sale was to a related party, the consideration received net of cost has been recorded in Additional Paid-in Capital amounting to $59,969 as disclosed in the Statement of Changes in Stockholder Equity.&#160; See &#8220;Related Party Disclosures&#8221; below.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deferred Tax Asset</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Included in the accompanying Statement of Financial Condition as of December 31, 2018 are deferred tax assets of $301,824,
        representing tax loss carryforwards. Realization of that asset is dependent on the Company&#8217;s ability to generate future taxable income. Management believes that it is more likely than not that forecasted taxable income will be sufficient to utilize
        the tax carryforwards before their expirations to fully recover the asset. However, there can be no assurance that the Company will meet its expectations of future income. As a result, the amount of the deferred tax assets considered realizable
        could be reduced in the near term if estimates of future taxable income are reduced.&#160; Such an occurrence could materially adversely affect the Company&#8217;s results of operations and financial condition.&#160; See &#8220;Income Taxes&#8221; disclosure below.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Assets</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other assets consist of miscellaneous receivables and prepaid expenses not otherwise categorized above.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payable to Non-Customers</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts payable to non-customers includes amounts due on cash and margin transactions on accounts owned and controlled by
        principal officers, directors and stockholders of the company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payable to non-customer amounts also include amounts due on cash transactions owned and controlled by the Company&#8217;s
        proprietary accounts of introducing broker dealers.&#160; At December 31, 2018, the Company had one correspondent clearing relationship with MSCO.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drafts Payable</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Drafts payable represent checks drawn by the Company against customer accounts which remained outstanding and had not
        cleared the bank as of December 31, 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Securities Sold, Not Yet Purchased, at Fair Value</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities sold, not yet purchased, at fair value represent marketable securities sold by the company prior to purchase at
        trade-date valuation.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounts Payable, Accrued Expenses, and Other Liabilities</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts payable, accrued expenses, and other liabilities represent amounts accrued in the reporting period but not yet
        paid.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subordinated Debt</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective November 30, 2018, the Company entered into a one-year subordinated borrowing agreement with Gloria Gebbia, a
        Director of the Company, in the amount of $3.0 million.&#160; The rate of interest on the note is 2.75%.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The borrowing is subordinated to the claims of general creditors, approved by FINRA, and are included in the Company&#8217;s
        calculation of net capital and the capital requirements under FINRA and SEC regulations.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Revenues</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 1, 2018, the Company adopted the new revenue recognition standard on the modified retrospective method (i.e.,
        cumulative method). The Company has elected the modified retrospective method which did not result in a cumulative-effect adjustment at the date of adoption. The implementation of this new standard had no material impact on the Company's financial
        statements for the year ended December 31, 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by
        transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time.
        Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a
        performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which
        the Company expects to be entitled in exchange for those promised goods or services (i.e., the "transaction price").</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The transaction price for the services provided by the Company is equal to the commission rate and the account maintenance
        fees that the Company quotes to its customers. The Company charges miscellaneous fees for various services performed in relation to handling the account (i.e. wire transfer fees, account transfer fees, reorganization fees), which are relatively
        small in nature. There is no noncash consideration, consideration payable to the customer; however, in terms of financing, the Company charges customers on their margin interest balances and pays them for their credit balances. The transaction
        price is equal to the quoted commission rate and the account maintenance fee. Then the transaction price (quoted commission rate and account maintenance fee) is allocated to the performance obligations based on the standalone selling prices.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company earns revenue from contracts with customers and other sources (interest, trading gains, and commissions and
        fees). The following provides detailed information on the recognition of the Company's revenue from contracts with customers:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest Income</font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest income represents the actual interest generated in clients&#8217; margin accounts and the Company&#8217;s
        bank balances.&#160; Interest income is recorded monthly based on the average daily balances held in accounts.</font></div>
    <div><br>
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other Income</font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other income represents fees generated from securities borrow and loan transactions and administrative
        fees generated from client accounts.&#160; Stock Borrow and loan revenue is recorded on a monthly basis.&#160; Transactional fees are recorded concurrently with the related activity and an annual maintenance fee is charged to inactive client accounts at
        fiscal year-end.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A summary of significant components of other income is presented in the table below:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 92%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z614858ad6a63403b8f0d8714f563829f">

