Table of Contents
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
|
For
the fiscal year ended: December 31,
2015 |
Or
|
[
] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For the transition period
from ____________to____________
Commission file
number: 333-73996
MORGAN GROUP HOLDING
CO. |
(Exact name of Registrant as specified in its
charter) |
Delaware |
13-4196940 |
State of other jurisdiction |
(I.R.S. Employer |
incorporation or organization |
Identification No.) |
|
401 Theodore Fremd Avenue, Rye, NY |
10580 |
(Address of principal executive offices) |
(Zip
Code) |
Registrant's telephone
number, including area code (914)
921-1877
Securities registered
pursuant to Section 12(b) of the Act: None
Securities registered
pursuant to section 12(g) of the Act: None
Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the
Securities Act. Yes [ ] No [X]
Indicate by check mark if
the registrant is not required to file reports pursuant to Section 13 or Section
15(d) of the Act Yes [ ] No [X]
Indicate by check mark
whether the Registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for
such shorter period that the Registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes[X] No [_]
Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulations S-K is not
contained herein, and will not be contained, to the best of the Registrant's
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K, or any amendment to this Form 10-KSB.
[_]
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of
large accelerated filer, accelerated filer and smaller reporting company
in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] |
Accelerated filer [ ] |
Non-accelerated filer [ ] |
Smaller reporting company [X] |
Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act) Yes [X] No [ ]
As of February 17, 2016,
the aggregate market value of the Registrants voting and nonvoting common
equity held by non-affiliates of the Registrant was approximately $841,000,
which value, solely for the purposes of this calculation, excludes shares held
by the Registrants officers, directors, and their affiliates. Such exclusion
should not be deemed a determination or an admission by the issuer that all such
individuals are, in fact, affiliates of the issuer.
The number of outstanding
shares of the Registrant's Common Stock was 3,359,055 as of February 17, 2016
Table of Contents
MORGAN GROUP HOLDING
CO.
TABLE OF CONTENTS
Table of Contents
PART
I
Item 1. Business.
Morgan Group Holding Co.
(the Company or Holding) was incorporated in November 2001 to serve, among
other business purposes, as a holding company for LICT Corporations (LICT)
controlling interest in The Morgan Group, Inc. (Morgan). On January 24, 2002,
LICT spun off all but 235,294 of its shares in the Company to its
stockholders.
On October 18, 2002, Morgan
and two of its operating subsidiaries filed voluntary petitions under Chapter 11
of the United States Bankruptcy Code in the United States Bankruptcy Court for
the Northern District of Indiana, South Bend Division. On March 31, 2008, the
bankruptcy proceeding was concluded and the bankruptcy court dismissed the
proceeding. There was no appeal from the bankruptcy courts dismissal of the
proceeding, and that proceeding is now entirely ended. Morgan received no value
for its equity ownership from the bankruptcy proceeding.
Effective November 1, 2012,
Jonathan P. Evans was appointed as the Companys Chief Executive Officer,
replacing Mario J. Gabelli, who remains Chairman of the Board of
Directors.
We are continuing to evaluate all options
available to the Company at this time. Under Mr. Evans, the Company is looking
to implement a growth strategy by acquiring businesses based in the United
States of an appropriate type and size. The execution of such a strategy will
require the Company to obtain significantly more financial resources than it
currently possesses. Those resources could take the form of a debt and/or equity
offering, or potentially a hybrid instrument. There is no assurance that the
Company can obtain adequate financial resources to successfully implement this
strategy.
At present, we have one
full time employee.
Item1
A. Risk Factors
We are a smaller reporting
company as defined in Item 10(f)(1) of Regulation S-K and thus are not required
to report the risk factors specified in Item 503(c) of Regulation
S-K.
Item 1B. Unresolved
Staff Comments.
None
Item 2. Properties.
The Company does not own
any property.
Item 3. Legal
Proceedings.
The Company is not a party
to any legal proceedings.
Item 4. Submission of
Matters to a Vote of Security Holders.
None.
3
Table of Contents
PART
II
Item 5. |
Market for the Registrant's Common Equity, Related
Stockholder Matters, and Issuer Purchases of Equity
Securities. |
The shares of our common
stock trade on the over-the-counter market in the OTC Pink®, under the symbol:
MGHL. The following table sets forth the high and low market prices of the
common stock for the periods indicated, as reported by published sources. These
prices represent inter-dealer quotations without retail markup, markdown, or
commission and may not necessarily represent actual transactions.
|
High |
|
Low |
2015 Fiscal
Year |
|
|
|
|
First Quarter |
$0.55 |
|
$0.35 |
Second Quarter |
$0.51 |
|
$0.51 |
Third Quarter |
$0.45 |
|
$0.40 |
Fourth Quarter |
$0.30 |
|
$0.15 |
|
2014 Fiscal
Year |
|
|
|
|
First Quarter |
$0.45 |
|
$0.20 |
Second Quarter |
$0.95 |
|
$0.26 |
Third Quarter |
$0.40 |
|
$0.21 |
Fourth Quarter |
$0.40 |
|
$0.35 |
As of February 17, 2016
there were approximately 650 holders of record of the Companys common stock.
The Company has never
declared a cash dividend on its common stock and its Board of Directors does not
anticipate that it will pay cash dividends in the foreseeable future.
During the fiscal years
ended December 31, 2015 and 2014, the Company did not repurchase any of its
shares from its shareholders.
Item 6. Selected
Financial Data.
We are a smaller reporting company as defined in
Item 10(f)(1) of Regulation S-K and thus are not required to report the selected
financial data specified in Item 303 of Regulation S-K.
Item 7. Managements
Discussion and Analysis of Financial Condition and Results of Operation.
Forward-Looking
Statements and Uncertainty of Financial Projections
Forward-looking statements
are not based on historical information but relate to future operations,
strategies, financial results or other developments. Forward-looking statements
are necessarily based on estimates and assumptions that are inherently subject
to significant business, economic and competitive uncertainties and
contingencies, many of which are beyond our control and many of which, with
respect to future business decisions, are subject to change. These uncertainties
and contingencies can affect actual results and could cause actual results to
differ materially from those expressed in any forward-looking statements made
by, or on behalf of, us.
Overview
As of December 31, 2015,
the Companys only assets consisted of $117,492 in cash and cash equivalents,
and net operating loss carry forwards of approximately $474,000 which are
expected to expire from 2023 to 2035.
The Company currently has
no operating businesses and will seek acquisitions as part of its strategic
alternatives. Its only costs are the expenses required to make the regulatory
filings needed to maintain its public status and to find and evaluate potential
acquisitions. These costs are estimated at $50,000 to $100,000 per
year.
We are evaluating all
options available to the Company at this time.
4
Table of Contents
Results of Operations
For the year ended December
31, 2015, the Company incurred administrative expenses of $64,614 versus
$108,588 in 2014. Administrative expenses decreased in 2015 from 2014
predominantly due to decreased expenses associated with acquisition activity of
$29,259, and annual meeting costs of $12,373 in 2014.
During 2010, the company
began to invest from time to time in marketable securities that are subject to a
publicly disclosed acquisition offer but are trading below the proposed
acquisition price and selected mutual funds. During the year ended December 31,
2014 the Company recorded $2,267 of net realized and unrealized gains from this
activity. No net realized gains or losses were recorded during the year ended
December 31, 2015. The relative amount of gains, or losses, and distributions in
any period is very dependent on the number and timing of the available
transactions over that period. Interest income from the Company investment in a
United States Treasury money market fund was $2 in both of the years ended
December 31, 2015 and 2014.
