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			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">UNITED STATES</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">Washington</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">, </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">D.C.</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;"> </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">20549</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">&nbsp;</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">FORM 8-K</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">Current Report</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">Pursuant to Section 13 or 15(d) of the</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">Securities Exchange Act of 1934</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Date of Report (Date of earliest event re</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">ported):&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">June 2</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">8</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">, 2012</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Investors Capital Holdings, Ltd.</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">(Exact name of registrant as specified in its charter)</font>
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			<font style="text-indent:0pt;margin-left:0pt; width:137.4pt;"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Delaware</font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:91.6pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="text-indent:0pt;margin-left:0pt; width:137.4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">333-43664</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:91.6pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04-3284631</font></font>
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			<font style="text-indent:0pt;margin-left:0pt; width:183.2pt;"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">(State or Other Jurisdiction&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="text-indent:0pt;margin-left:0pt; width:137.4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;(Commission&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="text-indent:0pt;margin-left:0pt; width:137.4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS Employer</font></font>
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			<font style="text-indent:0pt;margin-left:0pt; width:183.2pt;"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Incorporation)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:137.4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;File Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="text-indent:0pt;margin-left:0pt; width:183.2pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification No.)</font></font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">230 Broadway East</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Lynnfield</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">, </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">MA</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">  </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">01940</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">&nbsp;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">(Address of Principal Executive Offices) (Zip Code)</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Registrant's telephone number, including area code:&nbsp;&nbsp;(800) 949-1422</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">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:</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">[]&nbsp;&nbsp;(Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">[]&nbsp;&nbsp;(Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">[]&nbsp;&nbsp;(Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;&nbsp;&nbsp;CFR 240.14d-2(b))</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">[]&nbsp;&nbsp;(Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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		<p style="font-family:Courier New;font-size: 10pt; margin:0pt 0pt 0pt 0pt;"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">Item 2.02 Results of Operations and Financial Condition.&nbsp; </font>
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			<font style="display: inline;">On </font><font style="display: inline;">June 2</font><font style="display: inline;">8</font><font style="display: inline;">, 2012</font><font style="display: inline;"> the Registrant issued a new</font><font style="display: inline;">s release, a copy of which is set forth in Exhibit 2.02 hereto, announcing financial results for the Registrant for the </font><font style="display: inline;">f</font><font style="display: inline;">iscal year ended March</font><font style="display: inline;"> 31</font><font style="display: inline;">, 201</font><font style="display: inline;">2</font><font style="display: inline;">. </font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size: 12pt;">SIGNATURES</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">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>
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			<font style="text-indent:0pt;margin-left:0pt; width:45.8pt;"></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:183.2pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Investors Capital Holdings, Ltd.</font></font>
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			<font style="text-indent:0pt;margin-left:0pt; width:137.4pt;"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:137.4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">By </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;text-decoration:underline;">/s/ </font><font style="display: inline;font-family:Times New Roman;font-style: italic;font-size: 12pt;text-decoration:underline;">Timothy B. Murphy</font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-style: italic;font-size: 12pt;text-decoration:underline;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-style: italic;font-size: 12pt;text-decoration:underline;"></font></font><font style="text-indent:0pt;margin-left:0pt; width:45.8pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-style: italic;font-size: 12pt;text-decoration:underline;"></font></font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;Timothy B. Murphy, Chief Executive Officer</font>
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			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Date:&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">June 28, 2012</font>
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			<font style="display: inline;">2</font>

