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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ameritrans Capital Corporation (CE) | USOTC:AMTCQ | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0194 | 0.00 | 01:00:00 |
|
þ
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act 1934 for the Quarterly Period Ended
|
|
December 31, 2012
|
|
¨
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period
|
|
from
to
|
Delaware
|
52-2102424
|
|
(State of incorporation)
|
(I.R.S. Employer Identification No.)
|
|
50 Jericho Quadrangle, Suite 109
Jericho, New York 11753
|
||
(Address of registrant’s principal executive office) (Zip Code)
|
||
(212) 355-2449
|
||
(Registrant’s telephone number, including area code)
|
||
N/A
|
||
(Former name, former address and former fiscal year, if changed since last report)
|
¨
|
Large accelerated filer
|
¨
|
Accelerated filer
|
þ
|
Non-accelerated filer
(Do not check if a small
reporting company.)
|
¨
|
Smaller reporting company
|
PART I. FINANCIAL INFORMATION
|
3
|
||
ITEM 1.
|
FINANCIAL STATEMENTS
|
3
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
26
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
|
32
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
32
|
|
PART II. OTHER INFORMATION
|
34
|
||
Item 1.
|
Legal Proceedings
|
34
|
|
Item 1A.
|
Risk Factors
|
36
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
36
|
|
Item 3.
|
Default upon Senior Securities
|
36
|
|
Item 4.
|
Mine Safety Disclosures
|
36
|
|
Item 5.
|
Other Information
|
37
|
|
Item 6.
|
Exhibits
|
37
|
|
Exhibit Index
|
37
|
||
(a)
|
Exhibits
|
37
|
|
SIGNATURES
|
38
|
December 31,
2012
|
June 30,
2012
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Investments at fair value (cost of $20,235,002 and $22,401,381, respectively):
|
||||||||
Non-controlled/affiliated investments
|
$
|
200,000
|
$
|
-
|
||||
Non-controlled/non-affiliated investments
|
13,211,033
|
16,169,728
|
||||||
Controlled affiliated investments
|
331,487
|
332,878
|
||||||
Total investments at fair value
|
13,742,520
|
16,502,606
|
||||||
Cash
|
1,453,560
|
184,338
|
||||||
Accrued interest receivable
|
739,191
|
807,643
|
||||||
Assets acquired in satisfaction of loans
|
153,325
|
878,325
|
||||||
Furniture and equipment, net
|
44,525
|
44,359
|
||||||
Deferred loan costs, net
|
225,034
|
260,459
|
||||||
Prepaid expenses and other assets
|
163,010
|
263,641
|
||||||
Total assets
|
$
|
16,521,165
|
$
|
18,941,371
|
||||
Liabilities and Net Liabilities
|
||||||||
Liabilities:
|
||||||||
Debentures payable to SBA
|
$
|
21,175,000
|
$
|
21,175,000
|
||||
Accrued expenses and other liabilities
|
367,230
|
312,353
|
||||||
Accrued interest payable
|
860,679
|
342,506
|
||||||
Dividends payable
|
843,750
|
675,000
|
||||||
Total liabilities
|
23,246,659
|
22,504,859
|
||||||
Commitments and contingencies
(Notes 2, 3, 4, 5 and 8)
|
||||||||
Net Liabilities:
|
||||||||
Preferred stock 9,500,000 shares authorized, none issued or outstanding
|
-
|
-
|
||||||
9-3/8% cumulative participating redeemable preferred stock; $.01 par value, $12.00 face value, 500,000 shares authorized; 300,000 shares issued and outstanding
|
3,600,000
|
3,600,000
|
||||||
Common stock, $.0001 par value; 45,000,000 shares authorized, 3,405,583 shares issued; 3,395,583 shares outstanding
|
341
|
341
|
||||||
Additional paid-in capital
|
21,330,544
|
21,330,544
|
||||||
Losses and distributions in excess of earnings
|
(25,093,897
|