        <tr>
          <td valign="bottom" style="vertical-align: middle;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Components of Other Income</u></font></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock borrow and loan revenue</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,200,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Administrative fees</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">600,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Correspondent clearing fees</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">600,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payment for order flow</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Commissions, Market Making, and Securities Transactions</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Customers&#8217; securities transactions are recorded on a settlement date basis, generally two business days following the
        transaction. Commissions, other securities transactions and related clearing expenses are recorded on a trade-date basis as the securities transactions occur.&#160; The Company believes that the performance is satisfied on the trade date because that is
        when the underlying financial instrument or purchaser is identified, the pricing is agreed upon, and the risks and rewards of ownership have been transferred to/from the customer.&#160; Securities owned are recorded at fair market value at the reporting
        period.&#160; See &#8220;Fair Value of Financial Instruments&#8221; disclosure below.</font></div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Principal Transactions</font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Principal transactions represent actual mark-up and mark-down on sales to client accounts.&#160; Principal
        transaction mark-up and mark-downs are recorded on the trade date of the transactions.&#160; Management has reviewed the impact of any unsettled transactions and determined there is no material difference between trade date and settlement date positions
        at the year ended December 31, 2018.&#160; The Company believes that the performance is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon, and the risks and
        rewards of ownership have been transferred to/from the customer.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expenses</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Employee Compensation and Benefits, Other Expenses, Data Processing, Occupancy, Clearing Costs, and
        Advertising and Promotion</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Employee compensation and benefits; other expenses; data processing; occupancy,&#160; clearing costs; and advertising and
        promotion are all recorded as incurred, including expenses accrued but not yet paid.&#160; The company records payments made in the prior period for the upcoming period under other assets including annual registration fees and annual insurance premiums.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest Expense</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest expense includes interest paid on clients&#8217; credit balances and interest related to a subordinated debt issuance.&#160;
        Interest is accrued and paid on a monthly basis on the last business day of the month.</font></div>
    <div><br>
    </div>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Depreciation and Amortization</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation and amortization are recorded on a straight-line basis over the lesser of the estimated useful lives of the
        related assets or the non-cancelable remaining lease terms, as appropriate.&#160; Refer to Recently Issued Accounting Pronouncements section regarding recently adopted guidance.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Discontinued Operations</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recorded income generated from its investment advisory business charged from client&#8217;s
        accounts.&#160; Effective June 4, 2018 the company ceased operation as an investment advisory firm, does not anticipate any further revenue from this source, and has submitted termination requests to all related regulatory bodies.&#160; Client investment
        advisory accounts are now serviced by Siebert AdvisorNXT, a wholly-owned subsidiary of SFC.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company entered into a settlement agreement for $350,000 resulting from a mediation.&#160; As the settlement was related to
        a portion of the business sold to SFC in December, 2017; the Company recorded the settlement as a change in the estimated liabilities from discontinued operations related to the sale to SFC.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Concentrations of Credit Risk</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is engaged in various trading and brokerage activities whose contra-parties include
        broker-dealers, banks and other financial institutions.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event contra-parties do not fulfill their obligations, the Company may sustain a loss if the market value of the
        instrument is different from the contract value of the transaction.&#160; The risk of default primarily depends upon the credit worthiness of the contra-parties involved in the transactions.&#160; It is the Company&#8217;s policy to review, as necessary, the
        credit standing of each contra-party with which it conducts business.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Use of Estimates</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: '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
        revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FAIR VALUE MEASUREMENTS</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FASB ASC 820 defines fair value, established a framework for measuring fair value, and established a
        hierarchy of fair value inputs. 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.&#160; A fair value measurement assumes that
        the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market.&#160; Valuation techniques that are consistent with the market,
        income or cost approach, as specified by FASB ASC 820, are used to measure fair value.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad
        levels:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 1 &#8211; Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can assess at
        the measurement date.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 2 &#8211; Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
        directly or indirectly.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 3 &#8211; Unobservable inputs for the asset or liability.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The availability of observable inputs can vary from security to security and is affected by a wide variety of factors,
        including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security.&#160; To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the
        determination of fair value requires more judgment.&#160; Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The inputs used to measure fair value may fall into different levels of the fair value hierarchy.&#160; In such cases, for
        disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fair value is a market-based measure considered from the perspective of a market participant rather than an
        entity-specific measure. Therefore, even when market assumptions are not readily available; the Company&#8217;s own assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the
        measurement date.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A description of the valuation techniques applied to the Company&#8217;s major categories of assets and liabilities measured at
        fair value on a recurring basis follows:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Government
          Securities</font>.&#160; U.S. government securities are valued using quoted market prices.&#160; Valuation adjustments are not applied.&#160; Accordingly, U.S. government securities are generally categorized in level 1 of the fair value hierarchy.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Corporate Bonds and
          Convertible Preferred Stock</font>.&#160; The fair value of corporate bonds and convertible preferred stock are determined using recently executed transactions, market price quotations (when observable), bond spreads or credit default swap spreads
        obtained from independent external parties, such as vendors and brokers, adjusted for any basis difference between cash and derivative instruments.&#160; The spread data used is for the same maturity as the bond.&#160; If the spread data does not reference
        the issuer, then data that reference a comparable issuer are used.&#160; When position-specific external price data is not observable, fair value is determined based on either benchmarking to similar instruments or cash flow models with yield curves,
        bond, or single-name credit default swap spreads and recovery rates as significant inputs.&#160; Corporate bonds and convertible preferred stocks are generally categorized in level 2 of the fair value hierarchy.</font></div>
    <div><br>
    </div>
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    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exchange-Traded Equity
          Securities</font>. Exchange-traded equity securities are generally valued based on quoted prices from the exchange.&#160; To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in level 1 of
        the fair value hierarchy; otherwise, they are in level 2 or level 3 of the fair value hierarchy.</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on
        a recurring basis as of December 31, 2018:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5ed628a458304894969886c2e56865b1" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 28.9%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Assets</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Level 1</u></font></font></div>
          </td>
          <td style="width: 18.29%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Level 2</u></font></font></div>
          </td>
          <td style="width: 18.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Level 3</u></font></font></div>
          </td>
          <td style="width: 17.83%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Total</u></font></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: top;">&#160;</td>
          <td style="width: 16.93%; vertical-align: top;">&#160;</td>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 18.06%; vertical-align: top;">&#160;</td>
          <td style="width: 17.83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic; color: rgb(0, 0, 0);">Segregated Securities</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: top;">&#160;</td>
          <td style="width: 18.29%; vertical-align: top;">&#160;</td>
          <td style="width: 18.06%; vertical-align: top;">&#160;</td>
          <td style="width: 17.83%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">US Treasury Notes</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$ 40,037,198</font></div>
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          <td style="width: 18.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;$&#160; &#160; &#160; &#160; &#160; &#160; &#160; -</font></div>
          </td>
          <td style="width: 18.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; -</font></div>
          </td>
          <td style="width: 17.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$ 40,037,198</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic; color: rgb(0, 0, 0);">Securities owned</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.29%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 17.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">US Treasury Notes</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,678,875</font></div>
          </td>
          <td style="width: 18.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td style="width: 18.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td style="width: 17.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,678,875</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Corporate obligations</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td style="width: 18.29%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">38,038</font></div>
          </td>
          <td style="width: 18.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td style="width: 17.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">38,038</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Equity securities</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,138,124</font></div>
          </td>
          <td style="width: 18.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">879,818</font></div>
          </td>
          <td style="width: 18.06%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td style="width: 17.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,017,942</font></div>
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        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Total</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;$ 44,854,197</font></div>
          </td>
          <td style="width: 18.29%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; 917,856</font></div>
          </td>
          <td style="width: 18.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; -</font></div>
          </td>
          <td style="width: 17.83%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$ 45,772,053</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18.29%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 17.83%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Liabilities</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.29%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 17.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18.29%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 17.83%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Securities sold, not yet purchased</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.29%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 17.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Equity securities</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; -</font></div>
          </td>
          <td style="width: 18.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;$&#160; &#160; 46,682</font></div>
          </td>
          <td style="width: 18.06%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td style="width: 17.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; &#160; &#160; 46,682</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.9%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Total</font></div>
          </td>
          <td style="width: 16.93%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; -</font></div>
          </td>
          <td style="width: 18.29%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; 46,682</font></div>
          </td>
          <td style="width: 18.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; -</font></div>
          </td>
          <td style="width: 17.83%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$&#160; &#160; &#160; &#160; 46,682</font></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z5caf0b7f4f64483a92e1005551462915">

        <tr>
          <td valign="bottom" style="vertical-align: top;" colspan="4">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Changes in Level 3 Equity Assets 01/01/2018 - 12/31/2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance - January 1, 2018</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Unrealized loss</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font><font style="font-size: 5.22pt;" id="TRGRRTFtoHTMLTab"></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance - December 31, 2018</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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    <div><br>
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Short-term financial
          instruments: </font>The carrying value of short-term financial instruments, including cash and securities segregated pursuant to federal regulations are recorded at amounts that approximate the fair value of these instruments. These financial
        instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Cash and cash segregated under federal and other regulations are
        classified as Level 1.&#160; Securities segregated under federal and other regulations consist of treasury notes which are categorized in the above table as Level 1 assets.</font></div>
    <div><br>
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Receivables and other
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
        </font></font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Securities borrowed and
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payables: </font>Payable
        to customers; payable to non customers; drafts payable; payable to broker-dealers and clearing organizations; and accounts payable, accrued expenses, and other liabilities are recorded at amounts that approximate fair value due to their short-term
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    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Subordinated Debt</font>:&#160;
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">COMMITMENTS AND CONTINGENCIES</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lease Commitments</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company rents office space under various operating leases.&#160; Rent expense for the year ended December
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    <div style="text-align: justify; text-indent: 36pt;">
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z2cd3db5f94b944928cfbf39b0dcd8f3f">

          <tr>
            <td valign="bottom" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2019</font></td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1"><font style="font-size: 10pt; font-family: &amp;quot;">670,000</font></td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 20%; background-color: rgb(255, 255, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">640,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021</font></div>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1"><font style="font-size: 10pt; font-family: &amp;quot;">176,000</font></td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 20%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Thereafter</font> <br>
            </td>
            <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">137,000</font></font></td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 20%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><br>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,623,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%; padding-bottom: 4px;" colspan="1">&#160;</td>
          </tr>