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		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;font-size: 11pt;">EXHIBIT INDEX</font>
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			<font style="display: inline;font-weight:bold;font-size: 11pt;">&nbsp;</font>
		</p>
		<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-size: 11pt;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-size: 11pt;text-decoration:underline;">Exhibit No.</font><font style="display: inline;font-size: 11pt;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-size: 11pt;"></font><font style="display: inline;font-size: 11pt;text-decoration:underline;">Description</font>
		</p>
		<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;text-decoration:underline;">&nbsp;</font>
		</p>
		<p style="text-indent: -74.8pt;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 74.8pt;">
			<font style="display: inline;font-size: 11pt;">2</font><font style="display: inline;font-size: 11pt;">.</font><font style="display: inline;font-size: 11pt;">02</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:65pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;font-size: 11pt;">Press release dated </font><font style="display: inline;font-size: 11pt;">June 2</font><font style="display: inline;font-size: 11pt;">8</font><font style="display: inline;font-size: 11pt;">, 2012</font><font style="display: inline;font-size: 11pt;"> regarding Registrant&#x2019;s financial results for the fiscal year ended March 31, 201</font><font style="display: inline;font-size: 11pt;">2</font><font style="display: inline;">.</font>
		</p>
		<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			<font style="display: inline;">3</font>

		</p>

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">Exhibit 2.02</font>
		</p>
		<p style="font-weight:bold;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;"><img src="ich-20120628x8kg1.jpg" style="width: 2.133333in; height: 0.9166667in" alt="Description: ICC premier logo"></font>
		</p>
		<p style="font-weight:bold;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;"> </font>
		</p>
		<p style="font-weight:bold;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">FOR IMMEDIATE RELEASE</font>
		</p>
		<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-weight:bold;">Contact:</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">Robert Foney</font><font style="display: inline;">, Chief Marketing Officer</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">781.477.4814</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">rfoney@investorscapital.com</font>
		</p>
		<p style="font-weight:bold;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-weight:bold;">www.investorscapital.com</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="font-weight:bold;display: inline;font-size: 16pt;">Investors Capital Holdings&#x2019; Advisory Fee Revenue Rises 6.5% in Year-End Results</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="font-style: italic;display: inline;">Average revenue per registered representative increases 8.8% to over $175,000</font>
		</p>
		<p style="line-height: auto;text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-weight:bold;">Lynnfield, Mass. (June 28, 2012)</font><font style="display: inline;"> &#x2013; Investors Capital Holdings, Ltd. (NYSE Amex: ICH, the &#x201C;Company&#x201D;), a financial services holding company, posted year-end total revenue of $81.04 million for the period ended March 31, 2012 (the &#x201C;year end&#x201D;). Revenue decreased 4.9% compared to revenue of $85.25 million for the year ended March 31, 2011 (&#x201C;prior year end&#x201D;). Investors Capital Holdings, Ltd. operates primarily through its wholly-owned subsidiary, Investors Capital Corporation (&#x201C;ICC&#x201D;), a dually registered broker-dealer and investment advisory firm. </font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">Total revenue decreased due primarily to a decline in commission revenue, which accounts for 78.3% of total revenue. Commission revenue fell 6.9% to $63.44 million, compared to $68.11 million in the prior year end due to a decline in brokerage activity resulting from a flat stock market, prolonged economic uncertainty, and the effects of the ongoing debt crisis in Europe.&nbsp; </font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">Advisory fees, which now comprise 19.7% of total revenue, rose 6.5% to $15.96 million, compared to $14.98 million in the prior period. Advisory fee revenue grew due to both increased advisor activity and investment contributions.</font><font style="display: inline;"> </font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			<font style="display: inline;">4</font>

