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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Morgan Group Holding Co (PK) | USOTC:MGHL | 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% | 0.60 | 0.60 | 1.95 | 0.00 | 13:54:17 |
FORM 10-Q
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Morgan Group Holding Co.
|
(Exact name of Registrant as specified in its charter)
|
Delaware
|
13-4196940
|
|
(State of other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
401 Theodore Fremd Avenue, Rye, NY
|
10580
|
|
(Address of principle executive offices)
|
(Zip Code)
|
(914) 921-5216
|
(Registrant’s telephone number, including area code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
MGHL
|
OTC Pink®
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
||
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
Class
|
Outstanding at July 31, 2021
|
|
Common Stock, $0.01 par value
|
600,090
|
PART I.
|
FINANCIAL INFORMATION
|
Page
|
Item 1.
|
Unaudited Condensed Consolidated Financial Statements
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
Item 2.
|
14
|
|
Item 3.
|
18
|
|
Item 4.
|
18
|
|
PART II.
|
OTHER INFORMATION *
|
|
Item 1.
|
19
|
|
Item 1A.
|
19
|
|
Item 6.
|
19
|
|
20
|
June 30,
2021
|
December 31,
2020
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
3,286,849
|
$
|
4,746,403
|
||||
Receivables from brokers and clearing organizations
|
114,523
|
66,211
|
||||||
Receivables from affiliates
|
64,795
|
62,514
|
||||||
Deposits with clearing organizations
|
200,000
|
200,000
|
||||||
Income taxes receivable
|
273,735
|
273,735
|
||||||
Fixed assets, net of accumulated depreciation of $46,588
and $40,956, respectively
|
28,284
|
33,915
|
||||||
Other assets
|
259,389
|
220,799
|
||||||
Total assets
|
$
|
4,227,575
|
$
|
5,603,577
|
||||
LIABILITIES AND EQUITY
|
||||||||
Compensation payable
|
$
|
230,837
|
$
|
455,492
|
||||
Payable to affiliates
|
26
|
29,376
|
||||||
Income tax payable
|
46,850
|
46,850
|
||||||
Accrued expenses and other liabilities
|
625,847
|
464,554
|
||||||
Total liabilities
|
903,560
|
996,272
|
||||||
Commitments and contingencies (Note 9)
|
|
|
||||||
Equity
|
||||||||
Common stock, $0.01 par value; 100,000,000 shares authorized and 600,090
shares issued and outstanding
|
6,001
|
6,001
|
||||||
Additional paid-in capital
|
53,886,180
|
53,886,180
|
||||||
Accumulated deficit
|
(50,568,166
|
)
|
(49,284,876
|
)
|
||||
Total equity
|
3,324,015
|
4,607,305
|
||||||
Total liabilities and equity
|
$
|
4,227,575
|
$
|
5,603,577
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenues
|
||||||||||||||||
Commissions
|
$
|
566,436
|
$
|
1,100,225
|
$
|
1,222,044
|
$
|
2,139,168
|
||||||||
Principal transactions
|
(1,899
|
)
|
(2,060
|
)
|
(5,155
|
)
|
(2,963
|
)
|
||||||||
Dividends and interest
|
3,377
|
11,833
|
12,363
|
48,089
|
||||||||||||
Underwriting fees
|
-
|
-
|
6,311
|
30,488
|
||||||||||||
Sales manager fees
|
-
|
-
|
-
|
334,825
|
||||||||||||
Other revenues
|
16,551
|
151
|
27,004
|
3,258
|
||||||||||||
Total revenues
|
584,465
|
1,110,149
|
1,262,567
|
2,552,865
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation and related costs
|
626,559
|
836,541
|
1,314,714
|
1,979,974
|
||||||||||||
Clearing charges
|
164,479
|
315,191
|
349,505
|
618,029
|
||||||||||||
General and administrative
|
429,663
|
346,964
|
718,415
|
658,073
|
||||||||||||
Occupancy and equipment
|
84,659
|
52,800
|
163,223
|
157,241
|
||||||||||||
Total expenses
|
1,305,360
|
1,551,496
|
2,545,857
|
3,413,317
|
||||||||||||
Loss before income tax benefit
|
(720,895
|
)
|
(441,347
|
)
|
(1,283,290
|
)
|
(860,452
|
)
|
||||||||
Income tax benefit
|
-
|
(130,949
|
)
|
-
|
|
(267,600
|
)
|
|||||||||
Net loss
|
$
|
(720,895
|
)
|
$
|
(310,398
|
)
|
$
|
(1,283,290
|
)
|
$
|
(592,852
|
)
|