      </table>
      <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160; &#160;&#160; <br>
        </font></font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Refer to Recently issued Accounting Pronouncements section regarding adopted guidance for future financial filings.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Litigation and Regulatory Matters</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is subject to various claims and arbitrations in the normal course of business.&#160; The Company believes that the
        resolution of these matters will not have a material adverse effect on these financial statements.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company enters into various transactions to meet the needs of customers, conduct trading activities, and manages
        market risks and is, therefore, subject to varying degrees of market and credit risk.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the normal course of business, the Company's customer activities involve the execution, settlement, and financing of
        various customer securities transactions.&#160; These activities may expose the Company to off-balance sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the
        financial instrument underlying the contract at a loss.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's customer securities activities are transacted on either a cash or margin basis. In margin transactions, the
        Company extends credit to its customers, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the customers' accounts.&#160; In connection with these activities, the Company executes and clears
        customer transactions involving the sale of securities not yet purchased, substantially all of which are transacted on a margin basis subject to individual exchange regulations.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Such transactions may expose the Company to off-balance sheet risk in the event margin requirements are not sufficient to
        fully cover losses that customers may incur.&#160; In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices to fulfill the customer's obligations.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company seeks to control the risks associated with its customer activities by requiring customers to maintain margin
        collateral in compliance with various regulatory and internal guidelines.&#160; The Company monitors required margin levels daily and, pursuant to such guidelines, require customers to deposit additional collateral or to reduce positions, when
        necessary.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's customer financing and securities settlement activities may require the Company to pledge customer
        securities as collateral in support of various secured financing sources such as bank loans and securities loaned.&#160; In the event the counter-party is unable to meet its contractual obligation to return customer securities pledged as collateral, the
        Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its customer obligations.&#160; The Company controls this risk by monitoring the market value of securities pledged on a daily basis and by
        requiring adjustments of collateral levels in the event of excess market exposure.&#160; In addition, the Company establishes credit limits for such activities and monitors compliance on a daily basis.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INCOME TAXES</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Income Taxes</font></div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Beginning January 1, 2018, the Company elected to be taxed as a &#8220;C&#8221; Corporation for federal income tax
        purposes and in various states.&#160; The company filed with the IRS terminating its prior election as an &#8220;S&#8221; corporation and the termination of &#8220;S&#8221; election was completed as of December 31, 2017.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recognizes the effect of tax positions only when they are more likely than not to be
        sustained under audit by the taxing authorities.&#160; At December 31, 2018, the Company has a tax benefit of $301,824.&#160; The Company operates in the United States and in various state and local jurisdictions, tax years prior to 2014 are no longer
        subject to examination by taxing authorities. There are presently no income tax examinations in process.</font></div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current income tax expense included in the accompanying Statements of Operations for the year ended December 31, 2018 is
        as follows:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zbd0bd1e20da142f08a9fb745ac2ea603">

        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Current:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Federal</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">State and local</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63,393</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Total current tax expense</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63,393</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Effective Income Tax Reconciliation</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A reconciliation of the difference between the expected income tax benefit computed at the U.S. statutory income tax rate
        and the Company&#8217;s income tax expense (benefit) as of December 31, 2018 is shown in the following table:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z43c29e3639d146438e3b5d3caf4ff8eb">

        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Net loss</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(992,356</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Net effect of:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Gain on sale of building</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">85,273</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Depreciation</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(36,034</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Non-deductible expenses</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Difference in basis of depreciable assets</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(136,609</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Loss carryforward</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,073,726</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Deferred state taxes at 9%</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,635</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Deferred federal taxes at 21%, calculated net of state taxes</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">205,189</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Total deferred tax asset</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">301,824</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The company has accumulated a net operating loss carryforward of $1,073,726 eligible to offset 80% of
        net income indefinitely.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <div>
          <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7. &#160; &#160; &#160; &#160; &#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RELATED PARTY DISCLOSURES</font></div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">MSCO</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company and MSCO are under common ownership and the Company serves as a clearing broker for MSCO.&#160; MSCO has a clearing
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        addition, the Company pays certain vendors for miscellaneous expenses which it passes through to MSCO and splits margin interest revenue.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At and for the year ended December 31, 2018, the Company had or recognized approximately the following material amounts
        per its agreements with MSCO:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z5066cce458be424ca5550a1884cf6539">