		</p>

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;"><font style="display: inline;">Total expenses decreased $2.57 million or 3.0%, principally as a result of decreases in marketing and promotion, brokerage and clearing fees, and commissions and advisor fees paid to representatives. The Company reported a $2.66 million operating loss compared to an operating loss of $1.02 million for the prior year end and posted a net loss of $2.33 million compared to a net loss of $0.91 million for the prior year end.&nbsp;&nbsp;This year&#x2019;s operating loss is principally attributed to one-time costs of $1.32 million incurred for the S-3 registration involving the sale of the founder&#x2019;s shares, as well as other costs for </font><font style="display: inline;">litigation-related defense, settlement and insurance costs, and finally a deferred tax asset valuation allowance of approximately $489,000</font><font style="display: inline;">.</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: auto;font-family:Consolas;font-size: 10pt; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size: 12pt;">Investors Capital continues to benefit from enhancing the overall quality of its representatives by assistance with expanding their skills and practices, recruiting established, high-quality representatives, and terminating lower-producing representatives. T</font><font style="display: inline;font-family:Times New Roman;font-size: 12pt;">he firm&#x2019;s average revenue per representative, based on a rolling 12-month period, rose at year end to $175,877, an increase of 8.8% over $161,642 for the prior rolling 12-month period. </font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">Year-end adjusted EBITDA was negative $0.78 million compared to negative $0.24 million for the prior year end. Adjusted EBITDA, a non-GAAP financial measure described below, is a key metric utilized by the firm in evaluating its financial performance. </font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&#x201C;We had a very momentous year with our S-3 offering. As we continue our transition we are very much looking forward to being able to commit to a single strategy of relentlessly focusing on serving our customers and growing our collective business,&#x201D; said Timothy B. Murphy, President and CEO of Investors Capital Holdings, Ltd. &#x201C;We continue to be pleased that our average advisor productivity and advisory revenue are growing. Despite this challenging economy, we are also pleased to continue to recruit quality advisors and expand services to all of our representatives.&#x201D; </font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			<font style="display: inline;">5</font>

		</p>

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;"><font style="font-weight:bold;display: inline;">About Investors Capital Holdings, Ltd.: </font><br /><font style="display: inline;">Investors Capital Holdings, Ltd. (NYSE Amex: ICH) of Lynnfield, Massachusetts is a financial services holding company that operates primarily through its broker/dealer and investment advisor subsidiary, Investors Capital Corporation. Our mission is to provide 5-star service and support to our valued registered representatives, including advisory programs, strategic practice management and marketing services, and technology, to help them grow their businesses and exceed their clients&#x2019; expectations. Business units include Investors Capital Corporation, ICC Insurance Agency, Inc., and Investors Capital Holdings Securities Corporation. For more information, please call (800) 949-1422 x4814 or visit </font><font style="display: inline;">www.investorscapital.com</font><font style="display: inline;">.</font>
		</p>
		<p style="line-height: auto;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 10pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-size: 11pt;">Certain statements contained in this press release that are not historical fact may be deemed to be forward-looking statements under federal securities laws. There are many factors that could cause our future actual results to differ materially from those suggested by or forecast in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, interest rate fluctuations, regulatory changes affecting the financial services industry, competitive factors effecting demand for our services, availability of funding, and other risks including those identified in the Company&#x2019;s Securities and Exchange Commission filings. </font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-size: 11pt;">Investors Capital Holdings, Ltd., 230 Broadway, Lynnfield, Massachusetts 01940, Distributor.</font><font style="display: inline;font-size: 11pt;"> </font>
		</p>
		<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-size: 11pt;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;font-weight:bold;font-size: 14pt;">#&nbsp;&nbsp;#&nbsp;&nbsp;#</font><br /><font style="display: inline;font-weight:bold;font-size: 14pt;"></font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
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		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			<font style="display: inline;">6</font>