)
|
(22,525,598
|
)
|
||||
Net unrealized depreciation on investments
|
(6,492,482
|
)
|
(5,898,775
|
)
|
||||
Total
|
(6,655,494
|
)
|
(3,493,488
|
)
|
||||
Less: Treasury stock, at cost, 10,000 shares of common stock
|
(70,000
|
)
|
(70,000
|
)
|
||||
Total net liabilities
|
(6,725,494
|
)
|
(3,563,488
|
)
|
||||
Total liabilities and net liabilities
|
$
|
16,521,165
|
$
|
18,941,371
|
||||
Net liability value per common share
|
$
|
(3.04
|
)
|
$
|
(2.11
|
)
|
For the three months ended
|
For the six months ended
|
|||||||||||||||
December 31,
2012
|
December 31,
2010
|
December 31,
2011
|
December 31,
2010
|
|||||||||||||
Investment income:
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||
Interest on loans receivable:
|
||||||||||||||||
Non-controlled/non-affiliated investments
|
$ | 220,890 | $ | 417,947 | $ | 488,689 | $ | 934,276 | ||||||||
Controlled affiliated investments
|
6,525 | 6,824 | 13,139 | 13,877 | ||||||||||||
227,415 | 424,771 | 501,828 | 948,153 | |||||||||||||
Fees and other income
|
- | - | - | 8,248 | ||||||||||||
Total investment income
|
227,415 | 424,771 | 501,828 | 956,401 | ||||||||||||
Expenses:
|
||||||||||||||||
Interest
|
259,086 | 392,270 | 518,173 | 793,074 | ||||||||||||
Salaries and employee benefits
|
244,512 | 287,304 | 501,421 | 714,085 | ||||||||||||
Occupancy costs
|
43,983 | 43,297 | 87,966 | 86,593 | ||||||||||||
Legal fees
|
317,126 | 258,994 | 841,783 | 532,790 | ||||||||||||
Accounting and compliance fees
|
184,349 | 193,433 | 322,185 | 422,372 | ||||||||||||
Directors fees and expenses
|
53,959 | 50,572 | 138,459 | 88,103 | ||||||||||||
Advisory Fee
|
- | 46,611 | - | 92,695 | ||||||||||||
Other administrative expenses
|
78,712 | 148,011 | 243,780 | 362,453 | ||||||||||||
Loss and impairment on assets acquired in satisfaction of
loans, net
|
163,893 | - | 163,893 | - | ||||||||||||
Total expenses
|
1,345,620 | 1,420,492 | 2,817,660 | 3,092,165 | ||||||||||||
Net investment loss
|
(1,118,205 | ) | (995,721 | ) | (2,315,832 | ) | (2,135,764 | ) | ||||||||
Net realized gains (losses) on investments:
|
||||||||||||||||
Non-controlled/non-affiliated investments
|
19,314 | 16,667 | (83,717 | ) | 280,155 | |||||||||||
19,314 | 16,667 | (83,717 | ) | 280,155 | ||||||||||||
Net unrealized depreciation on
investments
|
(455,049 | ) | (690,490 | ) | (593,707 | ) | (1,249,466 | ) | ||||||||
Net realized/unrealized losses on investments
|
(435,735 | ) | (673,823 | ) | (677,424 | ) | (969,311 | ) | ||||||||
Net decrease in net assets from operations
|
(1,553,940 | ) | (1,669,544 | ) | (2,993,256 | ) | (3,105,075 | ) | ||||||||
Distributions to preferred shareholders
|
(84,375 | ) | (84,375 | ) | (168,750 | ) | (168,750 | ) | ||||||||
Net decrease in net assets from operations available to common shareholders
|
$ | (1,638,315 | ) | $ | (1,753,919 | ) | $ | (3,162,006 | ) | $ | (3,273,825 | ) | ||||
Weighted Average Number of Common Shares Outstanding:
|
||||||||||||||||
Basic and diluted
|
3,395,583 | 3,395,583 | 3,395,583 | 3,395,583 | ||||||||||||
Net Decrease in Net Assets from Operations Per Common Share:
|
||||||||||||||||
Basic and diluted
|
$ | (0.48 | ) | $ | (0.52 | ) | $ | (0.93 | ) | $ | (0.96 | ) |
For the six months ended
|
||||||||
December 31,
2012
|
December 31,
2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Decrease in net assets from operations:
|
||||||||
Net investment loss
|
$ | (2,315,832 | ) | $ | (2,135,764 | ) | ||