        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Category</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amount</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Statement of Financial Condition</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Payable to non-customers:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Inventory financing</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,000,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Payable to broker dealers and clearing organizations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Net monthly clearing revenue payable</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">235,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Clearing deposit</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Total liabilities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,310,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Statement of Operations</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Revenue</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Interest</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Margin interest revenue</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">979,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Other Income</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Fees generated for trading clearance</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">290,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Fees generated for IRA custodial services provided</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">90,300</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Expense</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Payments to MSCO for stock loan</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">275,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Expense Reimbursement</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Reimbursement for data processing expense provided to MSCO</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,271,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Reimbursement for rental expense</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">360,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Other Items</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Total payments to MSCO per clearing agreement</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,659,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Refer to the subsequent events note below for details regarding a minority purchase of the Company&#8217;s common stock by MSCO.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 27pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Kennedy Cabot Acquisition, LLC</font></div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Kennedy Cabot Acquisition, LLC (&#8220;KCA&#8221;) is an affiliate of the Company through common ownership, MSCO, and SFC. To gain
        efficiencies and economies of scale with billing and administrative functions, KCA serves as a paymaster for the Company and MSCO for compensation and benefits expenses, the entirety of which KCA passes through to MSCO and the Company
        proportionally.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">KCA sponsors a 401(k) profit sharing plan, which covers substantially all of the Company&#8217;s employees.&#160; Employee
        contributions to the plan are at the discretion of eligible employees.&#160; There were no contributions by the Company or KCA to the plan for the year ended December 31, 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 27pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Scilent Networks, LLC</font></div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Scilent Networks is a technology wholesaler owned by an executive of the Company that buys technology and related ancillary
        services on behalf of the Company at a reduced cost and then passes through the cost to the Company.&#160; Total payments made to Scilent network for year ended 2018 totaled approximately $100,000.</font></div>
    <div><br>
    </div>
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    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">tZERO.com</font></div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 31, 2018 tZERO.com (&#8220;TZERO&#8221;) purchased a 24% minority stake in the Company.&#160; The Company also had a revenue
        sharing agreement with its affiliate Speedroute, LLC (&#8220;Speedroute&#8221;).&#160; Total payments made to TZERO and affiliates were approximately $275,000.&#160; Refer to the subsequent events note below for details regarding a subsequent sale of the Company&#8217;s
        common stock by TZERO.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Gebbia Sullivan County Land Trust</font></div>
    <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On July 31, 2018, the Company sold an office condominium located in Omaha, NE for $415,000 to the Gebbia Sullivan County Land
        Trust (&#8220;Land Trust&#8221;).&#160; The trustee of the Land Trust is a relative of the majority owners of the Company.&#160; Subsequent to the transaction, the Company entered into a lease agreement with the Land Trust that expired December 31, 2018 and is currently
        operating on a month-to-month rental agreement with the Land Trust.&#160; For the year ended December 31, 2018, $25,000 was paid in rent.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <div>
          <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.&#160; &#160; &#160; &#160; &#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DIVIDENDS AND DISTRIBUTIONS</font></div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 28, 2018, the Company made a return of capital distribution in the aggregate amount of $750,000 to
        shareholders at record date December 1, 2018.&#160; tZERO.com (&#8220;tZERO&#8221;) was not included in the distribution as there was a pending sale referenced in the subsequent events section below.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;"> &#160; &#160; &#160; &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TREASURY STOCK PURCHASE</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 18, 2018 the Company purchased, into treasury, under one percent of the issued and outstanding shares from a
        minority shareholder.&#160; The transaction was recorded at cost.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;"> &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NET CAPITAL REQUIREMENTS</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company, as a broker-dealer, is subject to the Uniform Net Capital Rules of the SEC (Rule 15c3-1) of
        the Securities Act of 1934.&#160; Under the alternate method permitted by this rule, net capital, as defined, shall not be less than 2% of aggregate debit items arising from customer transactions.&#160; At December 31, 2018, the Company&#8217;s net capital was
        $17,899,304, which was $15,750,341 in excess of its required net capital of $2,148,963. The Company&#8217;s percentage of aggregate debit balances to net capital was 16.66% as of December 31, 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is subject to Customer Account Rule 15c3-3 of the SEC which requires segregation of funds in
        a special reserve account for the exclusive benefit of customers (Rule 15c3-3). At December 31, 2018, the Company had segregated cash of $162,943,888 under rule 15c3-3. On December 31, 2018, the Company had $202,981,086 in the special reserve
        account which was $11,741,749 in excess of the deposit requirement of $191,239,337.&#160; After adjustments for deposit(s) and/or withdrawal(s) made on January 2, 2019, the company had $3,013,144 in excess of the customer reserve requirement.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is also subject to the PAB Account Rule 15c3-3 of the SEC which requires segregation of
        funds in a special reserve account for the exclusive benefit of proprietary accounts of introducing broker-dealers. (Rule 15c3-3). At December 31, 2018, the Company had segregated cash of $1,473,897 under rule 15c3-3. On December 31, 2018, the
        Company had $1,473,897 in the special reserve account which was $281,346 in excess of the deposit requirement of $1,192,551.&#160; There were no deposits or withdrawals subsequent to the filing date.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUBSEQUENT EVENTS</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has evaluated events that have occurred subsequent to December 31, 2018 and through February 26, 2018, the
        date of the filing of this report. All material subsequent events that occurred during such period have been disclosed in this report or recognized in the financial statements as of December 31, 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additional subsequent events are as follows:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 18, 2019, tZERO.com Inc. (&#8220;TZERO&#8221;) sold its 24% stake in the Company for approximately $5.8 million.&#160; The
        Company purchased 9% of the shares into treasury and its affiliate, MSCO, bought 15% of the shares sold by TZERO.&#160; Subsequently, individual minority shareholders purchased, from the treasury, approximately 8% of the shares of the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also purchased into treasury, from certain minority shareholders, approximately 3% of the shares of the
        Company.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
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    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <img src="logo.jpg"></font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: center;"><font style="font-weight: bold;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font> <br>
    </div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">To the Board of Directors
            and Stockholders</font></font></div>
      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">of Stockcross Financial Services</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">Inc</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font></font><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">Beverly Hills, California</font></div>
      <div>&#160;</div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(40, 35, 36);">Opinion on the Financial Statements</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">We have audited the
            accompanying statement of financial condition of Stockcross Financial Services</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">Inc. as of December 31</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">2017</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">the related statements of operations</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66,
            63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">changes in stockholders' equity, and cash flows for the year then ended, and the re</font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">l</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">ated notes (collectively referred to as
            the financial statements)</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">. </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(40, 35, 36);">In our opinion, the financial statements present fairly</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">in all material respects</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">the financial position of Stockcross Financial Services, Inc</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(96, 93, 94);">. </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">as of December 31, 2017</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">and the results of its operations and its cash flows for the year then
            ended in conformity with accounting principles generally accepted in the United States of America</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font></font></div>
      <div>&#160;</div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(40, 35, 36);">Basis for Opinion</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">These financial
            statements are the responsibi</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">l</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(40, 35, 36);">ity of Stockcross F</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
            color: rgb(40, 35, 36);">nancial Services</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">lnc</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">'s management. Our responsibility is to express an opinion on Stockcross Financial Services</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">lnc</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(66, 63, 65);">.</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">'s financia</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(66, 63, 65);">l </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">statements based on our audit. We are a public accounting firm reg</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">stered with the Public Company Accounting
            Oversight Board (United States) (PCAOB) and are required to be independent with respect to Stockcross Financial Services, Inc</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">. </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">in accordance with the U</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">S</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(96, 93, 94);">. </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font></font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">We conducted our audit
            in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">r</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">easonable assurance about whether the financial statements are free of materia</font><font style="font-size: 10pt; font-family: &quot;Times
            New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">l </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">misstatement, whether due to error or fraud. Our audit included
            performing procedures to assess the risks of mate</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">ri</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">a</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">l </font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">misstatement of the financial statements, whether due to error or fraud</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">and performing procedures that respond to those risks. Such procedures included examin</font><font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">ng</font><font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">on a test basis, ev</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">dence regard</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">ng the amounts and disclosures in the financial
            statements. Our audit also included evaluating the accounting principles used and significant estimates made by management</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">as well as evaluating the overall presentation of the financ</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">al statements</font><font style="font-size: 10pt; font-family: &quot;Times
            New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.&#160; </font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">We believe that our audit provides a reasonable basis for our opinion</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font></font></div>
      <div>&#160;</div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(40, 35, 36);">Supplemental Information</font></div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">The Schedule I,
            Computat</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">on
            of Net Capital Under SEC Ru</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">l</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(40, 35, 36);">e 15c3-1, Schedule II</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">Computat</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">on for Determination of Reserve Requirements Unde</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">r </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">SEC Rule 15c3-3 and Schedule Ill, Information Relating to Possession or Control Requirements Under SEC Rule 15c3-3, has been subjected to
            audit procedures performed in conjunction with the audit of Stockcross Financial Se</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">r</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">vices, lnc.'s financial statements. The supplemental information is the responsib</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">l</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">ty of Stockcross Financial Services</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">lnc</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.'</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">s management. Our aud</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">t procedures included
            determining whether the supplemental information reconciles to the financia</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">l </font><font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">statements or the underlying accounting and other records</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">as applicable</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">and performing procedures to test </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66,
            63, 65);">t</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">he completeness and accuracy of the information presented in the supplemental information</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(96, 93, 94);">. </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">In forming our opin</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">on on the supplemental </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">nforma</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">ti</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">on</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">we evaluated whether
            the supplemental information, including its form and content</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">is presented in conformity with 17 C</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">F.R. &#167;240</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">17a-5</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(96, 93, 94);">. </font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">In our opinion, the Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule
            15c3-3 and Schedule Ill, Information Relat</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(40, 35, 36);">ng to Possession or Control Requirements Under SEC Rule 15c3-3</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">is fairly stated</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">in all mater</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">i</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">al respects, in relation to the financial statements as a whole</font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font></font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);"> <br>
          </font></font></div>
      <div>&#160;</div>
      <div><img src="signature.jpg"></div>
      <div>&#160;</div>
      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">BUCHBINDER TUNICK <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&amp; </font>COMPANY LLP</font>
        <br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">We have served as
            Stockcross Financial Se</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">r</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(40, 35, 36);">vices</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color:
            rgb(40, 35, 36);">lnc</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.'</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40,
            35, 36);">s auditor since 2017</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">.</font></font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);"></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">Little Falls, New Jersey</font></font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">March 15</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(66, 63, 65);">, </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(40, 35, 36);">2018</font></font></div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
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                <td style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">One Pennsylvania Plaza</font> </td>
                <td colspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">6720-A Rockledge Drive</font> <br>
                </td>
                <td style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">150 Clove Road</font> <br>
                </td>
                <td colspan="1" style="width: 25%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Buchbinder Tunick <font style="font-size: 10pt; font-family: &quot;Times New
                        Roman&quot;,Times,serif;">&amp; </font>Company LLP </font></div>
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                <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Suite 3500</font> </td>
                <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Suite 510</font> <br>
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                <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">5th Floor</font> <br>
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                <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Certified Public Accountants</font> <br>
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                <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">New York, New York 10119</font> </td>
                <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Bethesda, Maryland 20817</font> <br>
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                <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">Little Falls, New Jersey 07424</font> <br>
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                <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">buchbinder.com</font> <br>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">212.695.5003</font></div>
                </td>
                <td colspan="1" rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">240.200.1400</font> <br>
                </td>
                <td rowspan="1" style="width: 25%; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);">973.812.0100</font> <br>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(35, 33, 33);"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Follow us on
                      </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">linkedin</font></font></div>
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          </table>
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      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &amp;quot; font-size: 10pt; width: 100%;" id="z36573a7ffea847d889de81a7acd8370b">