		</p>

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left: 0pt;">
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					<p style="line-height: normal;text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<a name="_MON_1373894814"></a><a name="_MON_1382775932"></a><a name="_MON_1390742935"></a><a name="_MON_1389684821"></a><a name="_MON_1390849951"></a><font style="display: inline;font-weight:bold;font-size: 1pt;">&nbsp;</font></p>
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						&nbsp;</p>
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					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES</font></p>
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					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
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						<font style="display: inline;font-weight:bold;font-size: 7pt;">CONSOLIDATED BALANCE SHEETS</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
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					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">March 31, 2012</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">March 31, 2011</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Assets</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Current Assets</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,537,713&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,587,195&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Deposit with clearing organization, restricted</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175,000&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Accounts receivable</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,525,157&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,798,638&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Note receivable (current)</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> -</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108,169&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Loans receivable from registered representatives (current), net of allowance</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>654,560&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>721,664&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Prepaid income taxes</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>137,658&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>157,880&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Securities owned at fair value</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>235,454&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,384&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Investment</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> -</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Prepaid expenses</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>674,780&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,073,969&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,940,322&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,689,899&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Property and equipment, net</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>340,007&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>597,735&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Long Term Investments</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Loans receivable from registered representatives</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,002,621&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>616,583&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Note receivable</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> -</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>495,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Investments</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> -</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214,555&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Non-qualified deferred compensation investment</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,327,806&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,089,572&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Cash surrender value life insurance policies</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>157,991&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>680,429&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,488,418&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,096,139&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Other Assets</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Deferred tax asset, net</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,550,010&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,218,773&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Capitalized software, net</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172,240&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,131&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Other assets</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> -</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,808&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,722,250&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,366,712&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">TOTAL ASSETS</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,490,997&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,750,485&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Liabilities and Stockholders' Equity</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Current Liabilities</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Accounts payable</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820,540&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,109,400&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Accrued expenses</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,408,324&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,078,705&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Commissions payable</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,787,467&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,246,898&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Notes payable</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,605,688&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,527,969&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Unearned revenues</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>146,198&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113,486&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Securities sold, not yet purchased, at fair value</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,186&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> -</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,776,403&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,076,458&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Long-Term Liabilities</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Non-qualified deferred compensation plan</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,458,169&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,176,096&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,458,169&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,176,096&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Total liabilities</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,234,572&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,252,554&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Commitments and contingencies (Note 15)</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Stockholders' Equity:</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Common stock, $.01 par value, 10,000,000 shares authorized;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">6,689,009 issued and 6,685,124 outstanding at March 31, 2012</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">6,618,259 issued and 6,614,374 outstanding at March 31, 2011</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,890&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,183&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Additional paid-in capital</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,425,713&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,279,380&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Accumulated deficit</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,206,043)
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,874,214)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Less: Treasury stock, 3,885 shares at cost</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30,135)
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30,135)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Accumulated other comprehensive income</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> -</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,717&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Total stockholders' equity</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,256,425&nbsp;
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 7pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,497,931&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,490,997&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,750,485&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 64.88%;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 09.52%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 12.80%;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			<font style="display: inline;">7</font>

		</p>

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;"><font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 464.65pt;margin-left: 0pt;">
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 10pt;">INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 10pt;">CONSOLIDATED STATEMENTS OF OPERATIONS</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-family:Arial;font-size: 10pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 10pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 10pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 10pt;">YEARS</font><font style="display: inline;font-weight:bold;font-size: 10pt;"> ENDED</font><font style="display: inline;font-weight:bold;font-size: 10pt;"> </font><font style="display: inline;font-weight:bold;font-size: 10pt;">END</font><font style="display: inline;font-weight:bold;font-size: 10pt;">ENDED</font></p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 10pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 10pt;">March 31,</font></p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 11pt;">2012</font></p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 11pt;">2011</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 11pt;">Revenue:</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Commissions</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">$&nbsp;&nbsp;&nbsp;&nbsp;63,444,938&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">$&nbsp;&nbsp;&nbsp;68,111,786&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Advisory fees</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,958,497&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,977,601&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Other fee income</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>620,595&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>802,752&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Other revenue</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,016,732&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,361,826&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">Total revenue</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,040,762&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85,253,965&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 11pt;">Expenses:</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Commissions and advisory fees</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64,775,584&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,125,324&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Compensation and benefits</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,744,917&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,471,493&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Regulatory, legal and professional services</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,979,808&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,983,401&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Brokerage, clearing and exchange fees</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,790,263&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,046,543&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Technology and communications</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,335,373&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,225,670&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Marketing and promotion</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>956,234&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,383,453&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Occupancy and equipment</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>864,431&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>914,952&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Other administrative</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,219,856&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,101,691&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;"> &nbsp;&nbsp;Interest</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,361&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,698&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">Total operating expenses</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,703,827&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>86,276,225&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">Operating loss</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,663,065)
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,022,260)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">(Benefit) provision for income taxes</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(331,236)
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(112,130)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">Net loss</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,331,829)
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(910,130)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">Basic and diluted net loss per share</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36)</font></p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">Basic and dilute dividends per common share</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:right;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 282.35pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 11pt;">Shares used in basic and diluted per share calculations</font></p>
				</td>
				<td valign="bottom" style="width: 96.05pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,520,025&nbsp;
				</td>
				<td valign="bottom" style="width: 20.25pt;padding:0pt 0pt 0pt 0pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 66.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,527,315&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			<font style="display: inline;">8</font>