||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$
|
(1.20
|
)
|
$
|
(0.52
|
)
|
$
|
(2.14
|
)
|
$
|
(0.99
|
)
|
||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic and diluted
|
600,090
|
600,090
|
600,090
|
600,090
|
Shares
|
Common
Stock
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
|
||||||||||||||||
Balance at December 31, 2019 |
600,090
|
$
|
6,001
|
$
|
53,886,180
|
$
|
(47,854,840 | ) |
$
|
6,037,341 |
|
|||||||||
Net loss | - | - | - | (282,454 | ) | (282,454 | ) | |||||||||||||
Balance at March 31, 2020
|
600,090 | 6,001 | 53,886,180 | (48,137,294 | ) | 5,754,887 | ||||||||||||||
Net loss |
-
|
-
|
-
|
(310,398 | ) | (310,398 | ) | |||||||||||||
Balance at June 30, 2020
|
600,090 | 6,001 | 53,886,180 | (48,447,692 | ) | 5,444,489 |
Shares
|
Common
Stock
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
|
||||||||||||||||
Balance at December 31, 2020
|
600,090
|
$ | 6,001 | $ | 53,886,180 | $ | (49,284,876 | ) | $ | 4,607,305 | ||||||||||
Net loss | - | - | - | (562,395 | ) | (562,395 | ) | |||||||||||||
Balance at March 31, 2021
|
600,090
|
6,001
|
53,886,180
|
(49,847,271 | ) |
4,044,910
|
||||||||||||||
Net loss |
-
|
-
|
-
|
(720,895 | ) | (720,895 | ) | |||||||||||||
Balance at June 30, 2021
|
600,090
|
6,001
|
53,886,180
|
(50,568,166
|
)
|
3,324,015
|
Six months ended June 30,
|
||||||||
2021
|
2020
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(1,283,290
|
)
|
$
|
(592,852
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
5,630
|
6,076
|
||||||
Deferred income tax, net
|
-
|
(4,961
|
)
|
|||||
(Increase)/decrease in assets:
|
||||||||
Receivables from brokers and clearing organizations
|
(48,313
|
)
|
107,414
|
|||||
Receivables from affiliates
|
(2,282
|
)
|
(103,008
|
)
|
||||
Income taxes receivable
|
-
|
(169,578
|
)
|
|||||
Other assets
|
(38,589
|
)
|
98,336
|
|||||
Increase/(decrease) in liabilities:
|
||||||||
Compensation payable
|
(224,655
|
)
|
(308,470
|
)
|
||||
Payable to affiliates
|
(29,348
|
)
|
(879,127
|
)
|
||||
Income taxes payable
|
-
|
(1,526
|
)
|
|||||
Accrued expenses and other liabilities
|
161,293
|
223,635 | ||||||
Total adjustments
|
(176,264 | ) | (1,031,209 | ) | ||||
Net cash used in operating activities
|
(1,459,554 | ) | (1,624,061 | ) | ||||
Net decrease in cash, cash equivalents, and restricted cash
|
(1,459,554 | ) | (1,624,061 | ) | ||||
Cash, cash equivalents, and restricted cash at beginning of period
|
4,946,403
|
6,787,097
|
||||||
Cash, cash equivalents, and restricted cash at end of period
|
$ | 3,486,849 | $ |
5,163,036
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash received from Associated Capital Group, Inc. for income taxes
|
$ | - | $ | 91,536 | ||||
Reconciliation to cash, cash equivalents, and restricted cash:
|
||||||||
Cash and cash equivalents
|
$ | 3,286,849 | $ | 4,963,036 | ||||
Restricted cash: deposits with clearing organizations
|
200,000
|
200,000
|
||||||
Cash, cash equivalents, and restricted cash
|
$
|
3,486,849
|
$
|
5,163,036
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Commissions
|
$
|
492,898
|
$
|
999,541
|
$
|
1,084,146
|
$
|
1,936,325
|
||||||||
Hard dollar payments
|
73,538
|
100,684
|
137,898
|
202,843
|
||||||||||||
566,436
|
1,100,225
|
1,222,044
|
2,139,168
|
|||||||||||||
Underwriting fees
|
-
|
-
|
6,311
|
30,488
|
||||||||||||
Sales manager fees
|
-
|
-
|
-
|
334,825
|
||||||||||||
$
|
566,436
|
$
|
1,100,225
|
$
|
1,228,356
|
$
|
2,504,481
|
|
- |
Level 1 inputs utilize
quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 assets include cash equivalents.
|
|
- |
Level 2 inputs utilize
inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and
inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
|
|
- |
Level 3 inputs are
unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These assets include infrequently traded common stocks.