            <tr>
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                <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">STOCKCROSS FINANCIAL SERVICES, INC.</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top;" colspan="4">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF FINANCIAL CONDITION</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">ASSETS</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,265,450</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">252,883,140</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,697,062</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">71,312,641</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Receivable from non-customers</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">107,992</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Securities owned-marketable, at fair value</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,712,439</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Securities borrowed</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">215,568,492</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">415,635</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Assets related to discontinued operations</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">193,227</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Other assets</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,165,840</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">551,321,918</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">LIABILITIES AND STOCKHOLDER'S EQUITY</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Liabilities</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Payable to customers</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">320,253,489</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Payable to non customers</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,246,632</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Drafts payable</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,985,755</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Payable to broker-dealers and clearing organizations</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">672,320</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Securities loaned</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">195,606,317</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Liabilities related to discontinued operations</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">874,586</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Securities sold, not yet purchased, at fair value</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75,409</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Accounts payable, accrued expenses and other liabilities</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,059,041</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">532,773,549</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Stockholder's Equity</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Common stock; $.0016 par value, 20,000,000 shares authorized, 6,152,500 shares issued and outstanding</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,844</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Paid-in capital</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,726,520</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Retained earnings</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,379,005</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt;">Less:&#160; stock subscription receivable</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(567,000</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,548,369</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">551,321,918</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
        <div>&#160;</div>
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        <table cellspacing="0" cellpadding="0" style="font-family: &amp;quot; font-size: 10pt; width: 100%;" id="z51a13f5e9ec9418194052dd2ac8aa72a">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="4">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC.</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="4">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="4">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STATEMENT OF OPERATIONS</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="4">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">YEAR ENDED DECEMBER 31, 2017</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold; color: rgb(0, 0, 0);">REVENUES</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Interest income</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,028,836</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Market making</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,096,453</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Principal transactions</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,872,242</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Commissions</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,649,423</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Other income</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">945,707</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; color: rgb(0, 0, 0);">Total operating revenues</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,592,661</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold; color: rgb(0, 0, 0);">EXPENSES</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Employee compensation and benefits</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">5,456,563</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Other expenses</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,322,345</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Occupancy</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,158,768</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">994,946</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Data processing</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">960,972</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">18,240</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95,444</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,007,278</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold; color: rgb(0, 0, 0);">DISCONTINUED OPERATIONS</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">537,891</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">123,274</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: top;" colspan="4">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC.</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
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              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">YEAR ENDED DECEMBER 31, 2017</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Cash flows from operating activities</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">123,274</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Depreciation and amortization</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80,602</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Gain on disposal of property and equipment</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(7,220</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Changes in operating assets and liabilities:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Cash and securities segregated under federal and other regulations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">27,014,033</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Receivable from broker - dealers and clearing organizations</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(396,581</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Receivable from customers</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(5,171,422</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Receivable from non-customers</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(88,902</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities owned, at market value</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities borrowed</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(203,661,492</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Other assets</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">992,886</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Payable to customers</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(18,290,833</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Payable to non customers</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,636,749</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Drafts payable</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(773,608</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Payable to broker - dealers and clearing organizations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">354,471</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities loaned</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">194,086,817</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Securities sold, but not yet purchased</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(670,273</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 27pt;"><font style="font-size: 10pt;">Accounts payable, accrued expenses and other liabilities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(220,972</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Total adjustments</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,213,975</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash used in continued operations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,090,701</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Net cash provided by discontinued operation</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">681,359</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash used in operating activities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,409,342</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Cash flows from investing activities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Sale of property</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">659,065</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash provided by investing activities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">659,065</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Cash flows from financing activities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Payments received for subscribed stock-warrant exercise</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">567,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Payments received for subscribed stock</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">456,433</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt;">Expenses related to sale of customer accounts</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(299,154</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Net cash provided by financing activities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,265,450</font></font></div>
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              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
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            <tr>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">STOCKCROSS FINANCIAL SERVICES, INC.</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,240</font></div>
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                <div style="text-align: left; text-indent: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income taxes</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,776</font></div>
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              <td valign="bottom" style="vertical-align: top; width: 88%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Restricted common stock of Siebert Financial Corp. received for asset purchase agreement</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">16,428,409</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Change in fair value of Siebert Financial Corp. restricted common stock</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">801,386</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Distribution of Siebert Financial Corp. stock to shareholders</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">17,229,795</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Stock subscriptions issued for common stock</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">567,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Goodwill transferred, at cost</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,029,258</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">YEAR ENDED DECEMBER 31, 2017</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Stock</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,802,500</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,284</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,921,492</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,255,732</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(456,433</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25,730,075</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss from&#160; continuing operations</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(414,618</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(414,618</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sale of customer accounts, net of expenses</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,901,383</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,901,383</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Issuance of common stock pursuant to the exercise of cash warrants</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">560</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,133,440</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(567,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">567,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">456,433</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">456,433</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(17,229,795</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(17,229,795</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance - end</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,152,500</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,844</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,726,520</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,379,005</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(567,000</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,548,369</font></font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See notes to financial statements</font></div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ORGANIZATION AND NATURE OF BUSINESS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">StockCross Financial Services, Inc. (the "Company") is a securities broker dealer registered with
            the Securities and Exchange Commission (&#8220;SEC&#8221;) and is a member of Financial Industry Regulatory Authority (&#8220;FINRA&#8221;).</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is located in Beverly Hills, California, with offices throughout the United States and worldwide
            customers.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On June 26, 2017, the Company entered into an asset purchase agreement with Muriel Siebert and
            Company, Inc. (&#8220;Siebert&#8221;) and Siebert Financial Corp. (&#8220;SFC&#8221;) whereby the Company sold a majority of its retail and investment advisory accounts to Siebert. The asset purchase agreement was subject to certain customary conditions to closing.
            The Company recognized the sale on November 30, 2017.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As described in Note 13 and 14, the Company is affiliated with Muriel Siebert &amp; Co. (&#8220;Siebert&#8221;)
            through common ownership. Muriel Siebert &amp; Co. is a wholly owned subsidiary of Siebert Financial Corp. (&#8220;SFC &#8220;).</font></div>
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        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financial results of these assets sold and subsequent revenue and expenses directly attributable
            to these assets are classified as discontinued operations in the Statement of Operations.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basis of Presentation</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financial statements are presented on the accrual basis of accounting in accordance with
            accounting principles generally accepted in the United States of America.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recently Issued Accounting Pronouncements</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update
            (&#8220;ASU&#8221;) 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09) to supersede nearly all existing revenue recognition guidance under U.S. GAAP.&#160; In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers:
            Deferral of the Effective Date (ASU 2015-014), which deferred the effective date for implementation of ASU 2014-09 by one year and is now effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted
            but not earlier than the original effective date. Management of the Company has assessed the impact of adoption of these standards and believes that there will be no material impact on the financial statements.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In February 2016, the FASB issued ASU 2016-02, Leases, which replaces the existing guidance in ASC
            840, Leases.&#160; The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as
            either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The guidance will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is
            permitted. Management of the Company is currently evaluating the impact of ASU 2016-02 will have on its financial statements and related disclosures.</font></div>
        <div><br>
        </div>
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        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash represents cash on hand and cash held in banks. At times, cash balances may exceed Federal
            Deposit Insurance Corporation insured limits.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Discontinued Operations</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company follows the guidance of Accounting Standards Codification (ASC) Topic 205 Presentation
            of Financial Statements and Topic 360 Property, plant, and equipment: Reporting discontinued operations and disposals of components of an entity. This standard requires that the results of operations, including impairment, gains and losses
            related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statement of operations for all periods presented and that assets and liabilities of properties intended to
            be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The net result of operations of the assets disposed of are recorded as income or loss from
            discontinued operations and are reported separately on the Statement of Operations. As a result of the Company and Siebert being affiliated through common control, the purchase consideration received from the sales proceeds of discontinued
            operations has been recorded net of transaction expenses and transferred goodwill at cost as Additional-Paid in Capital in the Statement of Changes in Stockholders&#8217; Equity.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Revenue</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Securities Transactions, Commissions and Market Making</font></div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Customers&#8217; securities transactions are recorded on a settlement date basis, generally two business
            days following the transaction. Commissions, other securities transactions and related clearing expenses are recorded on a trade-date basis as the securities transactions occur.&#160; Securities owned are recorded at current market value.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest Income</font></div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest income represents the actual interest generated in clients&#8217; margin accounts.&#160; Interest
            income is recorded monthly based on the average daily balances held in client accounts.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other Income</font></div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other income represents fees generated from investment advisory services and administrative fees
            generated from client accounts.&#160; Transactional fees are recorded concurrently with the related activity and an annual maintenance fee is charged to inactive client accounts on an annual basis at fiscal year-end.&#160; Other income also consists of
            investment advisory fees and are recorded quarterly based on the amount of assets under management.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Principal Transaction</font></div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Principal transactions represent actual mark-up and mark-down on sales to client accounts.&#160;
            Principal transaction mark-up and mark-downs are recorded on the settlement date of the transactions.</font></div>
        <div><br>
        </div>
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        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Securities Borrowed and Loaned</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities borrowed are recorded at the amount of cash collateral advanced.&#160; Securities borrowed transactions require
            the Company to deposit cash, letters of credit, or other collateral with the lender.&#160; Securities loaned are recorded at the amount of cash collateral received.&#160; For securities borrowed and loaned, the Company monitors the market value, with
            additional collateral obtained or refunded as necessary.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Goodwill</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with the Financial Accounting Standards Board &#8220;FASB&#8221; Accounting Standards Codification &#8220;ASC&#8221; section
            350, "Goodwill and Other Intangible Assets", the Company does not amortize goodwill and indefinite-lived intangible assets. Instead, these assets are reviewed for impairment annually or more frequently when events or circumstances indicate that
            the carrying amount more likely than not exceeds it fair value.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On November 30, 2017, the Company completed an asset sale with Siebert consisting of the majority of its retail client
            accounts.&#160; The goodwill at the date of the transaction consisted solely of goodwill related to those assets sold. As a result of the Company and Siebert being affiliated through common control, goodwill amounting to $8,029,258 has been recorded
            net of consideration received to Additional Paid-In Capital in the Statement of Changes in Stockholders&#8217; Equity.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Income Taxes</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company elected to be taxed as an &#8220;S&#8221; Corporation for federal income tax purposes and in various
            states.&#160; As an S corporation, the Company is not subject to federal income taxes and passes through substantially all taxable items to the shareholders of the Company.&#160; The Company is subject to state and local income taxes in various states
            and localities.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recognizes the effect of tax positions only when they are more likely than not to be
            sustained under audit by the taxing authorities.&#160; At December 31, 2017, the Company did not have any unrecognized tax benefits or liabilities.&#160; The Company operates in the United States and in state and local jurisdictions, and tax years prior
            to 2013 are no longer subject to examination by taxing authorities. There are presently no income tax examinations in process.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Property and Equipment</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Property, equipment and leasehold improvements are carried at cost less accumulated depreciation and amortization.&#160;
            Depreciation and amortization are recorded on a straight-line basis over the lesser of the estimated useful lives of the related assets or the non-cancelable remaining lease terms, as appropriate.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drafts Payable</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Drafts payable represent checks drawn by the Company against customer accounts which remained outstanding and had not
            cleared the bank subsequent to year end.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Concentrations of Credit Risk</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is engaged in various trading and brokerage activities whose contra-parties include
            broker-dealers, banks and other financial institutions.</font></div>
        <div><br>
        </div>
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        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event contra-parties do not fulfill their obligations, the Company may sustain a loss if the market value of
            the instrument is different from the contract value of the transaction.&#160; The risk of default primarily depends upon the credit worthiness of the contra-parties involved in the transactions.&#160; It is the Company&#8217;s policy to review, as necessary,
            the credit standing of each contra-party with which it conducts business.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Use of Estimates</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: '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 revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FAIR VALUE MEASUREMENTS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FASB ASC 820 defines fair value, established a framework for measuring fair value, and established a
            hierarchy of fair value inputs. 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.&#160; A fair value measurement assumes
            that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market.&#160; Valuation techniques that are consistent with
            the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad
            levels:</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 1 &#8211; Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can assess
            at the measurement date.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 2 &#8211; Inputs other than quoted prices included within level 1 that are observable for the asset or liability,
            either directly or indirectly.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 3 &#8211; Unobservable inputs for the asset or liability.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The availability of observable inputs can vary from security to security and is affected by a wide variety of factors,
            including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security.&#160; To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market,
            the determination of fair value requires more judgment.&#160; Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The inputs used to measure fair value may fall into different levels of the fair value hierarchy.&#160; In such cases, for
            disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fair value is a market-based measure considered from the perspective of a market participant rather than an
            entity-specific measure. Therefore, even when market assumptions are not readily available; the Company&#8217;s own assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the
            measurement date.</font></div>
        <div><br>
        </div>
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        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A description of the valuation techniques applied to the Company&#8217;s major categories of assets and liabilities measured
            at fair value on a recurring basis follows:</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Government
              Securities</font>.&#160; U.S. government securities are valued using quoted market prices.&#160; Valuation adjustments are not applied.&#160; Accordingly, U.S. government securities are generally categorized in level 1 of the fair value hierarchy.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Municipal Securities</font>.&#160;