		</p>

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 6pt 0pt;"><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<a name="_MON_1382775804"></a><a name="_MON_1373895217"></a><font style="display: inline;font-weight:bold;">Adjusted EBITDA</font>
		</p>
		<p style="line-height: normal;text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization (&#x201C;EBITDA&#x201D;), adjusted by eliminating items that we believe are not part of our core operations, are non-recurring items of revenue or expense, or do not involve a cash outlay, such as stock-related compensation.&nbsp;&nbsp;We consider adjusted EBITDA important in monitoring and evaluating our financial performance on a consistent basis across various periods. We also use adjusted EBITDA as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions. </font>
		</p>
		<p style="line-height: normal;text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">Adjusted EBITDA is considered a non-GAAP financial measure as defined by Regulation&nbsp;G promulgated by the SEC under the Securities Act of 1933, as amended.&nbsp;&nbsp;Adjusted EBITDA should be considered in addition to, rather than as a substitute for, important GAAP financial measures including pre-tax income, net income and cash flows from operating activities.&nbsp;&nbsp;Items excluded from adjusted EBITDA are significant and necessary components to the operations of our business; therefore, adjusted EBITDA should only be used as a supplemental measure of our operating performance.</font>
		</p>
		<p style="line-height: normal;text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">Adjusted EBITDA may be reconciled with net loss as follows:</font>
		</p>
		<p style="line-height: normal;text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 381.00pt;margin-left: 0pt;">
			<tr>
				<td valign="bottom" style="width: 260.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 55.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 05.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width: 55.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width: 06.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 8pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">Year Ended March 31,</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">2012</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-weight:bold;font-size: 7pt;">2011</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Adjusted EBITDA:</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(776,780)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242,218)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Adjustments to conform Adjusted EBITDA to</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">GAAP Net loss:</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> &nbsp;Income tax benefit</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331,236 </font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112,130 </font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> &nbsp;Interest expense</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37,361)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;font-family:Times New Roman;font-size: 8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(23,698)
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> &nbsp;Depreciation and amortization</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380,139)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;font-family:Times New Roman;font-size: 8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(420,409)
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> &nbsp;Non-cash stock compensation</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147,040)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;font-family:Times New Roman;font-size: 8pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(183,743)
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width: 260.00pt; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> &nbsp;Non-cash compensation for transfer of beneficial interest to former chairman</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568,095)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;"> &nbsp;Non-recurring professional fees</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(753,650)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152,192)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="text-align:center;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 7pt;">Net loss</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,331,829)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;"> $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910,130)</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						<font style="display: inline;font-size: 8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:auto; border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0.9pt 0.9pt 0pt 0.9pt;">
					<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="line-height: normal;text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: normal;text-align:justify;text-justify:inter-ideograph;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="line-height: normal;font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">
			<a name="_MON_1374581727"></a><a name="_MON_1390387079"></a><a name="_MON_1374581429"></a><a name="_MON_1382439086"></a><a name="_MON_1401878436"></a><a name="_MON_1390743131"></a><a name="_MON_1402118934"></a><a name="_MON_1402119021"></a><a name="_MON_1390743172"></a><a name="_MON_1402132561"></a><a name="_MON_1402132881"></a><a name="_MON_1401540483"></a><a name="_MON_1402308544"></a><a name="_MON_1402308575"></a><a name="_MON_1402308600"></a><a name="_MON_1402308652"></a><a name="_MON_1402308728"></a><a name="_MON_1402308734"></a><a name="_MON_1402308775"></a><a name="_MON_1402308792"></a><a name="_MON_1402308798"></a><a name="_MON_1402308808"></a><a name="_MON_1402308824"></a><a name="_MON_1402308850"></a><a name="_MON_1402308871"></a><a name="_MON_1390743205"></a><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			<font style="display: inline;">9</font>