Liquidity and Capital
Resources
At
December 31, 2015, we had
$117,492 in cash and cash equivalents as compared to $187,429 in cash and cash
equivalents at December 31, 2014.
The Company has implemented
a growth strategy to acquire US-based businesses of an appropriate type and
size. The execution of such a strategy will require the Company to obtain
significantly more financial resources than it currently possesses. Those
resources could take the form of a debt and/or equity offering, or potentially a
hybrid instrument. There is no assurance that the Company can obtain such
financial resources to successfully implement this strategy.
Item 7A. Quantitative
and Qualitative Analysis of Market Risk
We are a smaller reporting
company as defined in Item 10(f)(1) of Regulation S-K and thus are not required
to report the Quantitative and Qualitative Analysis of Market Risk specified in
Item 305 of Regulation S-K.
Item 8. Financial
Statements and Supplementary Data.
Report of Independent
Registered Public Accounting Firm
Balance Sheets as of
December 31, 2015 and 2014
Statements of Operations
for the
Years Ended December 31,
2015 and 2014
Statements of Cash Flows
for the
Years Ended December 31,
2015 and 2014
Statements of Shareholders
Equity for the
Years Ended December 31, 2015 and 2014
Notes to Financial
Statements
5
Table of Contents
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors
and Shareholders of
Morgan Group Holding Co.
Rye, New York
We have audited the
accompanying balance sheets of Morgan Group Holding Co. (the Company) as of
December 31, 2015 and 2014, and the related statements of operations,
shareholders equity, and cash flows for each of the years then ended. The
Companys management is responsible for these financial statements. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. The company
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the companys internal control
over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the
financial statements referred to above present fairly, in all material respects,
the financial position of Morgan Group Holding Co. as of December 31, 2015 and
2014, and the results of its operations and its cash flows for the years then
ended in conformity with accounting principles generally accepted in the United
States of America.
/s/ Daszkal Bolton
LLP
Boca Raton, Florida
February 19, 2016
6
Table of Contents
Morgan Group Holding
Co.
Balance Sheets
|
December
31, |
|
2015 |
|
2014 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$117,492 |
|
$187,429 |
Prepaid
expenses |
6,722 |
|
9,082 |
Total
current assets |
124,214 |
|
196,511 |
Property and equipment, net |
-- |
|
572 |
Total
assets |
$124,214 |
|
$197,083 |
|
LIABILITIES |
|
|
|
Current liabilities: |
|
|
|
Accounts
payable |
$-- |
|
$8,257 |
Total
current liabilities |
-- |
|
8,257 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
Preferred Stock, $0.01 par value, 1,000,000 shares |
|
|
|
authorized, none
outstanding |
-- |
|
-- |
Common Stock, $0.01 par value, 10,000,000 shares |
|
|
|
authorized,
3,359,055 outstanding at December 31, 2015 |
|
|
|
and 2014 |
33,591 |
|
33,591 |
Additional paid-in-capital |
5,772,368 |
|
5,772,368 |
Accumulated deficit |
(5,681,745) |
|
(5,617,133) |
Total shareholders'
equity |
124,214 |
|
188,826 |
Total liabilities
and shareholders' equity |
$124,214 |
|
$197,083 |
See accompanying notes
to financial statements
7
Table of Contents
Morgan Group Holding
Co.
Statements of
Operations
|
Year Ended December
31, |
|
2015 |
|
2014 |
Revenues |
$-- |
|
$-- |
|
Administrative expenses |
(64,614) |
|
(108,588) |
Other income |
|
|
|
Interest
income and dividends received from marketable securities |
2 |
|
2 |
Realized
and unrealized gains on marketable securities |
-- |
|
2,267 |
Net
loss before income taxes |
(64,612) |
|
(106,319) |
Income taxes |
-- |
|
-- |
Net
loss |
($64,612) |
|
($106,319) |
|
Loss
per share, basic and diluted |
($0.02) |
|
($ 0.03) |
|
Average shares outstanding, basic and
diluted |
3,359,055 |
|
3,359,055 |
See accompanying notes
to financial statements
8
Table of Contents
Morgan Group Holding
Co.
Statements of Cash
Flows
|
Year Ended December
31, |
|
2015 |
|
2014 |
Cash
Flows from Operating Activities |
|
|
|
Interest
received |
$2 |
|
$2 |
Cash
paid to suppliers |
(69,939) |
|
(99,678) |
Net
cash used in operating activities |
(69,937) |
|
(99,676) |
|
Cash
Flows from Investing Activities |
|
|
|
Purchases
of marketable securities |
-- |
|
(65,676) |
Proceeds
from the sale of marketable securities |
-- |
|
343,800 |
Net
cash used in investing activities |
-- |
|
(278,124) |
|
Net
(decrease) increase in cash and cash equivalents |
(69,937) |
|
178,448 |
Cash
and cash equivalents, beginning of the year |
187,429 |
|
8,981 |
Cash
and cash equivalents, end of the year |
$117,492 |
|
$187,429 |
|
Reconciliation of net loss to net cash used in
operating |
|
|
|
activities: |
|
|
|
Net
loss |
($64,612) |
|
($106,319) |
Depreciation |
572 |
|
654 |
Realized
gains from the sale of marketable securities |
-- |
|
1,971 |
Change
in unrealized losses on marketable securities |
-- |
|
(4,238) |
(Decrease)
increase in accounts payable |
(8,257) |
|
8,257 |
Decrease
(increase) in prepaid expenses |
2,360 |
|
(1) |
Net
cash used in operating activities |
($69,937) |
|
($99,676) |
See accompanying notes
to financial statements
9
Table of Contents
Morgan Group Holding
Co.
Statements of Shareholders Equity
|
|
Preferred Stock |
|
Common Stock |
|
Additional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid
in |
|
Accumulated |
|
|
|
|
Shares |
|
Par Value |
|
Shares |
|
Par Value |
|
Capital |
|
Deficit |
|
Total |
Balance, December 31, 2013 |
|
-- |
|
$-- |
|
3,359,055 |
|
$33,591 |
|
$5,772,368 |
|
($5,510,814) |
|
$295,145 |
|
Net
loss for year ended December 31,
2014 |
|
-- |
|
-- |
|
-- |
|
-- |
|
-- |
|
(106,319) |
|
(106,319) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2014 |
|
-- |
|
-- |
|
3,359,055 |
|
33,591 |
|
5,772,368 |
|
(5,617,133) |
|
188,826 |
|
Net
loss for year ended December 31,
2015 |
|
-- |
|
-- |
|
-- |
|
-- |
|
-- |
|
(64,612) |
|
(64,612) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2015 |
|
-- |
|
$-- |
|
3,359,055 |
|
$33,591 |
|
$5,772,368 |
|
($5,681,745) |
|
$124,214 |
See accompanying notes
to financial statements
10
Table of Contents
Morgan Group Holding Co.
Notes to Financial Statements
Note 1. |
Basis of
Presentation and Significant Accounting Principles |
|
|
|
Basis of
Presentation
Morgan Group Holding Co. (Holding or the Company) was
incorporated in November 2001 as a wholly-owned subsidiary of LICT
Corporation (LICT) to serve, among other business purposes, as a holding
company for LICTs controlling interest in The Morgan Group, Inc.