|
Assets
|
Quoted Prices in
Active
Markets for Identical
Assets (Level 1)
|
Significant Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs (Level 3)
|
Total
|
||||||||||||
Cash equivalents
|
$
|
3,250,673
|
$
|
-
|
$
|
-
|
$
|
3,250,673
|
||||||||
Total assets at fair value
|
$
|
3,250,673
|
$
|
-
|
$
|
-
|
$
|
3,250,673
|
Assets
|
Quoted Prices in
Active
Markets for Identical
Assets (Level 1)
|
Significant Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs (Level 3)
|
Total
|
||||||||||||
Cash equivalents
|
$
|
4,724,290
|
$
|
-
|
$
|
-
|
$
|
4,724,290
|
||||||||
Total assets at fair value
|
$
|
4,724,290
|
$
|
-
|
$
|
-
|
$
|
4,724,290
|
Three
Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Basic and diluted:
|
||||||||||||||||
Net loss attributable
to shareholders
|
$
|
(720,895
|
)
|
$
|
(310,398
|
)
|
$
|
(1,283,290
|
)
|
$
|
(592,852
|
)
|
||||
Weighted average
shares outstanding
|
600,090
|
600,090
|
600,090
|
600,090
|
||||||||||||
Basic and diluted net
loss per share
|
$
|
(1.20
|
)
|
$
|
(0.52
|
)
|
$
|
(2.14
|
)
|
$
|
(0.99
|
)
|
ITEM 2: |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenues
|
||||||||||||||||
Commissions
|
$
|
566
|
$
|
1,100
|
$
|
1,222
|
$
|
2,139
|
||||||||
Principal transactions
|
(2
|
)
|
(2
|
)
|
(5
|
)
|
(3
|
)
|
||||||||
Dividends and interest
|
3
|
12
|
12
|
48
|
||||||||||||
Underwriting fees
|
-
|
-
|
6
|
30
|
||||||||||||
Sales manager fees
|
-
|
-
|
-
|
335
|
||||||||||||
Other revenues
|
17
|
0
|
27
|
3
|
||||||||||||
Total revenues
|
584
|
1,110
|
1,263
|
2,553
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation and related costs
|
627
|
837
|
1,315
|
1,980
|
||||||||||||
Clearing charges
|
164
|
315
|
350
|
618
|
||||||||||||
General and administrative
|
430
|
347
|
718
|
658
|
||||||||||||
Occupancy and equipment
|
85
|
53
|
163
|
157
|
||||||||||||
Total expenses
|
1,305
|
1,551
|
2,546
|
3,413
|
||||||||||||
Loss before income tax benefit
|
(721
|
)
|
(441
|
)
|
(1,283
|
)
|
(860
|
)
|
||||||||
Income tax benefit
|
-
|
(131
|
)
|
-
|
(268
|
)
|
||||||||||
Net loss
|
$
|
(721
|
)
|
$
|
(310
|
)
|
$
|
(1,283
|
)
|
$
|
(593
|
)
|
||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$
|
(1.20
|
)
|
$
|
(0.52
|
)
|
$
|
(2.14
|
)
|
$
|
(0.99
|
)
|
Three Months Ended June 30,
|
Increase (Decrease)
|
|||||||||||||||
2021
|
2020
|
$ |
|
%
|
||||||||||||
Commissions
|
$
|
493
|
$
|
1,000
|
$
|
(507
|
)
|
-50.7
|
%
|
|||||||
Hard dollar payments
|
74
|
101
|
(27
|
)
|
-27.0
|
%
|
||||||||||
566
|
1,100
|
$
|
(534
|
)
|
-48.5
|
%
|
||||||||||
Underwriting fees
|
-
|
-
|
-
|
n/a
|
||||||||||||
Sales manager fees
|
-
|
-
|
-
|
n/a
|
||||||||||||
Total
|
$
|
566
|
$
|
1,100
|
$
|
(534
|
)
|
-48.5
|
%
|
Six Months Ended June 30,
|
Increase (Decrease)
|
|||||||||||||||
2021
|
2020
|
$
|
%
|
|||||||||||||
Commissions
|
$
|
1,084
|
$
|
1,936
|
$
|
(852
|
)
|
-44.0
|
%
|
|||||||
Hard dollar payments
|
138
|
203
|
(65
|
)
|
-32.0
|
%
|
||||||||||
1,222
|
2,139
|
$
|
(917
|
)
|
-42.9
|
%
|
||||||||||
Underwriting fees
|
6
|
30
|
(24
|
)
|
-79.3
|
%
|
||||||||||
Sales manager fees
|
-
|
335
|
(335
|
)
|
-100.0
|
%
|
||||||||||
Total
|
$
|
1,228
|
$
|
2,504
|
$
|
(1,276
|
)
|
-51.0
|
%
|
Six months ended June 30,
|
||||||||
2021
|
2020
|
|||||||
Cash flows provided by (used in) activities:
|
||||||||
Operating activities
|
$
|
(1,460
|
)
|
$
|
(1,624
|
)
|
||
Financing activities
|
-
|
-
|
||||||
Net decrease in cash and cash equivalents
|
(1,460
|
)
|
(1,624
|
)
|
||||
Cash and cash equivalents, beginning of period
|
4,746
|
6,587
|
||||||
Cash and cash equivalents, end of period
|
$
|
3,287
|
$
|
4,963
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 1A. |
RISK FACTORS
|
ITEM 6. |
EXHIBITS
|
Name: | Joseph L. Fernandez |
Title: | Executive Vice President - Finance |
1 Year Morgan (PK) Chart |
1 Month Morgan (PK) Chart |
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