		</p>

		<p style="font-size: 12pt; font-family:Times New Roman; margin:0pt 0pt 0pt 0pt;">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr>
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[{"type": "8-K", "sequence": "1", "filename": "ich-20120628x8k.htm", "description": "8-K", "secsgml_size_bytes": 177484}]
{"company-data": {"conformed-name": "INVESTORS CAPITAL HOLDINGS LTD", "cik": "0001001871", "assigned-sic": "6799", "irs-number": "043284631", "state-of-incorporation": "MA", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-43664", "film-number": "12931526"}, "business-address": {"street1": "230 BROADWAY EAST", "city": "LYNNFIELD", "state": "MA", "zip": "01940", "phone": "7815938565"}, "mail-address": {"street1": "230 BROADWAY", "city": "LYNNFIELD", "state": "MA", "zip": "01940"}}
4bef0803417843f
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington
,
D.C.
20549
__________
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event re
ported):
June 2
8
, 2012
Investors Capital Holdings, Ltd.
(Exact name of registrant as specified in its charter)
Delaware
333-43664
04-3284631
(State or Other Jurisdiction
(Commission
(IRS Employer
of Incorporation)
File Number)
Identification No.)
230 Broadway East
Lynnfield
,
MA
01940
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:  (800) 949-1422
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:
[]  (Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[]  (Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[]  (Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17   CFR 240.14d-2(b))
[]  (Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On
June 2
8
, 2012
the Registrant issued a new
s release, a copy of which is set forth in Exhibit 2.02 hereto, announcing financial results for the Registrant for the
f
iscal year ended March
31
, 201
2
.
SIGNATURES
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.
Investors Capital Holdings, Ltd.
By
/s/
Timothy B. Murphy
Timothy B. Murphy, Chief Executive Officer
Date:
June 28, 2012
2
EXHIBIT INDEX
Exhibit No.
Description
2
.
02
Press release dated
June 2
8
, 2012
regarding Registrant's financial results for the fiscal year ended March 31, 201
2
.
3
Exhibit 2.02
FOR IMMEDIATE RELEASE
Contact:
Robert Foney
, Chief Marketing Officer
781.477.4814
rfoney@investorscapital.com
www.investorscapital.com
Investors Capital Holdings' Advisory Fee Revenue Rises 6.5% in Year-End Results
Average revenue per registered representative increases 8.8% to over $175,000
Lynnfield, Mass. (June 28, 2012)
– Investors Capital Holdings, Ltd. (NYSE Amex: ICH, the "Company"), a financial services holding company, posted year-end total revenue of $81.04 million for the period ended March 31, 2012 (the "year end"). Revenue decreased 4.9% compared to revenue of $85.25 million for the year ended March 31, 2011 ("prior year end"). Investors Capital Holdings, Ltd. operates primarily through its wholly-owned subsidiary, Investors Capital Corporation ("ICC"), a dually registered broker-dealer and investment advisory firm.
Total revenue decreased due primarily to a decline in commission revenue, which accounts for 78.3% of total revenue. Commission revenue fell 6.9% to $63.44 million, compared to $68.11 million in the prior year end due to a decline in brokerage activity resulting from a flat stock market, prolonged economic uncertainty, and the effects of the ongoing debt crisis in Europe.
Advisory fees, which now comprise 19.7% of total revenue, rose 6.5% to $15.96 million, compared to $14.98 million in the prior period. Advisory fee revenue grew due to both increased advisor activity and investment contributions.
4
Total expenses decreased $2.57 million or 3.0%, principally as a result of decreases in marketing and promotion, brokerage and clearing fees, and commissions and advisor fees paid to representatives. The Company reported a $2.66 million operating loss compared to an operating loss of $1.02 million for the prior year end and posted a net loss of $2.33 million compared to a net loss of $0.91 million for the prior year end.  This year's operating loss is principally attributed to one-time costs of $1.32 million incurred for the S-3 registration involving the sale of the founder's shares, as well as other costs for