Net realized gain (loss) from investments
|
(83,717 | ) | 280,155 | |||||
Unrealized depreciation on investments
|
(593,707 | ) | (1,249,466 | ) | ||||
Net decrease in net assets resulting from operations
|
(2,993,256 | ) | (3,105,075 | ) | ||||
Shareholder distributions:
|
||||||||
Distributions to preferred shareholders
|
(168,750 | ) | (168,750 | ) | ||||
Net decrease in net assets resulting from shareholder distributions
|
(168,750 | ) | (168,750 | ) | ||||
Total decrease in net assets
|
(3,162,006 | ) | (3,273,825 | ) | ||||
Net assets (liabilities):
|
||||||||
Beginning of period
|
(3,563,488 | ) | 2,236,093 | |||||
End of period
|
$ | (6,725,494 | ) | $ | (1,037,732 | ) | ||
Net assets per preferred
|
$ | 3,600,000 | $ | 3,600,000 | ||||
Net liabilities per common
|
$ | (10,325,494 | ) | $ | (4,637,732 | ) |
For the six months ended
|
||||||||
December 31,
2012
|
December 31,
2011
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net decrease in net assets from operations
|
$ | (2,993,256 | ) | $ | (3,105,075 | ) | ||
Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
40,139 | 40,240 | ||||||
Net realized gains (losses) on investments
|
83,717 | (280,155 | ) | |||||
Net unrealized depreciation on investments
|
593,707 | 1,249,466 | ||||||
Portfolio investments
|
(1,259,253 | ) | (2,199,054 | ) | ||||
Proceeds from principal receipts, sales, maturity of investments
|
3,341,915 | 3,439,788 | ||||||
Proceeds from sale of assets acquired in satisfaction of loans
|
561,107 | - | ||||||
Loss on sale of assets acquired
|
163,893 | - | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accrued interest receivable
|
68,452 | (14,853 | ) | |||||
Prepaid expenses and other assets
|
100,631 | (65,542 | ) | |||||
Accrued expenses and other liabilities
|
54,877 | (723,274 | ) | |||||
Accrued interest payable
|
518,173 | (407 | ) | |||||
Total adjustments
|
4,267,358 | 1,446,209 | ||||||
Net cash provided by (used in) operating activities
|
1,274,102 | (1,658,866 | ) | |||||
Cash flows from investing activities:
|
||||||||
Purchases of furniture and equipment
|
(4,880 | ) | (1,890 | ) | ||||
Net cash used in investing activities
|
(4,880 | ) | (1,890 | ) | ||||
Cash flows from financing activities:
|
||||||||
Repayment of note payable, other
|
- | (76,380 | ) | |||||
Net cash used in financing activities
|
- | (76,380 | ) | |||||
Net increase (decrease) in cash and cash equivalents
|
1,269,222 | (1,737,136 | ) | |||||
Cash and cash equivalents:
|
||||||||
Beginning of period
|
184,338 | 4,151,616 | ||||||
End of period
|
$ | 1,453,560 | $ | 2,414,480 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | - | $ | 793,481 | ||||
Supplemental disclosure of non cash investing and financing activities:
|
||||||||
Accrued dividends on preferred stock
|
$ | 168,750 | $ | 168,750 |
Portfolio Valuation as of December 31, 2012
|
||||||||||
Portfolio Company (1)
|
Investment
Investment Rate/Maturity
|
Principal
|
Net Cost
|
Value
|
||||||
Life Insurance Settlement Contracts
(57.88%)
(4)
|
||||||||||
Life Settlement Contracts
|
4 life insurance policies, aggregate face value of $17,250,000
|
$
|
5,352,344
|
$
|
3,893,290
|
|||||
Equity Investments (16.00%)
(4)
|
||||||||||
MBS Colonnade, Ltd.
Rental Real Estate Limited Partnership
|
Limited Partnership Interest
|
50,000
|
10,211
|
|||||||
MBS Sage Creek, Ltd.
Rental Real Estate Limited Partnership
|
Limited Partnership Interest
|
50,000
|
2,377
|
|||||||
MBS Walnut Creek, Ltd.