(Morgan). On January 24, 2002, LICT spun off 2,820,051 shares of Holding
common stock through a pro rata distribution (Spin-Off) to its
stockholders and retained 235,294 shares.
On October 3, 2002, Morgan ceased its operations when its liability
insurance expired and it was unable to secure replacement insurance. On
October 18, 2002, Morgan and two of its operating subsidiaries filed
voluntary petitions under Chapter 11 of the United States Bankruptcy Code
in the United States Bankruptcy Court for the Northern District of
Indiana, South Bend Division for the purpose of conducting an orderly
liquidation of Morgans assets. On March 31, 2008, and the bankruptcy
court dismissed the proceeding and it was entirely concluded at that time.
The Company received no value for its equity ownership from the bankruptcy
proceeding.
Significant
Accounting Principles
Cash and Cash
Equivalents
All highly liquid investments with maturity of three months or less
when purchased are considered to be cash equivalents. The carrying value
of a cash equivalent approximates its fair value based on its nature.
At December 31, 2015 and 2014 all cash and cash equivalents were
invested in a United States Treasury money market fund, for which an
affiliate of the Company serves as the investment manager.
Stock Based
Compensation
During 2012, the Company issued stock options and warrants to two
of the Companys officers, see Note 5. The Company uses a fair value based
method of accounting for stock-based compensation provided to our
employees. The estimated fair value of option awards on the grant date is
determined using the Black Scholes option-pricing model. This
sophisticated model utilizes a number of assumptions in arriving at its
results, including the estimated life of the option, the risk free
interest rate at the date of grant and the volatility of the underlying
common stock. There may be other factors which are not considered in the
Black Scholes model but which may have an effect on the value of the
options as well. The effects of changing any of the assumptions or factors
employed by the Black Scholes model may result in a significantly
different valuation for the options. No options or warrants were granted
during the years ended December 31, 2015 and 2014.
Earnings per share
Basic earnings per share is based on the weighted-average number of
common shares outstanding during each period. Diluted earnings per share
is based on basic shares plus the incremental shares that would be issued
upon the assumed exercise of in-the-money stock options and unvested
restricted stock using the treasury stock method, if dilutive.
Use of
Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
those estimates. |
11
Table of
Contents
Note 2. |
Fair Value of
Financial Instruments
|
|
|
|
The Company measures
fair value as the selling price that would be received for an asset, or
paid to transfer a liability, in the principal market on the measurement
date. The hierarchy established by the FASB prioritizes fair value
measurements based on the types of inputs used in the valuation technique.
The inputs are categorized into the following levels:
Level 1 Observable inputs such as quoted prices in active markets
for identical assets or liabilities.
Level 2 Inputs other than quoted prices that are observable,
either directly or indirectly, for identical or similar assets and
liabilities in active or non-active markets; or model-derived valuations
or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liability.
Level 3 Unobservable inputs not corroborated by market data,
therefore requiring the entity to use the best available information,
including management assumptions.
At December 31, 2015
and 2014, the Companys cash equivalents include money market securities.
These securities are valued utilizing quoted market prices from identical
instruments and are categorized in Level 1 of the fair value
hierarchy.
At December 31, 2015
and 2014, there were no gross unrealized gains or losses.
|
|
|
Note 3. |
Investment in
Morgan Group, Inc. |
|
|
|
Upon Morgans bankruptcy filing, the Company deconsolidated its
investment, as the Company believes it no longer had controlling or
significant influence. At December 31, 2007, the estimated value of
Morgans assets in liquidation was insufficient to satisfy its estimated
obligations. On March 31, 2008, the bankruptcy proceeding was concluded
and the bankruptcy court dismissed the proceeding. The Company received no
value for its equity ownership.
Note 5.
Income Taxes
Deferred income taxes are determined based upon differences between
financial reporting and income tax bases of assets and liabilities and are
measured using the enacted income tax rates and laws that will be in
effect when the differences are expected to reverse. The Company
recognizes any interest and penalties to unrecognized tax benefits as a
component of income tax expense.
No federal current or deferred income taxes were recorded for the
years ended December 31, 2015 and 2014, as the Company's income tax
benefits were fully offset by a corresponding increase to the valuation
allowance against its net deferred income tax assets.
The Tax Reform Act of 1986 limits the annual utilization of net
operating loss and tax credit carry forwards, following an ownership
change of the Company. Note that as a result of the Company's equity
financings in recent years, the Company underwent changes in ownership for
purposes of the Tax Reform Act. Pursuant to Sections 382 and 383 of the
Internal Revenue Code, annual use of any of the Company's net operating
loss carry forwards may be limited if cumulative changes in ownership of
more than 50% occur during any three year period.
|
12
Table of
Contents
|
At December 31, 2015 and 2014, the Company had federal and state
net operating loss carry forwards of $474,000 and $410,000, respectively,
available to offset future taxable income. These net operating loss carry
forwards will expire in varying amounts beginning in 2023 through 2035. At
December 31, 2015 and 2014, the Company had federal capital loss carry
forwards of $2,000 available to offset future taxable gains.
The components of income tax provision (benefit) are as follows:
|
|
|
December 31, |
|
|
2015 |
|
2014 |
|
Current
income taxes: |
|
|
|
|
Federal |
$-- |
|
$-- |
|
State |
-- |
|
-- |
|
Total
current income taxes |
-- |
|
-- |
|
Deferred
income taxes |
24,983 |
|
42,801 |
|
Change in valuation
allowance |
(24,983) |
|
(42,801) |
|
Provision (benefit) for
income taxes |
$-- |
|
$-- |
|
Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amount of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes.
Significant components of the Company's net deferred income taxes are as
follows: |
|
|
December 31, |
|
|
2015 |
|
2014 |
|
Current
deferred income tax assets |
$-- |
|
$-- |
|
|
|
Noncurrent deferred
income tax assets: |
|
|
|
|
Net operating loss
carryover difference |
183,431 |
|
158,448 |
|
Stock option
compensation |
42,338 |
|
42,338 |
|
|
225,769 |
|
200,786 |
|
Valuation allowance |
(225,769) |
|
(200,786) |
|
|
$-- |
|
$-- |
|
Due to uncertainty
surrounding realization of the deferred income tax assets in future
periods, the Company has recorded a 100% valuation allowance against its
net deferred tax assets. If it is determined in the future that it is more
likely than not that the deferred income tax assets are realizable, the
valuation allowance will be reduced.
The reconciliation of
the provision for income taxes for the years ended December 31, 2015 and
2014, and the amount computed by applying the U. S, Federal statutory
income tax rate to net loss is as follows:
|
|
|
December 31, |
|
|
2015 |
|
2014 |
|
Tax
provision (benefit) at statutory rate |
($21,967) |
|
($37,739) |
|
State taxes, net of
federal effect |
(3,016) |
|
(5,062) |
|
Change
of valuation allowance |
24,983 |
|
42,801 |
|
Effective income
provision (benefit) |
$-- |
|
$-- |
Note 4. |
Commitments and
Contingencies
|
|
|
|
From time to time the Company may be subject to certain asserted
and unasserted claims. It is the Companys belief that the resolution of
any such matters will not have a material adverse effect on its financial
position.