            The fair value of municipal securities are determined using recently executed transactions, market price quotations (when observable), bond spreads from independent external parties, such as vendors and brokers, adjusted for any basis
            difference between cash and derivative instruments.&#160; The spread data used is for the same maturity as the bond.&#160; Municipal Securities are generally categorized in level 2 of the fair value hierarchy.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Corporate Bonds and
              Convertible Preferred Stock</font>.&#160; The fair value of corporate bonds and convertible preferred stock are determined using recently executed transactions, market price quotations (when observable), bond spreads or credit default swap spreads
            obtained from independent external parties, such as vendors and brokers, adjusted for any basis difference between cash and derivative instruments.&#160; The spread data used is for the same maturity as the bond.&#160; If the spread data does not
            reference the issuer, then data that reference a comparable issuer are used.&#160; When position-specific external price data is not observable, fair value is determined based on either benchmarking to similar instruments or cash flow models with
            yield curves, bond, or single-name credit default swap spreads and recovery rates as significant inputs.&#160; Corporate bonds and convertible preferred stocks are generally categorized in level 2 of the fair value hierarchy.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exchange-Traded
              Equity Securities</font>. Exchange-traded equity securities are generally valued based on quoted prices from the exchange.&#160; To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in
            level 1 of the fair value hierarchy; otherwise, they are in level 2 or level 3 of the fair value hierarchy.</font></div>
        <div><br>
        </div>
        <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Certificates of Deposit</font>.&#160;&#160;







            Certificates of deposit included in investments are valued at cost, which approximates fair value.&#160; These are included within segregated investments in level 2 of the fair value hierarchy.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Unit
              Investment Trusts.&#160; </font>Units of unit investment trusts are carried at redemption value, which represents fair value. Units of unit investment trusts are classified as Level 1 within the fair value hierarchy.</font></div>
        <div><br>
        </div>
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        <div>&#160;</div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents the Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis
            as of December 31, 2017:</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zb8ee8b4d60a94304ac7e33f1c80149a2">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Level 1</u></font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Level 2</u></font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Level 3</u></font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Assets</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Segregated Securities</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Certificates of Deposit</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,560,947</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">3,560,947</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">US Treasury Notes</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">62,611,330</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">62,611,330</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Securities owned</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">US Treasury Notes</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,887,950</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,887,950</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Municipal obligations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">81,161</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">81,161</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Corporate obligations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">116,260</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">116,260</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(0, 0, 0);">Equity securities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,143,900</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">421,675</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,565,575</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Total</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">66,643,180</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">4,180,043</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">70,823,223</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Liabilities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Securities sold, not yet purchased</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">US Treasury Notes</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">228</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">228</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Equity securities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">64,504</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">64,504</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Unit Investment Trusts</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,677</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,677</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: 45pt;"><font style="font-size: 10pt; font-weight: bold; color: rgb(0, 0, 0);">Total</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">10,905</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">64,504</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">75,409</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z8dfd9d469e9d4948bc7aa1a9e25f9e34">

            <tr>
              <td valign="bottom" style="vertical-align: top;" colspan="4">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Changes in Level 3 Equity Assets 01/01/2017 - 12/31/17</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance - January 1, 2017</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">382,476</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Unrealized loss</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(382,476</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Balance - December 31, 2017</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">COMMITMENTS AND CONTINGENCIES</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lease Commitments</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company rents office space and leases computers and other equipment under various operating
            leases.&#160; Rent expense for the year ended December 31, 2017 was approximately $1,596,000, commitments going forward are:</font></div>
        <div style="text-align: justify;">
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