Rental Real Estate Limited Partnership
|
Limited Partnership Interest
|
25,000
|
-
|
|||||||
238 W. 108 Realty LLC
(2)
Residential Real Estate Development
|
5.00% LLC Interest
|
100,000
|
-
|
|||||||
Asset Recovery & Management, LLC
(2)
(3)
Consumer Receivable Collections
|
30.00% LLC Interest
|
6,000
|
6,000
|
|||||||
CMCA, LLC
(2)
(3)
Consumer Receivable Collections
|
30.00% LLC Interest
|
4,000
|
4,000
|
|||||||
Soha Terrace II LLC
Real Estate Development
|
4.20% LLC Interest
|
700,000
|
909,000
|
|||||||
Bradway Capital GAB LLC
(2)
Bicycle Manufacturing
|
6.2% LLC Interest
|
200,000
|
200,000
|
|||||||
Fusion Telecommunications
Internet Telephony
|
69,736 Shares of Common Stock
|
367,027
|
5,579
|
|||||||
Total equity investments
|
1,502,027
|
1,137,167
|
||||||||
Total investments
|
$
|
20,235,002
|
$
|
13,742,520
|
Portfolio Valuation as of June 30, 2012
|
||||||||||
Portfolio Company (1)
|
Investment
Investment Rate/Maturity
|
Principal
|
Net Cost
|
Value
|
||||||
Life Insurance Settlement Contracts
(89.91%)
(4)
|
||||||||||
Life Settlement Contracts
|
4 life insurance policies, aggregate face value of $17,250,000
|
$
|
4,573,290
|
$
|
3,204,001
|
|||||
Equity Investments (30.28%)
(4)
|
||||||||||
Rental Real Estate Limited Partnership
|
Limited Partnership Interest
|
50,000
|
10,211
|
|||||||
MBS Sage Creek, Ltd.
Rental Real Estate Limited Partnership
|
Limited Partnership Interest
|
50,000
|
2,377
|
|||||||
MBS Walnut Creek, Ltd.
Rental Real Estate Limited Partnership
|
Limited Partnership Interest
|
25,000
|
-
|
|||||||
238 W. 108 Realty LLC (2)
Residential Real Estate Development
|
5.00% LLC Interest
|
100,000
|
-
|
|||||||
Asset Recovery & Management, LLC (2)(3)
Consumer Receivable Collections
|
30.00% LLC Interest
|
6,000
|
6,000
|
|||||||
CMCA, LLC (2)(3)
Consumer Receivable Collections
|
30.00% LLC Interest
|
4,000
|
4,000
|
|||||||
Soha Terrace II LLC
Real Estate Development
|
4.20% LLC Interest
|
700,000
|
1,050,000
|
|||||||
Fusion Telecommunications
Internet Telephony
|
69,736 Shares of Common Stock
|
367,027
|
6,276
|
|||||||
Total equity investments
|
1,302,027
|
1,078,864
|
||||||||
Total investments
|
$
|
22,401,381
|
$
|
16,502,606
|
December 31, 2012
|
June 30, 2012
|
|||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Security Type
|
Cost
|
Fair Value
|
% (1)
|
Cost
|
Fair Value
|
% (1)
|
||||||||||||||||||
Commercial Loans
|
$
|
5,805,142
|
$
|
5,175,516
|
37.7
|
%
|
$
|
5,857,873
|
$
|
5,228,247
|
31.7
|
%
|
||||||||||||
Corporate Loans
|
7,575,489
|
3,536,547
|
25.7
|
%
|
10,668,191
|
6,991,494
|
42.4
|
%
|
||||||||||||||||
Life Settlement Contracts
|
5,352,344
|
3,893,290
|
28.3
|
%
|
4,573,290
|
3,204,001
|
19.4
|
%
|
||||||||||||||||
Equity Securities
|
1,502,027
|
1,137,167
|
8.3
|
%
|
1,302,627
|
1,078,864
|
6.5
|
%
|
||||||||||||||||
Total
|
$
|
20,235,002
|
$
|
13,742,520
|
100.0
|
%
|
$
|
22,401,981
|
$
|
16,502,606
|
100.0
|
%
|
December 31, 2012
|
June 30, 2012
|
|||||||||||||||
Value
|
Percentage of Portfolio
|
Value
|
Percentage of Portfolio
|
|||||||||||||
Broadcasting/Telecommunications
|
$
|
1,721,723
|
12.5
|
%
|
$
|
1,761,340
|
10.7
|
%
|
||||||||
Commercial Construction
|
2,339,724
|
17.0
|
%
|
2,339,724
|
14.2
|
%
|
||||||||||
Construction and Predevelopment
|
909,000
|
6.6
|
%
|
1,050,000
|
6.4
|
%
|
||||||||||
Debt Collection
|
452,518
|
3.3
|
%
|
453,909
|