The Company has not guaranteed any of the obligations of Morgan and
believes it currently has no commitment or obligation to fund any
creditors. |
13
Table of
Contents
Note
5. |
Shareholders
Equity and Stock Options and Warrants |
|
|
|
At the Companys Annual Meeting of Stockholders on May 8, 2014, its
stockholders voted to amend the Companys Certificate of Incorporation
(the Charter Amendment) to increase the number of authorized shares of
common stock, par value $0.01 per share, from 10,000,000 to 100,000,000.
The Company has not yet filed the Amended Certificate of
Incorporation
with its state of
incorporation, Delaware, to effectuate the authorization.
On December 21, 2012, the Company and Jonathan P. Evans, currently
Chief Executive Officer of the Company, entered into a Nonqualified Stock
Option Agreement, whereby the Company granted to Mr. Evans an option (the
Option) to purchase 800,000 shares of the Companys Common Stock at an
exercise price of $0.15 per share of Common Stock, which was the closing
price of the Common Stock as quoted on the OTC Markets inter-dealer
quotation service on December 20, 2012. These options expired unexercised
on December 21, 2015 and were the no options outstanding at December 31,
2015.
Also on December 21, 2012, the Company issued a warrant to purchase
up to 1,000,000 shares of the Companys Common Stock at $1.00 per share to
Jonathan P. Evans in exchange for $10,000, which was received in 2013. In
addition, on that date, the Company issued a warrant to purchase up to
200,000 shares of the Companys Common Stock at $1.00 per share to Robert
E. Dolan, Chief Financial Officer of the Company, in exchange for $2,000.
Both warrants are exercisable currently through December 21, 2017.
The fair values of options and warrants granted during the year
ended December 31, 2012 were estimated on the date of the grant using the
Black-Sholes option-pricing model with the following assumptions with
regard to the option and warrants; respectively, risk-free rates of 0.38%
and 0.74%; dividend yield of 0%; expected volatility of 85%; and estimated
lives of 3 and 5 years. Expected volatility is based on historical
volatility of the Companys common stock. The expected term of the options
and warrants represents the period of time that options and warrants
granted are expected to be outstanding and is derived from their
terms. |
14
Table of Contents
Item 9. Changes in and
Disagreements with Accountants on Accounting and Financial Disclosure.
Not Applicable.
Item 9A. Controls and
Procedures.
(a) Evaluation of Disclosure
Controls and Procedures.
As required by Rule 15d-15
under the Securities Exchange Act of 1934, as of the end of the period covered
by this report, Management carried out an evaluation of the effectiveness of the
design and operation of our disclosure controls and procedures as of December
31, 2015. This evaluation was carried out under the supervision and with the
participation of our principal executive officer as well as our principal
financial officer, who concluded that our disclosure controls and procedures are
effective.
Disclosure controls and
procedures are controls and other procedures that are designed to ensure that
information required to be disclosed in our reports filed or submitted under the
Securities Exchange Act is recorded, processed, summarized and reported, within
the time periods specified in the Securities and Exchange Commissions rules and
forms. Disclosure controls and procedures include, without limitation, controls
and procedures designed to ensure that information required to be disclosed in
our reports filed under the Exchange Act are accumulated and communicated to
management, including our principal executive officer and our principal
financial officer, as appropriate, to allow timely decisions regarding required
disclosure.
(b) Managements Annual Report on Internal Control of
Financial Reporting.
The Companys management is
responsible for establishing and maintaining an adequate system of internal
control over financial reporting, as defined in Rule 13a-15(f) of the Securities
Exchange Act of 1934, as amended. Management conducted an assessment of the
Companys internal control over financial reporting based on the framework
established by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in Internal
Control-Integrated Framework. Based on the assessment, management concluded that, as of December 31,
2015, the Companys internal control over financial reporting is
effective.
This annual report does not
include an attestation report of a registered public accounting firm regarding
internal control over financial reporting. Managements report was not subject
to attestation by a registered public accounting firm pursuant to temporary
rules of the Securities and Exchange Commission that permit the Company to
provide only managements report in this annual report.
(c) Changes in Internal Control over Financial Reporting
There was no significant
change in the Companys internal control over financial reporting that occurred
during the most recently completed fiscal year that materially affected, or is
reasonably likely to materially affect, the Companys internal control over
financial reporting.
Item 9B. Other
Information.
None.
15
Table of Contents
PART
III
Item 10. Directors,
Executive Officers and Corporate Governance.
The following information
provides the name, business address, present principal occupation, employment
history, positions, offices or employments for the past five years and ages as
of February 13, 2016 for our executive officers and directors. Members of the
board are elected and serve for one year terms or until their successors are
elected and qualify.
Name |
Age |
Position |
Jonathan P. Evans |
39 |
Chief Executive Officer and
Director |
Robert E. Dolan |
64 |
Chief Financial Officer and
Director |
Jonathan P. Evans has
served as our Chief Executive Officer since November 2012. From 2006 through
November 2012, Mr. Evans held various positions with Crane Co.: Director
Strategic Initiatives from May 2012 to November 2012, Director Marketing &
Product Management (Chippenham, England) from May 2011 to May 2012, Director
Operations (Chippenham, England) from May 2010 to May 2011, Currenza Product
Manager from September 2007 to May 2010, and Manager of Operational Excellence
from July 2006 to September 2007.
Robert E. Dolan has served
as our Chief Financial Officer since November 2001. Mr. Dolan has also served in
the following capacities at LICT Corporation: Executive Vice President and Chief
Financial Officer from December 6, 2010, Interim Chief Executive Officer and
Chief Financial Officer from May 1, 2006 to December 6, 2010, Chief Financial
Officer from January 2004 to May 1, 2006, Chief Financial Officer, Controller
from September 1999 to January 2004 and Director from August 2013. In addition,
Mr. Dolan was, until September 14, 2009, the Assistant Secretary and director of
Sunshine PCS Corporation, a public holding company, and had served in these
capacities since November 2000. Also, from November 17, 2007, Mr. Dolan has also
been the Interim Chief Executive Officer and Chief Financial Officer of CIBL,
Inc.
Committees of the Board
of Directors
We presently do not have an
audit committee, compensation committee, nominating committee, an executive
committee of our board of directors, stock plan committee or any other
committees. Currently, our full board of directors serves as the audit committee
and approves, when applicable, the appointment of auditors and the inclusion of
financial statements in our periodic reports. Mr. Dolan is deemed to be an
audit committee financial expert.
We have not made any
changes to the process by which shareholders may recommend nominees to the board
of directors since our last annual report.
Code of
Ethics
We have not yet adopted a
corporate code of ethics. Our board of directors is considering whether in light
of the nature of our company and its lack of any operations, it is necessary or
appropriate to adopt a formal corporate code of ethics. If it is determined that
such a code would be necessary or appropriate, the Board will then consider
establishing, over the next year, a code of ethics.
Legal Proceedings
None of our directors and
executive officers has been involved in legal proceedings that would be material
to an evaluation of our management.
16
Table of Contents
Section 16(a) Beneficial
Ownership Reporting Compliance
To our knowledge, based
solely upon our review of copies of reports received by us pursuant to Section
16(a) of the Securities Exchange Act of 1934, we believe that all of our
directors, officers and beneficial owners of more than 10 percent of our common
stock filed all such reports on a timely basis during 2015.
Item 11. Executive
Compensation.
