0001206774-12-003289.txt : 20120806 0001206774-12-003289.hdr.sgml : 20120806 20120806170235 ACCESSION NUMBER: 0001206774-12-003289 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120806 DATE AS OF CHANGE: 20120806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN GROUP HOLDING CO CENTRAL INDEX KEY: 0001162283 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 134196940 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-73996 FILM NUMBER: 121010455 BUSINESS ADDRESS: STREET 1: 401 THEODORE FREMD AVENUE CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 9149218821 10-Q 1 morgan_10q.htm QUARTERLY REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

[X]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

Or

[   ]         TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File No.     333-73996

MORGAN GROUP HOLDING CO.
(Exact name of small business issuing as specified in its charter)

Delaware 13-4196940
(State or other jurisdiction of (IRS Employer
Incorporation of organization) Identification Number)

401 Theodore Fremd Avenue, Rye, New York 10580         
(Address of principal executive offices) (Zip Code)  

(914) 921-1877
(Registrant’s telephone number, including area code)

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 Exchange 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. [X] Yes [   ] No

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    [   ]  (Do not check if a smaller reporting company) 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). [X] Yes [   ] No

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practical date.

Class Outstanding at July 30, 2012
Common Stock, $.01 par value 3,055,345


MORGAN GROUP HOLDING CO.
TABLE OF CONTENTS

Page No.
  PART I –FINANCIAL INFORMATION
       
Item 1.         Financial Statements. 3-8
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 8
 
Item 3. Quantitative and Qualitative Disclosure About Market Risk. 8
 
Item 4. Controls and Procedures. 9
 
PART II – OTHER INFORMATION
 
Item 6. Exhibits. 9
 
Signatures 10

2


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Unaudited Financial Statements

              Condensed Balance Sheets as of
              June 30, 2012, December 31, 2011 and June 30, 2011

              Condensed Statements of Operations for the
              Three and Six Months Ended June 30, 2012 and 2011

              Condensed Statements of Cash Flows for the
              Six Months Ended June 30, 2012 and 2011

              Notes to Condensed Financial
              Statements as of June 30, 2012

3


Morgan Group Holding Co.
Condensed Balance Sheets
(Unaudited)

June 30, December 31, June 30,
2012 2011 2011
ASSETS
Current assets:
       Cash and cash equivalents $321,832 $216,384 $176,129
       Investment in marketable securities -- 123,700 212,503
              Total current assets 321,832 340,084 388,632
              Total assets $321,832 $340,084 $388,632
 
LIABILITIES
Current liabilities:
       Accrued liabilities $11,173 $4,108 $6,000
              Total current liabilities 11,173 4,108 6,000
              Total liabilities 11,173 4,108 6,000
  
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, 3,055,345 outstanding 30,553 30,553 30,553
Additional paid-in-capital 5,611,447 5,611,447 5,611,447
Accumulated deficit (5,331,341 )      (5,306,024 ) (5,259,368 )
              Total shareholders' equity 310,659 335,976 382,632  
              Total liabilities and shareholders' equity       $321,832       $340,084       $388,632

See accompanying notes to condensed financial statements

4


Morgan Group Holding Co.
Condensed Statements of Operations
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
Revenues $-- $-- $-- $--
   
Administrative expenses (10,130 ) (3,040 ) (27,403 ) (19,479 )
Other income
       Interest and dividends 8 337 298 600
       Realized and unrealized gains on
       marketable securities 590 1,527 1,788 5,938
              Net loss before income taxes (9,532 ) (1,176 ) (25,317 ) (12,941 )
Income taxes -- -- -- --
       Net loss ($9,532 ) ($1,176 ) ($25,317 ) ($12,941 )
  
Loss per share, basic and diluted ($0.00 ) ($0.00 ) ($0.01 ) ($0.00 )
 
Shares outstanding, basic and diluted                 3,055,345                 3,055,345                 3,055,345                3,055,345

See accompanying notes to condensed financial statements

5


Morgan Group Holding Co.
Condensed Statements of Cash Flows
(Unaudited)

Six Months Ended June 30,
2012 2011
Cash Flows from Operating Activities
       Interest received       $8 $48
       Cash paid to suppliers (20,339 ) (13,479 )
              Net cash used in operating activities (20,331 ) (13,431 )
 