2.7
|
%
|
||||||||||
Education
|
693,920
|
5.0
|
%
|
719,308
|
4.3
|
%
|
||||||||||
Food and Candy Manufacturing
|
1,658,395
|
12.1
|
%
|
2,693,471
|
16.3
|
%
|
||||||||||
Info Data Systems
|
-
|
-
|
%
|
1,001,250
|
6.1
|
%
|
||||||||||
Life Insurance Settlement Contracts
|
3,893,290
|
28.3
|
%
|
3,204,001
|
19.4
|
%
|
||||||||||
Manufacturing
|
200,000
|
1.5
|
%
|
1,165,407
|
7.1
|
%
|
||||||||||
Printing/Publishing
|
712,896
|
5.2
|
%
|
940,722
|
5.7
|
%
|
||||||||||
Restaurant/Food Service
|
1,041,076
|
7.6
|
%
|
1,052,162
|
6.4
|
%
|
||||||||||
Other industries less than 1%
|
119,978
|
0.9
|
%
|
121,312
|
0.7
|
%
|
||||||||||
TOTAL
|
$
|
13,742,520
|
100.00
|
%
|
$
|
16,502,606
|
100.00
|
%
|
December 31, 2012
|
June 30, 2012
|
|||||||
Loans receivable
|
$
|
8,712,063
|
$
|
12,219,741
|
||||
Performing loans
|
5,083,500
|
8,754,851
|
||||||
Nonperforming loans
|
$
|
3,628,563
|
$
|
3,464,890
|
||||
Nonperforming loans:
|
||||||||
Accrual
|
$
|
163,673
|
$
|
-
|
||||
Nonaccrual
|
3,464,890
|
3,464,890
|
||||||
$
|
3,628,563
|
$
|
3,464,890
|
Year Ending
June 30
|
Policy
Premiums
|
||||
2013 (six months)
|
$ | 437,034 | |||
2014
|
874,068 | ||||
2015
|
874,068 | ||||
2016
|
874,068 | ||||
2017
|
823,092 | ||||
Thereafter
|
683,355 | ||||
$ | 4,565,685 |
Fair Value at Reporting Date Using
|
||||||||||||||||
December 31,
2012
(Unaudited)
|
Quoted Prices
in Active
Markets for Identical Assets
(Level 1)
|
Significant Other Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Commercial Loans
|
$
|
5,175,516
|
$
|
-
|
$
|
-
|
$
|
5,175,516
|
||||||||
Corporate Loans
|
3,536,547
|
.
|
-
|
3,536,547
|
||||||||||||
Life Settlement Contracts
|
3,893,290
|
-
|
-
|
3,893,290
|
||||||||||||
Equity Securities
|
1,137,167
|
5,579
|
-
|
1,131,588
|
||||||||||||
Total Investments
|
$
|
13,742,520
|
$
|
5,579
|
$
|
-
|
$
|
13,736,941
|
Fair Value at Reporting Date Using
|
||||||||||||||||
June 30, 2012
|
Quoted Prices
in Active
Markets for Identical Assets
(Level 1)
|
Significant Other Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
Commercial Loans
|
$
|
5,228,247
|
$
|
-
|
$
|
-
|
$
|
5,228,247
|
||||||||
Corporate Loans
|
6,991,494
|
-
|
-
|
6,991,494
|
||||||||||||
Life Settlement Contracts
|
3,204,001
|
-
|
-
|
3,204,001
|
||||||||||||
Equity Securities
|
1,078,864
|
6,276
|
-
|
1,072,588
|
||||||||||||
Total Investments
|
$
|
16,502,606
|
$
|
6,276
|
$
|
-
|
$
|
16,496,330
|
Commercial
Loans
|
Corporate
Loans
|
Life
Settlement
Contracts
|
Equity
Securities
|
Total
|
||||||||||||||||
Beginning balance as of June 30, 2012
|
$
|
5,228,247
|
$
|
6,991,494
|
$
|
3,204,001
|
$
|
1,072,588
|
$
|
16,496,330
|
||||||||||
Net realized losses on investments
|
-
|
(83,717
|
)
|
-
|
-
|
(83,717
|
)
|
|||||||||||||
Net unrealized losses on investments
|
-
|
(362,245
|
)
|
(89,765
|
)
|
(141,000)
|
(593,010
|
)
|
||||||||||||
Purchases of investments
|
280,199
|
779,054
|
200,000
|
1,259,253
|
||||||||||||||||
Repayments, sales or redemptions of investments
|
(52,731
|
)
|
(3,289,184
|
)
|
-
|
-
|
(3,341,915
|
)
|
||||||||||||
Transfers in and/or out of Level 3
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Ending balance as of December 31, 2012
|
$
|
5,175,516
|
$
|
3,536,547
|
$
|
3,893,290
|
$
|
1,131,588
|
$
|
13,736,941
|
The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to assets still held at the reporting date.