litigation-related defense, settlement and insurance costs, and finally a deferred tax asset valuation allowance of approximately $489,000
.
Investors Capital continues to benefit from enhancing the overall quality of its representatives by assistance with expanding their skills and practices, recruiting established, high-quality representatives, and terminating lower-producing representatives. T
he firm's average revenue per representative, based on a rolling 12-month period, rose at year end to $175,877, an increase of 8.8% over $161,642 for the prior rolling 12-month period.
Year-end adjusted EBITDA was negative $0.78 million compared to negative $0.24 million for the prior year end. Adjusted EBITDA, a non-GAAP financial measure described below, is a key metric utilized by the firm in evaluating its financial performance.
"We had a very momentous year with our S-3 offering. As we continue our transition we are very much looking forward to being able to commit to a single strategy of relentlessly focusing on serving our customers and growing our collective business," said Timothy B. Murphy, President and CEO of Investors Capital Holdings, Ltd. "We continue to be pleased that our average advisor productivity and advisory revenue are growing. Despite this challenging economy, we are also pleased to continue to recruit quality advisors and expand services to all of our representatives."
5
About Investors Capital Holdings, Ltd.:
Investors Capital Holdings, Ltd. (NYSE Amex: ICH) of Lynnfield, Massachusetts is a financial services holding company that operates primarily through its broker/dealer and investment advisor subsidiary, Investors Capital Corporation. Our mission is to provide 5-star service and support to our valued registered representatives, including advisory programs, strategic practice management and marketing services, and technology, to help them grow their businesses and exceed their clients' expectations. Business units include Investors Capital Corporation, ICC Insurance Agency, Inc., and Investors Capital Holdings Securities Corporation. For more information, please call (800) 949-1422 x4814 or visit
www.investorscapital.com
.
Certain statements contained in this press release that are not historical fact may be deemed to be forward-looking statements under federal securities laws. There are many factors that could cause our future actual results to differ materially from those suggested by or forecast in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, interest rate fluctuations, regulatory changes affecting the financial services industry, competitive factors effecting demand for our services, availability of funding, and other risks including those identified in the Company's Securities and Exchange Commission filings.
Investors Capital Holdings, Ltd., 230 Broadway, Lynnfield, Massachusetts 01940, Distributor.
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INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2012
March 31, 2011
Assets
Current Assets
Cash and cash equivalents
$            4,537,713
$            4,587,195
Deposit with clearing organization, restricted
175,000
175,000
Accounts receivable
4,525,157
6,798,638
Note receivable (current)
-
108,169
Loans receivable from registered representatives (current), net of allowance
654,560
721,664
Prepaid income taxes
137,658
157,880
Securities owned at fair value
235,454
17,384
Investment
-
50,000
Prepaid expenses
674,780
1,073,969
10,940,322
13,689,899
Property and equipment, net
340,007
597,735
Long Term Investments
Loans receivable from registered representatives
1,002,621
616,583
Note receivable
-
495,000
Investments
-
214,555
Non-qualified deferred compensation investment
1,327,806
1,089,572
Cash surrender value life insurance policies
157,991
680,429
2,488,418
3,096,139
Other Assets
Deferred tax asset, net
1,550,010