The Company has not paid
any compensation to any person, including its directors and executive officers,
since inception. The Company does not have any employment contracts with either
of its executive officers.
Item 12. |
Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters. |
The following table sets
forth information concerning ownership of our common stock as of February 17,
2016 by each person known by us to be the beneficial owner of more than five
percent of the common stock, each director, each executive officer, and by all
directors and executive officers as a group. We believe that each stockholder
has sole voting power and sole dispositive power with respect to the shares
beneficially owned by him. Unless otherwise indicated, the address of each
person listed below is 401 Theodore Fremd Avenue, Rye, New York 10580.
|
Number of Shares of |
|
|
|
Common Stock |
|
|
Name and Address* of Beneficial Owner |
Beneficially Owned |
|
Percent of Ownership |
Jonathan P. Evans |
1,000,000(1) |
|
22.9% |
140 Greenwich Avenue |
|
|
|
Greenwich, CT 06830 |
|
|
|
|
Mario J. Gabelli |
885,844(2) |
|
26.4% |
|
T. Baulch |
335,868(3) |
|
10.0% |
448 West 19th Street, #580 |
|
|
|
Houston, TX 77008 |
|
|
|
|
LICT
Corporation |
235,294(1) |
|
7.0% |
|
Bernard Zimmerman & Company,
Inc. |
216,100(4) |
|
6.4% |
18 High Meadow Road |
|
|
|
Weston, CT 06883 |
|
|
|
|
Claudia Carucci and Uncle Mills |
196,899(4) |
|
5.9% |
Partners |
|
|
|
17
Eagle Island Place |
|
|
|
Shelton, SC 29941-3017 |
|
|
|
|
Robert E. Dolan |
200,509(5) |
|
5.6% |
____________________
* Unless otherwise
indicated, the address of each person listed above is 401 Theodore Fremd Avenue,
Rye, New York 10580.
(1) |
Represents a Warrant
owned by Mr. Evans, which is currently exercisable and is to purchase
1,000,000 shares at $1.00 per share until December 21, 2017. For purposes
of computing the Percent of Ownership for Mr. Evans, the amount of shares
represented by the Option and the Warrant have been added to the numerator
and denominator of the computation. |
17
Table of Contents
(2) |
Represents 310,550
shares owned directly by Mr. Gabelli, 340,000 shares owned by a limited
partnership for which Mr. Gabelli serves as a general partner (Mr. Gabelli
has less than a 100% interest in the entity and disclaims beneficial
ownership of the shares held by this entity which are in excess of his
indirect pecuniary interest), and 235,294 shares owned by LICT Corporation
(Mr. Gabelli is a control person of LICT Corporation and therefore
shares owned by LICT Corporation are set forth in the table as also
beneficially owned by Mr. Gabelli. Mr. Gabelli disclaims beneficial
ownership of the shares owned by the partnership and LICT Corporation,
except for his interest therein.) |
|
(3) |
Based solely on a
Schedule 13G/A filed with the Securities and Exchange Commission by T.
Baulch on February 17, 2015, identifying T. Baulch as the beneficial owner
of 335,868 shares, having sole voting power and sole dispositive power
with respect to 211,441 shares and having shared voting power and shared
dispositive power with respect to 124,427 shares which are held of record
by the wife of T. Baulch. |
|
(4) |
Based solely on a
Schedule 13G filed with the Securities and Exchange Commission by Claudia
Carucci, Uncle Mills Partners, and Bernard Zimmerman & Company, Inc.
filed on February 11,2014, identifying (i) Claudia Carucci as the
beneficial owner of 196,899 shares (which includes 177,999 shares owned
individually and 18,900 shares owned by Uncle Mills Partners) and having
sole voting power and sole dispositive power with respect to such shares,
(ii) Uncle Mills Partners as the beneficial owner of 18,900 shares and
having sole voting power and sole dispositive power with respect to such
shares, and (iii) Bernard Zimmerman & Company, Inc. as the beneficial
owner of 216,100 shares and having sole voting power and sole dispositive
power with respect to such shares. |
|
(5) |
Represents 400 shares
owned directly by Mr. Dolan, 109 shares owned by Mr. Dolan as part of the
LICT Corporation 401(k) Plan and a Warrant owned by Mr. Dolan. The Warrant
is currently exercisable and is to purchase 200,000 shares at $1.00 per
share until December 21, 2017. For purposes of computing the Percent of
Ownership for Mr. Dolan, the amount of shares represented by the Warrant
have been added to the numerator and denominator of the
computation. |
Item 13. Certain
Relationships and Related Transactions.
None.
Item 14. Principal
Accountant Fees and Services.
Audit Fees
The aggregate fees billed
by Daszkal Bolton LLP for professional services rendered for the audit of the
Companys financial statements for 2015 and 2014 were $14,000 annually. For 2015
and 2014, Daszkal Bolton LLP billed the Company an aggregate of $3,000 per
quarter for the reviews of the financial statements included in its quarterly
Form 10-Q.
Audit-Related Fees
No audit-related fees were
billed by Daszkal Bolton LLP for 2015 or 2014.
Tax Fees
No tax fees were billed
by Daszkal Bolton LLP for 2015 or 2014.
All Other Fees
No other fees were billed
by Daszkal Bolton LLP for 2015 or 2014 for services other than as set forth
above.
18
Table of Contents
PART IV
Item 15. Exhibits,
Financial Statement Schedules.
Exhibit Number |
|
Description |
|
3.1 |
|
Certificate of Incorporation of the
Company* |
3.2 |
|
By-laws of the Company* |
31.1 |
|
Rule 15d-14(a) Certification of the Chief
Executive Officer |
31.2 |
|
Rule 15d-14(a) Certification of the Principal
Accounting Officer |
32.1 |
|
Section 1350 Certification of the Chief
Executive Officer |
32.2 |
|
Section 1350 Certification of the Principal
Accounting Officer
|
EX-101.INS |
|
XBRL Instance
Document
|
|
|
|
EX-101.SCH |
|
XBRL Taxonomy
Extension Schema
|
|
|
|
EX-101.PRE |
|
XBRL Taxonomy
Extension Presentation Linkbase
|
|
|
|
EX-101.LAB |
|
XBRL Taxonomy
Extension Label Linkbase
|
|
|
|
EX-101.CAL |
|
XBRL Taxonomy
Extension Calculation Linkbase
|
|
|
|
EX-101.DEF |
|
XBRL Taxonomy
Extension Definition Linkbase
|
____________________
* |
Incorporated by
reference to the exhibits to the Companys Registration Statement on Form
S-1 (Registration No. 333-73996). |
19
Table of Contents
SIGNATURES
Pursuant to the
requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
MORGAN GROUP HOLDING CO. |
|
|
Dated: February 19, 2016 |
By: |
/s/ Robert E,
Dolan |
|
|
|
ROBERT E. DOLAN |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting
Officer) |
Pursuant to the
requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Registrant and in the capacities
and on the dates indicated.
Signature |
|
Capacity |
Date |
|
/s/ Jonathan P.
Evans |
|
Chief Executive Officer |
February 19, 2016 |
JONATHAN P. EVANS |
|
(Principal Executive Officer) |
|
|
|
and
Director |
|
|
|
/s/ Robert E. Dolan
|
|
Chief Financial Officer (Principal |
February 19, 2016 |
ROBERT E. DOLAN |
|
Financial and Accounting Officer) |
|
|
|
and
Director |
|
|
|
/s/ Mario J.