|
$ | (593,010 | ) | |
Losses (realized and unrealized) included in net decrease in net assets from operations for the period above are reported as follows:
|
||||
(3,248 | ) | |||
Change in unrealized gains or losses relating to assets still held at reporting date
|
$ | (596,258 | ) |
|
Commercial
Loans
|
Corporate
Loans
|
Life
Settlement
Contracts
|
Equity
Securities
|
Total
|
|||||||||||||||
Beginning balance as of June 30, 2011
|
$ | 6,244,815 | $ | 12,968,785 | $ | 2,408,000 | $ | 980,661 | $ | 22,602,261 | ||||||||||
Net realized gains (losses) on investments
|
- | (28,011 | ) | 288,139 | (75,250 | ) | 184,878 | |||||||||||||
Net unrealized gains (losses) on investments
|
(128,644 | ) | (1,848,874 | ) | (95,657 | ) | 168,027 | (1,905,148 | ) | |||||||||||
Purchases of investments
|
2,463 | 1,517,902 | 931,366 | - | 2,451,731 | |||||||||||||||
Repayments, sales or redemptions of investments
|
(890,387 | ) | (5,618,308 | ) | (327,847 | ) | (850 | ) | (6,837,392 | ) | ||||||||||
Transfers in and/or out of Level 3
|
- | - | - | - | - | |||||||||||||||
Ending balance as of June 30, 2012
|
$ | 5,228,247 | $ | 6,991,494 | $ | 3,204,001 | $ | 1,072,588 | $ | 16,496,330 |
Issue Date
|
Due Date
|
% Interest Rate
|
December 31, 2012
|
June 30, 2012
|
Annual
Amount of
Interest and
User Fees
|
||||||||||||
July 2002
|
September 2012
|
4.67
(1)
|
$
|
2,050,000
|
$
|
2,050,000
|
$
|
113,488
|
|||||||||
December 2002
|
March 2013
|
4.63
(1)
|
3,000,000
|
3,000,000
|
164,880
|
||||||||||||
September 2003
|
March 2014
|
4.12
(1)
|
5,000,000
|
5,000,000
|
249,300
|
||||||||||||
February 2004
|
March 2014
|
4.12
(1)
|
1,950,000
|
1,950,000
|
97,227
|
||||||||||||
December 2009
|
March 2020
|
4.11
(2)
|
9,175,000
|
9,175,000
|
402,782
|
||||||||||||
$
|
21,175,000
|
$
|
21,175,000
|
$
|
1,027,677
|
For the six months ended December 31, 2012
|
|||||||||||||
Dividend
Per Share
|
Amount
|
Declaration Date
|
Record
Date
|
Pay
Date
|
|||||||||
Preferred Stock:
|
|||||||||||||
First quarter
(July 1, 2012 - September 30, 2012)
|
$ | 0.28125 | $ | 84,375 |
Not Declared
|
||||||||
Second quarter
(October 1, 2012 – December 31, 2012)
|
0.28125 | $ | 84,375 |
Not Declared
|
|||||||||
Total Preferred Stock Dividends Accrued
|
$ | 0.56250 | $ | 168,750 |
For the six months ended December 31, 2011
|
|||||||||||||
Dividend
Per Share
|
Amount
|
Declaration Date
|
Record
Date
|
Pay
Date
|
|||||||||
Preferred Stock:
|
|||||||||||||
First quarter
(July 1, 2011 - September 30, 2011)
|
$ | 0.28125 | $ | 84,375 |
Not Declared
|
||||||||
Second quarter
(October 1, 2011 - December 31, 2011)
|
$ | 0.28125 | $ | 84,375 |
Not Declared
|
||||||||
Total Preferred Stock Dividends Accrued
|