              <tr>
                <td valign="bottom" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2018</font></td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">$ <br>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1"><font style="font-size: 10pt; font-family: &amp;quot;">674,000</font></td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 20%; background-color: rgb(255, 255, 255);">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2019</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">515,000</font></font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 20%; background-color: rgb(204, 238, 255);">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1"><font style="font-size: 10pt; font-family: &amp;quot;">471,000</font></td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 20%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Thereafter</font> <br>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                    serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">76,000</font></font></td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 20%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><br>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,736,000</font></font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 69%; padding-bottom: 4px;" colspan="1">&#160;</td>
              </tr>

          </table>
          <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160; &#160;&#160; <br>
            </font></font></div>
        <br>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Litigation and Regulatory Matters</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is subject to various claims and arbitrations in the normal course of business.&#160; The Company believes that
            the resolution of these matters will not have a material adverse effect on these financial statements.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company enters into various transactions to meet the needs of customers, conduct trading activities, and manages
            market risks and is, therefore, subject to varying degrees of market and credit risk.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the normal course of business, the Company's customer activities involve the execution, settlement, and financing
            of various customer securities transactions.&#160; These activities may expose the Company to off-balance sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell
            the financial instrument underlying the contract at a loss.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's customer securities activities are transacted on either a cash or margin basis. In margin transactions,
            the Company extends credit to its customers, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the customers' accounts.&#160; In connection with these activities, the Company executes and clears
            customer transactions involving the sale of securities not yet purchased, substantially all of which are transacted on a margin basis subject to individual exchange regulations.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Such transactions may expose the Company to off-balance sheet risk in the event margin requirements are not sufficient
            to fully cover losses that customers may incur.&#160; In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices to fulfill the customer's
            obligations.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company seeks to control the risks associated with its customer activities by requiring customers to maintain
            margin collateral in compliance with various regulatory and internal guidelines.&#160; The Company monitors required margin levels daily and, pursuant to such guidelines, require customers to deposit additional collateral or to reduce positions,
            when necessary.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company's customer financing and securities settlement activities may require the Company to pledge customer
            securities as collateral in support of various secured financing sources such as bank loans and securities loaned.&#160; In the event the counter-party is unable to meet its contractual obligation to return customer securities pledged as collateral,
            the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its customer obligations.&#160; The Company controls this risk by monitoring the market value of securities pledged on a daily basis
            and by requiring adjustments of collateral levels in the event of excess market exposure.&#160; In addition, the Company establishes credit limits for such activities and monitors compliance on a daily basis.</font></div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>&#160;</div>
        <div style="text-align: justify;">
          <div>
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RECEIVABLE FROM AND PAYABLE
                  TO BROKER-DEALERS AND CLEARING ORGANIZATIONS</font></div>
            </div>
          </div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At December 31, 2017, amounts receivable from and payable to broker-dealers and clearing organizations include the
            following:</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z3708b5d507b74eeab1479ab42c7ec94e">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Receivables:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; margin-left: 8.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Clearing organizations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">1,841,164</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; margin-left: 8.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Brokers and dealers</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">75,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; margin-left: 8.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Securities failed to deliver</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">780,898</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">2,697,062</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Payables:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Securities failed to receive</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">388,909</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;&#160;&#160;Due to Siebert</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">283,411</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">672,320</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PROFIT SHARING PLAN</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company sponsors a 401(k) profit sharing plan, which covers substantially all employees.&#160; Employee contributions
            to the plan are at the discretion of eligible employees.&#160; There were no contributions by the company to the plan for the year ended December 31, 2017.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company terminated the plan effective December 31, 2017 after entering into an employment agreement with Kennedy
            Cabot Acquisition Company (&#8220;KCA&#8221;).&#160; The Company entered into a joint-employment agreement and all StockCross employees from January 1, 2018 forward are eligible to participate in KCA&#8217;s 401(K) plan.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RECEIVABLE FROM AND PAYABLE TO CUSTOMERS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts receivable from and payable to customers include amounts due on cash and margin transactions.&#160; Securities
            owned by customers are held as collateral for receivables</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;">
          <div>
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CASH AND SECURITIES
                  SEGREGATED UNDER FEDERAL AND OTHER REGULATIONS</font></div>
            </div>
          </div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash equivalents (interest bearing deposit accounts) and securities owned in the amount of $252,883,140 (cash
            $186,772,356, securities with a fair value $66,110,784) have been segregated in special reserve accounts for the benefit of customers under Rule 15c3-3 of the Securities and Exchange Commission.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RECEIVABLE FROM AND PAYABLE TO NON CUSTOMERS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts receivable from and payable to non customers includes amounts due on cash and margin transactions on accounts
            owned and controlled by principal officers, directors and stockholders of the company.&#160; Securities owned by non customers are held as collateral for receivables.</font></div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.&#160;&#160;&#160;&#160;&#160;FAIR VALUE OF FINANCIAL INSTRUMENTS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s financial instruments, securities owned and securities sold but not yet purchased, are recorded at fair
            value in the Statement of Financial Condition. The fair value option is an accounting election that allows the reporting entity to apply fair value accounting for certain financial assets and liabilities on an instrument-by-instrument basis. As
            of December 31, 2017, the Company did not elect the fair value option for any of its financial assets or liabilities not already recorded at fair value.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following represents financial instruments in which the ending balance at December 31, 2017 is not carried at fair
            value on the Statement of Financial Condition:</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Short-term financial
              instruments: </font>The carrying value of short-term financial instruments, including cash and cash segregated pursuant to federal regulations are recorded at amounts that approximate the fair value of these instruments. These financial
            instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Receivables and other
              assets: </font>Brokerage client receivables, receivables from broker-dealers and clearing organizations, securities borrowed, other receivables and certain other assets are recorded at amounts that approximate fair value.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payables: </font>Brokerage







            client payables, payables due to broker-dealers and clearing organizations and certain other liabilities are recorded at amounts that approximate fair value due to their short-term nature.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INCOME TAXES</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense included in the accompanying Statements of Operations for the year ended December 31, 2017 is as
            follows:</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z12bc958fe7f942c29408b705da6f7455">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Continuing operations:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: left; text-indent: -12pt; margin-left: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">State and local</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95,444</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Discontinued operations:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">State and local</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,718</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total income tax expense</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">104,162</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SALE OF CUSTOMER ACCOUNTS / DISCONTINUED OPERATIONS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On June 26, 2017, the Company entered into an asset purchase agreement with Muriel Siebert &amp;
            Co., Inc. (&#8220;Siebert&#8221;) to sell a portion of retail and investment advisory accounts to Siebert. The Company and Siebert are affiliated through common control. As part of the asset purchase agreement, Siebert acquired approximately 17,000
            customer accounts, the associated registered representatives and supervisory personnel, six office locations and one office under shared lease arrangement of the Company (herein referred as &#8220;Acquired assets&#8221;). Custody, clearance and control of
            transferring client assets shall remain at the Company. The Company retains an independent unit of discount brokerage operations, all equity compensation plan clients, and market making.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The sale of assets to an entity under common control is accounted for on the carryover basis of
            accounting, whereby the transfer of assets and liabilities are recorded at historical carrying amounts in the books of transferring entity.</font></div>
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        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The sale of assets was completed on November 30, 2017 for a total consideration received of
            $16,433,481, paid by delivering 5,072,062 restricted shares of SFC valued at $3.24 per share after accounting for valuation discount for restriction. The entities are under common control and as a result the consideration received net of costs
            and goodwill has been recorded in Additional Paid-in Capital amounting at $8,901,383 as disclosed in the Statement of Changes in Stockholders&#8217; Equity.</font></div>
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        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue and expenses that specifically relates to the assets sold have been allocated. The results of operations for
            assets sold for the years ended December 31, 2017 are included in Statement of Operations as net income from discontinued operations. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Net income from
              discontinued operations resulting from asset purchase agreement for the year ended December&#160;31, 2017 is as follows:</font></font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">&#160;</font></div>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="zeb5ac4ad09bd49d78e8de7619492b528">