Gabelli |
|
Director |
February 19, 2016 |
MARIO J. GABELLI |
|
|
|
20
Exhibit 31.1
Rule 13a-14(a)
Certification of the Chief Executive Officer
I, Jonathan P. Evans,
certify that:
1. I have reviewed this Annual
Report on Form 10-K of Morgan Group Holdings Co.;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4. The registrant's other
certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles.
(c) Evaluated the effectiveness
of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such
evaluation; and
(d) Disclosed in this report any
change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other
certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize and report financial
information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.
Date: February 19, 2016
/s/ Jonathan P.
Evans |
Jonathan P. Evans |
Chief Executive Officer |
Exhibit 31.2
Rule 13a-14(a)
Certification of the Chief Financial Officer
I, Robert E. Dolan, certify
that:
1. I have reviewed this Annual
Report on Form 10-K of Morgan Group Holdings Co.;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4. The registrant's other
certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles.
(c) Evaluated the effectiveness
of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such
evaluation; and
(d) Disclosed in this report any
change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other
certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize and report financial
information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.
Date: February 19, 2016
/s/ Robert E. Dolan |
Robert E. Dolan |
Chief Financial
Officer |
Exhibit 32.1
CERTIFICATION OF CEO
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the
Annual Report on Form 10-K of Morgan Group Holdings Co. (the Company) for the
year ended December 31, 2015, as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), Jonathan P. Evans, as Chief
Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. ss.
1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that, to
the best of his knowledge:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and
(2) The information contained in
the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.
/s/ Jonathan P. Evans |
|
Name: Jonathan P. Evans |
Title: Chief Executive
Officer |
Date: February 19, 2016
Exhibit 32.2
CERTIFICATION OF PRINCIPAL
ACCOUNTING OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT
TO
SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with the
Annual Report on Form 10-K of Morgan Group Holdings Co. (the Company) for the
year ended December 31, 2015, as filed with the Securities and Exchange
Commission on the date hereof (the "Report"), Robert E. Dolan, as Principal
Accounting Officer of the Company, hereby certifies, pursuant to 18 U.S.C. ss.
1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that, to
the best of his knowledge:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and
(2) The information contained in
the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.
/s/ Robert E. Dolan |
|
Name: Robert E. Dolan |
Title: Principal Accounting
Officer |
Date: February 19, 2016
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v3.3.1.900
Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Current assets: |
|
|
Cash and cash equivalents |
$ 117,492
|
$ 187,429
|
Prepaid expenses |
6,722
|
9,082
|
Total current assets |
$ 124,214
|
196,511
|
Property and equipment, net |
|
572
|
Total assets |
$ 124,214
|
197,083
|
Current liabilities: |
|
|
Accounts payable |
|
8,257
|
Total current liabilities |
|
$ 8,257
|
COMMITMENTS AND CONTINGENCIES |
|
|
SHAREHOLDERS' EQUITY |
|
|
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none outstanding |
|
|
Common stock, $0.01 par value, 10,000,000 shares authorized, 3,359,055 outstanding at December 31, 2015 and 2014 |
$ 33,591
|
$ 33,591
|
Additional paid-in-capital |
5,772,368
|
5,772,368
|
Accumulated deficit |
(5,681,745)
|
(5,617,133)
|
Total shareholders' equity |
124,214
|
188,826
|
Total liabilities and shareholders' equity |
$ 124,214
|
$ 197,083
|
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v3.3.1.900
Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Balance Sheets [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
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0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
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3,359,055
|
3,359,055
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X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Statements of Operations - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Statements of Operations [Abstract] |
|
|
Revenues |
|
|
Administrative expenses |
$ (64,614)
|
$ (108,588)
|
Other income |
|
|
Interest income and dividends received from marketable securities |
$ 2
|
2
|
Realized and unrealized gains on marketable securities |
|
2,267
|
Net loss before income taxes |
$ (64,612)
|
$ (106,319)
|
Income taxes |
|
|
Net loss |
$ (64,612)
|
$ (106,319)
|
Loss per share, basic and diluted |
$ (0.02)
|
$ (0.03)
|
Average shares outstanding, basic and diluted |
3,359,055
|
3,359,055
|
X |
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v3.3.1.900
Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash Flows from Operating Activities |
|
|
Interest received |
$ 2
|
$ 2
|
Cash paid to suppliers |
(69,939)
|
(99,678)
|
Net cash used in operating activities |
(69,937)
|
(99,676)
|
Cash Flows from Investing Activities |
|
|
Purchases of marketable securities |
|
(65,676)
|
Proceeds from the sale of marketable securities |
|
343,800
|
Net cash used in investing activities |
|
(278,124)
|
Net (decrease) increase in cash and cash equivalents |
(69,937)
|
178,448
|
Cash and cash equivalents, beginning of the year |
187,429
|
8,981
|
Cash and cash equivalents, end of the year |
117,492
|
187,429
|
Reconciliation of net loss to net cash used in operating activities: |
|
|
Net loss |
(64,612)
|
(106,319)
|
Depreciation |
572
|
654
|
Realized gains from the sale of marketable securities |
|
1,971
|
Change in unrealized losses on marketable securities |
|
(4,238)
|
(Decrease) increase in accounts payable |
(8,257)
|
8,257
|
Decrease (increase) in prepaid expenses |
2,360
|
(1)
|
Net cash used in operating activities |
$ (69,937)
|
$ (99,676)
|
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v3.3.1.900
Statements of Shareholders' Equity - USD ($)
|
Total |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Accumulated Deficit [Member] |
Balance at Dec. 31, 2013 |
$ 295,145
|
|
$ 33,591
|
$ 5,772,368
|
$ (5,510,814)
|
Balance, shares at Dec. 31, 2013 |
|
|
3,359,055
|
|
|
Net loss |
(106,319)
|
|
|
|
(106,319)
|
Balance at Dec. 31, 2014 |
188,826
|
|
$ 33,591
|
$ 5,772,368
|
(5,617,133)
|
Balance, shares at Dec. 31, 2014 |
|
|
3,359,055
|
|
|
Net loss |
(64,612)
|
|
|
|
(64,612)
|
Balance at Dec. 31, 2015 |
$ 124,214
|
|
$ 33,591
|
$ 5,772,368
|
$ (5,681,745)
|
Balance, shares at Dec. 31, 2015 |
|
|
3,359,055
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.3.1.900
Basis of Presentation and Significant Accounting Principles
|
12 Months Ended |
Dec. 31, 2015 |
Basis of Presentation and Significant Accounting Principles [Abstract] |
|
Basis of Presentation and Significant Accounting Principles |
Note 1. Basis of Presentation and Significant Accounting Principles
Basis of Presentation
Morgan Group Holding Co. (Holding or the Company) was incorporated in November 2001 as a wholly-owned subsidiary of LICT Corporation (LICT) to serve, among other business purposes, as a holding company for LICT's controlling interest in The Morgan Group, Inc. (Morgan). On January 24, 2002, LICT spun off 2,820,051 shares of Holding common stock through a pro rata distribution (Spin-Off) to its stockholders and retained 235,294 shares.
On October 3, 2002, Morgan ceased its operations when its liability insurance expired and it was unable to secure replacement insurance. On October 18, 2002, Morgan and two of its operating subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Indiana, South Bend Division for the purpose of conducting an orderly liquidation of Morgan's assets. On March 31, 2008, and the bankruptcy court dismissed the proceeding and it was entirely concluded at that time. The Company received no value for its equity ownership from the bankruptcy proceeding.