$ | 0.56250 | $ | 168,750 |
Stock Options
|
||||||||
Number of Options
|
Weighted
Average
Exercise Price
Per Share
|
|||||||
Options outstanding at June 30, 2012
|
239,426
|
$
|
3.28
|
|||||
Granted
|
-
|
-
|
||||||
Canceled
|
-
|
-
|
||||||
Expired
|
40,000
|
-
|
||||||
Exercised
|
-
|
-
|
||||||
Options outstanding at December 31, 2012
|
199,426
|
$
|
2.96
|
Options Outstanding and Exercisable
|
|||||||||
Range of
Exercise Prices
|
Number
Outstanding
At December 31, 2012
|
Weighted
Average
Remaining
Contractual
Life
|
Weighted
Average
Exercise
Price
|
||||||
$3.60
|
13,888
|
.39 years
|
$
|
3.60
|
|||||
$5.28
|
40,000
|
.91 years
|
$
|
5.28
|
|||||
$2.36
|
120,000
|
.78 years
|
$
|
2.36
|
|||||
$1.78
|
25,538
|
1.35 years
|
$
|
1.78
|
|||||
$ 1.78-$ 5.28
|
199,426
|
$
|
3.28
|
Six months
Ended
December 31,
2012
|
Six months
Ended
December 31,
2011
|
Year Ended
June 30,
2012
|
||||||||||
Net share data
|
||||||||||||
Net liability value at the beginning of the period
|
$
|
(2.11
|
)
|
$
|
(0.40
|
)
|
$
|
(0.40
|
)
|
|||
Net investment loss
|
(0.68
|
)
|
(0.63
|
)
|
(1.08
|
)
|
||||||
Net realized and unrealized losses on investments
|
(0.20
|
)
|
(0.29
|
)
|
(0.53
|
)
|
||||||
Net decrease in net assets from operations
|
(0.88
|
)
|
(0.92
|
)
|
(1.61
|
)
|
||||||
Distributions to Stockholders (4)
|
(0.05
|
)
|
(0.05
|
)
|
(.10
|
)
|
||||||
Total decrease in net asset value
|
(0.93
|
)
|
(0.97
|
)
|
(1.71
|
)
|
||||||
Net liability value at the end of the period
|
$
|
(3.04
|
)
|
$
|
(1.37
|
$
|
(2.11
|
)
|
||||
Per share market value at beginning of period
|
$
|
0.11
|
$
|
1.17
|
$
|
1.17
|
||||||
Per share market value at end of period
|
$
|
0.38
|
$
|
0.12
|
$
|
0.11
|
||||||
Total return
(1)
|
245.45
|
%
|
(89.7
|
)%
|
(90.6
|
)%
|
||||||
Ratios/supplemental data
|
||||||||||||
Average net liabilities (2) (in 000’s)
|
$
|
(8,744
|
)
|
$
|
(3,000
|
)
|
$
|
(4,264
|
)
|
|||
Total expense ratio (3)
|
(64.46
|
)%
|
(206.1
|
)%
|
142.4
|
%
|
||||||
Net investment loss to average net liabilities (5)
|
(53.00
|
)%
|
(142.4
|
)%
|
85.7
|
%
|
31.1
|
Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (attached hereto)
|
31.2
|
Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (attached hereto)
|
32.1
|
Certification pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (attached hereto)
|
32.2
|
Certification pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (attached hereto)
|
AMERITRANS CAPITAL CORPORATION
|
||
Dated: February 14, 2013 | ||
By:
|
/s/ Michael Feinsod
|
|
Michael Feinsod
|
||
Chief Executive Officer and President
|
1 Year Ameritrans Capital (CE) Chart |
1 Month Ameritrans Capital (CE) Chart |
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