1,218,773
Capitalized software, net
172,240
132,131
Other assets
-
15,808
1,722,250
1,366,712
TOTAL ASSETS
$          15,490,997
$          18,750,485
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable
$               820,540
$            1,109,400
Accrued expenses
1,408,324
2,078,705
Commissions payable
2,787,467
3,246,898
Notes payable
1,605,688
1,527,969
Unearned revenues
146,198
113,486
Securities sold, not yet purchased, at fair value
8,186
-
6,776,403
8,076,458
Long-Term Liabilities
Non-qualified deferred compensation plan
1,458,169
1,176,096
1,458,169
1,176,096
Total liabilities
8,234,572
9,252,554
Commitments and contingencies (Note 15)
Stockholders' Equity:
Common stock, $.01 par value, 10,000,000 shares authorized;
6,689,009 issued and 6,685,124 outstanding at March 31, 2012
6,618,259 issued and 6,614,374 outstanding at March 31, 2011
66,890
66,183
Additional paid-in capital
12,425,713
12,279,380
Accumulated deficit
(5,206,043)
(2,874,214)
Less: Treasury stock, 3,885 shares at cost
(30,135)
(30,135)
Accumulated other comprehensive income
-
56,717
Total stockholders' equity
7,256,425
9,497,931
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$          15,490,997
$          18,750,485
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INVESTORS CAPITAL HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS
ENDED
END
ENDED
March 31,
2012
2011
Revenue:
Commissions
$    63,444,938
$   68,111,786
Advisory fees
15,958,497
14,977,601
Other fee income
620,595
802,752
Other revenue
1,016,732
1,361,826
Total revenue
81,040,762
85,253,965
Expenses:
Commissions and advisory fees
64,775,584
67,125,324
Compensation and benefits
8,744,917
8,471,493
Regulatory, legal and professional services
3,979,808
3,983,401
Brokerage, clearing and exchange fees
1,790,263
2,046,543
Technology and communications
1,335,373
1,225,670
Marketing and promotion
956,234
1,383,453
Occupancy and equipment
864,431
914,952
Other administrative
1,219,856
1,101,691
Interest
37,361
23,698
Total operating expenses
83,703,827
86,276,225
Operating loss
(2,663,065)
(1,022,260)
(Benefit) provision for income taxes
(331,236)
(112,130)
Net loss
(2,331,829)
(910,130)
Basic and diluted net loss per share
$             (0.36)
$            (0.14)
Basic and dilute dividends per common share
$                     -
$                   -
Shares used in basic and diluted per share calculations
6,520,025
6,527,315
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Adjusted EBITDA
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted by eliminating items that we believe are not part of our core operations, are non-recurring items of revenue or expense, or do not involve a cash outlay, such as stock-related compensation.  We consider adjusted EBITDA important in monitoring and evaluating our financial performance on a consistent basis across various periods. We also use adjusted EBITDA as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions.
Adjusted EBITDA is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended.  Adjusted EBITDA should be considered in addition to, rather than as a substitute for, important GAAP financial measures including pre-tax income, net income and cash flows from operating activities.  Items excluded from adjusted EBITDA are significant and necessary components to the operations of our business; therefore, adjusted EBITDA should only be used as a supplemental measure of our operating performance.
Adjusted EBITDA may be reconciled with net loss as follows:
Year Ended March 31,
2012
2011
Adjusted EBITDA:
$          (776,780)
$          (242,218)
Adjustments to conform Adjusted EBITDA to
GAAP Net loss:
Income tax benefit
331,236
112,130
Interest expense
(37,361)
(23,698)
Depreciation and amortization
(380,139)
(420,409)
Non-cash stock compensation
(147,040)
(183,743)
Non-cash compensation for transfer of beneficial interest to former chairman
(568,095)
-
Non-recurring professional fees
(753,650)
(152,192)
Net loss
$       (2,331,829)
$          (910,130)
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