Significant Accounting Principles
Cash and Cash Equivalents
All highly liquid investments with maturity of three months or less when purchased are considered to be cash equivalents. The carrying value of a cash equivalent approximates its fair value based on its nature.
At December 31, 2015 and 2014 all cash and cash equivalents were invested in a United States Treasury money market fund, for which an affiliate of the Company serves as the investment manager.
Stock Based Compensation
During 2012, the Company issued stock options and warrants to two of the Company's officers, see Note 5. The Company uses a fair value based method of accounting for stock-based compensation provided to our employees. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors which are not considered in the Black Scholes model but which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. No options or warrants were granted during the years ended December 31, 2015 and 2014.
Earnings per share
Basic earnings per share is based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method, if dilutive.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
X |
- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.3.1.900
Fair Value of Financial Instruments
|
12 Months Ended |
Dec. 31, 2015 |
Fair Value of Financial Instruments [Abstract] |
|
Fair Value of Financial Instruments |
Note 2.
|
Fair Value of Financial Instruments
|
|
|
|
The Company measures fair value as the selling price that would be received for an asset, or paid to transfer a liability, in the principal market on the measurement date. The hierarchy established by the FASB prioritizes fair value measurements based on the types of inputs used in the valuation technique. The inputs are categorized into the following levels:
Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices that are observable, either directly or indirectly, for identical or similar assets and liabilities in active or non-active markets; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liability.
Level 3 Unobservable inputs not corroborated by market data, therefore requiring the entity to use the best available information, including management assumptions.
At December 31, 2015 and 2014, the Company's cash equivalents include money market securities. These securities are valued utilizing quoted market prices from identical instruments and are categorized in Level 1 of the fair value hierarchy.
At December 31, 2015 and 2014, there were no gross unrealized gains or losses.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Investment in Morgan Group, Inc.
|
12 Months Ended |
Dec. 31, 2015 |
Investment in Morgan Group, Inc. [Abstract] |
|
Investment in Morgan Group, Inc |
Note 3.
|
Investment in Morgan Group, Inc.
|
|
|
|
Upon Morgan's bankruptcy filing, the Company deconsolidated its investment, as the Company believes it no longer had controlling or significant influence. At December 31, 2007, the estimated value of Morgan's assets in liquidation was insufficient to satisfy its estimated obligations. On March 31, 2008, the bankruptcy proceeding was concluded and the bankruptcy court dismissed the proceeding. The Company received no value for its equity ownership.
|
|
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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v3.3.1.900
Income Taxes
|
12 Months Ended |
Dec. 31, 2015 |
Income Taxes [Abstract] |
|
Income Taxes |
Note 4. Income Taxes
Deferred income taxes are determined based upon differences between financial reporting and income tax bases of assets and liabilities and are measured using the enacted income tax rates and laws that will be in effect when the differences are expected to reverse. The Company recognizes any interest and penalties to unrecognized tax benefits as a component of income tax expense.
No federal current or deferred income taxes were recorded for the years ended December 31, 2015 and 2014, as the Company's income tax benefits were fully offset by a corresponding increase to the valuation allowance against its net deferred income tax assets.
The Tax Reform Act of 1986 limits the annual utilization of net operating loss and tax credit carry forwards, following an ownership change of the Company. Note that as a result of the Company's equity financings in recent years, the Company underwent changes in ownership for purposes of the Tax Reform Act. Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of any of the Company's net operating loss carry forwards may be limited if cumulative changes in ownership of more than 50% occur during any three year period.
|
|
At December 31, 2015 and 2014, the Company had federal and state net operating loss carry forwards of $474,000 and $410,000, respectively, available to offset future taxable income. These net operating loss carry forwards will expire in varying amounts beginning in 2023 through 2035. At December 31, 2015 and 2014, the Company had federal capital loss carry forwards of $2,000 available to offset future taxable gains.
The components of income tax provision (benefit) are as follows:
|
|
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Current income taxes: |
|
|
|
|
|
|
Federal |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
State |
|
|
-- |
|
|
|
|
-- |
|
|
Total current income taxes |
|
|
-- |
|
|
|
|
-- |
|
|
Deferred income taxes |
|
|
24,983 |
|
|
|
|
42,801 |
|
|
Change in valuation allowance |
|
|
(24,983 |
) |
|
|
|
(42,801 |
) |
|
Provision (benefit) for income taxes |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's net deferred income taxes are as follows:
|
|
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Current deferred income tax assets |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent deferred income tax assets: |
|
|
|
|
|
|
|
|
|
|
Net operating loss carryover difference |
|
|
183,431 |
|
|
|
|
158,448 |
|
|
Stock option compensation |
|
|
42,338 |
|
|
|
|
42,338 |
|
|
|
|
|
225,769 |
|
|
|
|
200,786 |
|
|
Valuation allowance |
|
|
(225,769 |
) |
|
|
|
(200,786 |
) |
|
|
|
$ |
-- |
|
|
|
$ |
-- |
|
|
Due to uncertainty surrounding realization of the deferred income tax assets in future periods, the Company has recorded a 100% valuation allowance against its net deferred tax assets. If it is determined in the future that it is more likely than not that the deferred income tax assets are realizable, the valuation allowance will be reduced.
The reconciliation of the provision for income taxes for the years ended December 31, 2015 and 2014, and the amount computed by applying the U. S, Federal statutory income tax rate to net loss is as follows:
|
|
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Tax provision (benefit) at statutory rate |
|
$ |
(21,967 |
) |
|
|
$ |
(37,739 |
) |
|
State taxes, net of federal effect |
|
|
(3,016 |
) |
|
|
|
(5,062 |
) |
|
Change of valuation allowance |
|
|
24,983 |
|
|
|
|
42,801 |
|
|
Effective income provision (benefit) |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Commitments and Contingencies
|
12 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies [Abstract] |
|
Commitments and Contingencies |
Note 5.
|
Commitments and Contingencies
|
|
|
|
From time to time the Company may be subject to certain asserted and unasserted claims. It is the Company's belief that the resolution of any such matters will not have a material adverse effect on its financial position.
The Company has not guaranteed any of the obligations of Morgan and believes it currently has no commitment or obligation to fund any creditors.
|
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v3.3.1.900
Shareholders' Equity and Stock Options and Warrants
|
12 Months Ended |
Dec. 31, 2015 |
Shareholders' Equity and Stock Options and Warrants [Abstract] |
|
Shareholders' Equity and Stock Options and Warrants |
Note 6.
|
Shareholders Equity and Stock Options and Warrants
|
|
|
|
At the Company's Annual Meeting of Stockholders on May 8, 2014, its stockholders voted to amend the Company's Certificate of Incorporation (the Charter Amendment) to increase the number of authorized shares of common stock, par value $0.01 per share, from 10,000,000 to 100,000,000. The Company has not yet filed the Amended Certificate of Incorporation with its state of incorporation, Delaware, to effectuate the authorization.