            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue relating to discontinued operations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15,172,521</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expenses relating to discontinued operations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(14,625,912</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income from discontinued operations, before income tax expense</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">546,609</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8,718</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income from discontinued operations, net of tax</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">537,891</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The following table presents the aggregate carrying amounts of the major classes of assets and
            liabilities relating to discontinued operations remaining at December 31, 2017:</font></div>
        <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> <br>
          </font></div>
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 93%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" id="z7c1846950b544f00830196973df7ad74">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assets:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Receivable from broker-dealers and clearing organizations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">193,227</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>Liabilities:</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts payable, accrued expenses and other liabilities</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">874,586</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div style="text-align: justify;">
          <div>
            <div><br>
            </div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
              <div style="page-break-after: always;" id="DSPFPageBreak">
                <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            </div>
            <br>
            <div><br>
            </div>
            <div>
              <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.&#160;&#160; &#160; &#160; &#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RELATED PARTY
                  TRANSACTIONS</font></div>
            </div>
          </div>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 1, 2017, the Company declared a dividend to distribute 5,072,062 shares of restricted Siebert common stock
            received as consideration from the asset sale. The Company recorded a dividend distribution of $17,229,795 to the stockholders based on a discounted share price of $3.40 resulting from a two year sale restriction.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2017, the Company has a Payable to Siebert of $283,411 recorded as Payable to Broker-dealers and
            Clearing Organizations in the Statement of Financial Condition.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A consulting fee of $250,000 was paid to a related party of the majority stockholders of the Company.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NET CAPITAL REQUIREMENTS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company, as a broker-dealer, is subject to the Uniform Net Capital Rules of the SEC (Rule
            15c3-1) of the Securities Act of 1934.&#160; Under the alternate method permitted by this rule, net capital, as defined, shall not be less than 2% of aggregate debit items arising from customer transactions.&#160; At December 31, 2017, the Company&#8217;s net
            capital was $15,324,261, which was $13,344,257 in excess of its required net capital of $1,980,004. The Company&#8217;s percentage of aggregate debit balances to net capital was 15.48% as of December 31, 2017.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is subject to Rule 15c3-3 of the SEC which requires segregation of funds in a special
            reserve account for the exclusive benefit of customers (Rule 15c3-3). At December 31, 2017, the Company had segregated cash of $186,772,356 under rule 15c3-3. On December 31, 2017, the Company had $252,883,140 in the special reserve account
            which was $9,238,183 in excess of the deposit requirement of $243,644,957.</font></div>
        <div><br>
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        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SUBSEQUENT EVENTS</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has evaluated events that have occurred subsequent to December 31, 2017 and through March 15, 2018, the
            date of the filing of this report. All material subsequent events that occurred during such period have been disclosed in this report or recognized in the financial statements as of December 31, 2017.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additional subsequent events are as follows:</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 31, 2018, individual shareholders of StockCross sold shares of the Company to Tzero.com, Inc. (&#8220;TZero&#8221;).&#160;
            TZero&#8217;s total investment represents 24% of the issued and outstanding shares of the Company.</font></div>
        <div><br>
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        <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective January 1, 2018, the Company revoked its election to be taxed as an S-Corporation.</font><br>
        </div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>3
<FILENAME>a51965552_ex993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;"><a name="Exhibit993"><!--Anchor--></a>Exhibit 99.3</font><br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">SIEBERT FINANCIAL CORP. &amp; SUBSIDIARIES</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRO FORMA CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As of December 31, 2018</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z98eb7eda3fce44abb90d07f187701419">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 40%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Siebert Financial Corp.</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pro Forma Adjustments</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pro Forma Balance</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ASSETS</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Cash and cash equivalents</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,229,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,666,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,563,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Receivables from clearing and other brokers</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,030,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,030,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Receivable from related party</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,000,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,000,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Receivable from lessors</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">171,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">171,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Other receivables</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Prepaid expenses and other assets</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">470,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">470,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Furniture, equipment and leasehold improvements, net</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">468,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">468,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Software, net</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,137,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,137,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Deferred tax assets</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,576,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,576,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 2px;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Investment in related party</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,666,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,666,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,177,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,177,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liabilities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Accounts payable and accrued liabilities</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">699,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">699,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Lease incentive obligation</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">171,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">171,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Due to clearing brokers and related parties</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">133,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">133,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 2px;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Income taxes payable</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,003,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,003,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Commitments and Contingencies</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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        <tr>
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            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Stockholders&#8217; equity</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%;">
            <div style="text-align: left; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Common stock, $.01 par value; 49,000,000 shares authorized, 27,157,188 shares issued and outstanding as of
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">271,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">271,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Additional paid-in capital</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,641,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,641,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 2px;">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Retained earnings/(Accumulated deficit)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,262,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,262,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,174,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,174,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,177,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,177,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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    <br>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIEBERT FINANCIAL CORP. &amp; SUBSIDIARIES</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRO FORMA CONSOLIDATED STATEMENTS OF INCOME</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year Ended December 31, 2018</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z5c610c8021f1425dbf350556286e3489">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; width: 40%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Siebert Financial Corp.</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pro Forma Adjustments</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pro Forma Balance</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Margin interest, marketing and distribution fees</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,928,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,928,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Commissions and fees</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,504,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,504,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Principal transactions</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,020,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,020,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Advisory fees</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">478,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">478,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Interest</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">106,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">106,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total revenue</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,036,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,036,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expenses:</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Employee compensation and benefits</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,817,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,817,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Clearing fees, including execution costs</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,852,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,852,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Professional fees</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,963,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,963,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Other general and administrative</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,859,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,859,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Technology and communications</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,008,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,008,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Rent and occupancy</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">988,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">988,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Depreciation and amortization</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">144,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">144,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Advertising and promotion</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Total expenses</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22,676,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22,676,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left; background-color: rgb(204, 238, 255);">Income before (benefit) for (from) income taxes and
            before equity in net loss of related party </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,360,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1"> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,360,000</font> </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Benefit) provision (from) for income taxes</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,602,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,602,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left; background-color: rgb(204, 238, 255);"> Income before equity in net loss of related party </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; background-color: rgb(204, 238, 255);" colspan="1"> $ </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,962,000</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1"> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font> </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1"> <br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1"> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,962,000</font> </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left; background-color: rgb(204, 238, 255);" rowspan="1">
            <div style="margin-left: 9pt">Equity in net loss of related party<br>
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          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(104,000</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font> <br>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(104,000</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">) <br>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;<br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;<br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></font> <br>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: left; background-color: rgb(204, 238, 255); padding-bottom: 4px;" rowspan="1">Net income<br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">$ <br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New
              Roman', Times, serif;">11,962,000</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">$ <br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;<font style="font-size: 10pt; font-family: 'Times New
              Roman', Times, serif;">(104,000</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">) <br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">$ <br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman',
              Times, serif;">11,858,000</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1" rowspan="1">&#160;<br>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income per share of common stock</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; text-indent: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Basic and diluted</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.44</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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    </div>
    <br>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIEBERT FINANCIAL CORP. &amp; SUBSIDIARIES</font></div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS</div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1. Basis of Presentation</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As reported on the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Annual Report on Form 10-K
          of Siebert Financial Corp. (&#8220;Siebert&#8221;) </font>for the year ended December 31, 2018, and as previously disclosed in a Current Report on Form 8-K on January 18, 2019, Siebert purchased approximately 15% of StockCross Financial Services Inc.&#8217;s
        (&#8220;StockCross&#8221;) outstanding shares. The number of shares purchased by Siebert was 922,875 at a per share price of approximately $3.97.</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The pro forma consolidated statements of financial condition as of December 31, 2018 and the consolidated statements of
        income for the year ended December 31, 2018 were derived from and should be read in conjunction with Siebert&#8217;s Annual Report on Form 10-K for the year ended December 31, 2018 and the audited financial statements for StockCross for the year ended
        December 31, 2018.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The unaudited pro forma financial information included herein is for informational purposes only and does not purport to
        present what Siebert&#8217;s results would have been had this transaction actually occurred on the dates presented or to project Siebert&#8217;s results of operation or financial position for any future period.</font></div>
    <div>&#160;</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