On December 21, 2012, the Company and Jonathan P. Evans, currently Chief Executive Officer of the Company, entered into a Nonqualified Stock Option Agreement, whereby the Company granted to Mr. Evans an option (the Option) to purchase 800,000 shares of the Company's Common Stock at an exercise price of $0.15 per share of Common Stock, which was the closing price of the Common Stock as quoted on the OTC Markets' inter-dealer quotation service on December 20, 2012. These options expired unexercised on December 21, 2015 and were the no options outstanding at December 31, 2015.
Also on December 21, 2012, the Company issued a warrant to purchase up to 1,000,000 shares of the Company's Common Stock at $1.00 per share to Jonathan P. Evans in exchange for $10,000, which was received in 2013. In addition, on that date, the Company issued a warrant to purchase up to 200,000 shares of the Company's Common Stock at $1.00 per share to Robert E. Dolan, Chief Financial Officer of the Company, in exchange for $2,000. Both warrants are exercisable currently through December 21, 2017.
The fair values of options and warrants granted during the year ended December 31, 2012 were estimated on the date of the grant using the Black-Sholes option-pricing model with the following assumptions with regard to the option and warrants; respectively, risk-free rates of 0.38% and 0.74%; dividend yield of 0%; expected volatility of 85%; and estimated lives of 3 and 5 years. Expected volatility is based on historical volatility of the Company's common stock. The expected term of the options and warrants represents the period of time that options and warrants granted are expected to be outstanding and is derived from their terms.
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v3.3.1.900
Basis of Presentation and Significant Accounting Principles (Policy)
|
12 Months Ended |
Dec. 31, 2015 |
Basis of Presentation and Significant Accounting Principles [Abstract] |
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
All highly liquid investments with maturity of three months or less when purchased are considered to be cash equivalents. The carrying value of a cash equivalent approximates its fair value based on its nature.
At December 31, 2015 and 2014 all cash and cash equivalents were invested in a United States Treasury money market fund, for which an affiliate of the Company serves as the investment manager.
|
Stock Based Compensation |
Stock Based Compensation
During 2012, the Company issued stock options and warrants to two of the Company's officers, see Note 5. The Company uses a fair value based method of accounting for stock-based compensation provided to our employees. The estimated fair value of option awards on the grant date is determined using the Black Scholes option-pricing model. This sophisticated model utilizes a number of assumptions in arriving at its results, including the estimated life of the option, the risk free interest rate at the date of grant and the volatility of the underlying common stock. There may be other factors which are not considered in the Black Scholes model but which may have an effect on the value of the options as well. The effects of changing any of the assumptions or factors employed by the Black Scholes model may result in a significantly different valuation for the options. No options or warrants were granted during the years ended December 31, 2015 and 2014.
|
Earnings per share |
Earnings per share
Basic earnings per share is based on the weighted-average number of common shares outstanding during each period. Diluted earnings per share is based on basic shares plus the incremental shares that would be issued upon the assumed exercise of in-the-money stock options and unvested restricted stock using the treasury stock method, if dilutive.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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v3.3.1.900
Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
Income Taxes [Abstract] |
|
Schedule of Income Tax Provision (Benefit) |
|
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Current income taxes: |
|
|
|
|
|
|
Federal |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
State |
|
|
-- |
|
|
|
|
-- |
|
|
Total current income taxes |
|
|
-- |
|
|
|
|
-- |
|
|
Deferred income taxes |
|
|
24,983 |
|
|
|
|
42,801 |
|
|
Change in valuation allowance |
|
|
(24,983 |
) |
|
|
|
(42,801 |
) |
|
Provision (benefit) for income taxes |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
Schedule of Deferred Tax Assets and Liabilities |
|
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Current deferred income tax assets |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent deferred income tax assets: |
|
|
|
|
|
|
|
|
|
|
Net operating loss carryover difference |
|
|
183,431 |
|
|
|
|
158,448 |
|
|
Stock option compensation |
|
|
42,338 |
|
|
|
|
42,338 |
|
|
|
|
|
225,769 |
|
|
|
|
200,786 |
|
|
Valuation allowance |
|
|
(225,769 |
) |
|
|
|
(200,786 |
) |
|
|
|
$ |
-- |
|
|
|
$ |
-- |
|
|
Schedule of Income Tax Reconciliation |
|
|
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Tax provision (benefit) at statutory rate |
|
$ |
(21,967 |
) |
|
|
$ |
(37,739 |
) |
|
State taxes, net of federal effect |
|
|
(3,016 |
) |
|
|
|
(5,062 |
) |
|
Change of valuation allowance |
|
|
24,983 |
|
|
|
|
42,801 |
|
|
Effective income provision (benefit) |
|
$ |
-- |
|
|
|
$ |
-- |
|
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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Income Taxes (Narrative) (Details) - USD ($)
|
12 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Income Tax Examination [Line Items] |
|
|
Operating loss carryforwards |
$ 474,000
|
$ 410,000
|
Capital loss carryforwards |
$ 2,000
|
$ 2,000
|
Minimum [Member] |
|
|
Income Tax Examination [Line Items] |
|
|
Operating loss carryforwards, expiration date |
Dec. 31, 2023
|
|
Maximum [Member] |
|
|
Income Tax Examination [Line Items] |
|
|
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Dec. 31, 2035
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v3.3.1.900
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Income Taxes [Abstract] |
|
|
Current deferred income tax assets |
|
|
Noncurrent deferred income tax assets: |
|
|
Net operating loss carryover difference |
$ 183,431
|
$ 158,448
|
Stock option compensation |
42,338
|
42,338
|
Total deferred tax assets, gross |
225,769
|
200,786
|
Valuation allowance |
$ (225,769)
|
$ (200,786)
|
Deferred tax assets, net of valuation allowance |
|
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
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v3.3.1.900
v3.3.1.900
Shareholders' Equity and Stock Options and Warrants (Details) - USD ($)
|
1 Months Ended |
12 Months Ended |
|
|
|
Dec. 21, 2012 |
Dec. 31, 2012 |
Dec. 31, 2015 |
Dec. 31, 2014 |
May. 08, 2014 |
Common stock, par value per share |
|
|
$ 0.01
|
$ 0.01
|
|
Common stock, shares authorized |
|
|
10,000,000
|
10,000,000
|
|
Employee Stock Option [Member] |
|
|
|
|
|
Risk free interest rate |
|
0.38%
|
|
|
|
Expected dividend yield |
|
0.00%
|
|
|
|
Expected volatility rate |
|
85.00%
|
|
|
|
Expected life, years |
|
3 years
|
|
|
|
Warrant [Member] |
|
|
|
|
|
Risk free interest rate |
|
0.74%
|
|
|
|
Expected dividend yield |
|
0.00%
|
|
|
|
Expected volatility rate |
|
85.00%
|
|
|
|
Expected life, years |
|
5 years
|
|
|
|
Not Yet Authorized [Member] |
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
100,000,000
|
Chief Executive Officer [Member] |
|
|
|
|
|
Stock options granted |
800,000
|
|
|
|
|
Weighted-average exercise price per share, granted |
$ 0.15
|
|
|
|
|
Number of common shares that can be purchased through exercise of warrants |
1,000,000
|
|
|
|
|
Strike price of warrant |
$ 1.00
|
|
|
|
|
Proceeds from issuance of warrants |
$ 10,000
|
|
|
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
Number of common shares that can be purchased through exercise of warrants |
200,000
|
|
|
|
|
Strike price of warrant |
$ 1.00
|
|
|
|
|
Proceeds from issuance of warrants |
$ 2,000
|
|
|
|
|
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