Cash Flows from Investing Activities
       Purchases of marketable securities (227,139 ) (607,407 )
       Proceeds from the sale of marketable 352,628 604,382
       Dividends received 290 552
              Net cash provided by (used in) investing activities 125,779 (2,473 )
 
Cash Flows from Financing Activities -- --
Net increase (decrease) in cash and cash equivalents 105,448 (15,904 )
       Cash and cash equivalents, beginning of the period 216,384 192,033
       Cash and cash equivalents, end of the period         $321,832         $176,129
 
Reconciliation of net loss to net cash used in operating
activities:
       Net loss ($25,317 ) ($12,941 )
       Realized gains from the sale of marketable securities (3,876 ) (4,390 )
       Change in unrealized losses (gains) from investment in
       marketable securities 2,087 (1,548 )
       Dividends received (290 ) (552 )
       Increase in accrued liabilities 7,065 6,000
Net cash used in operating activities ($20,331 ) ($13,431 )
 
Cash paid for interest $-- $--
 
Cash paid for income taxes $--       $--

See accompanying notes to condensed financial statements

6


Morgan Group Holding Co.
Notes to Financial Statements

Note 1. 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, formerly Lynch Interactive Corporation”) 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, the bankruptcy proceeding was concluded and the bankruptcy court dismissed the proceeding. Holding received no value for its equity ownership from the bankruptcy proceeding.

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

 
Note 2. Significant Accounting Policies
 

All highly liquid investments with maturity of three months or less when purchased are considered to be cash equivalents. The carrying value of cash equivalents approximates its fair value based on its nature.

At June 30, 2012, December 31, 2011 and June 30, 2011 all cash and cash equivalents were invested in a United States Treasury money market fund, of which an affiliate of the Company serves as the investment manager.

The Company invests in marketable securities that are bought and held principally for the purpose of selling them in the near term and are classified as trading securities. Trading securities are recorded at fair value on the balance sheet in current assets, with the change in fair value during the period included in earnings.

 
Note 3. Income Taxes
 

The Company is a “C” corporation for Federal tax purposes, and has provided for deferred income taxes for temporary differences between the financial statement and tax bases of its assets and liabilities. The Company has recorded a full valuation allowance against its deferred tax asset of approximately $1.7 million arising from its temporary basis differences and tax loss carryforward, as its realization is dependent upon the generation of future taxable income during the period when such losses would be deductible.

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.

 
Note 4. 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 these 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.

7


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

The Company currently has no operating businesses and will seek acquisitions as part of its strategic alternatives. Its only costs are the administrative expenses required to make the regulatory filings needed to maintain its public status. These costs are estimated at $25,000 to $50,000 per year.

Results of Operations

For the three months ended June 30, 2012, the Company incurred $10,130 of administrative expenses up from $3,040 of expenses in the three months ended June 30, 2011, due to increased legal fees for various administrative matters. For the six months ended June 30, 2012, the Company incurred $27,403 of expenses up from $19,479 of expenses in the six months ended June 30, 2011, due to increased legal and accounting fees.

The company invests in marketable securities that are subject to a publicly disclosed acquisition offer but are trading below the proposed acquisition price. During the three months ended June 30, 2012, the company recorded $590 of net realized and unrealized gains from this activity, as compared to net gains of $1,527 in the three months ended June 30, 2011. During the six months ended June 30, 2012, the company recorded $1,788 of net realized and unrealized gains from this activity, as compared to net gains of $5,938 in the six months ended June 30, 2011. In addition, the Company also received $0 in dividend income for the three months ended June 30, 2012 as compare to $324 for the three months ended June 30, 2011, also as a result of this marketable security program. During the six months ended June 30, 2012, the company recorded $290 of dividend income as compared to $552 of dividend income in the six months ended June 30, 2011. Interest income from the Company investment in a United States Treasury money market fund was $8 during the three months ended June 30, 2012 as compared to $13 during the three months ended June 30, 0 2011 period as the result of the lower rates of return on Treasury securities in 2012. Comparable amounts for the six month periods ended June 30, were $8 in 2012 and $48 in 2011.

Liquidity and Capital Resources

As of June 30, 2012, the Company’s only assets consisted of cash and cash equivalents of $321,832 and a capital loss carry forward of about $4.5 million which it expects will substantially expire in 2013. The ability to utilize this carry forward is dependent on the Company’s ability to generate a capital gain prior to its expiration.

In August 2010, the Company's stock transfer agent mistakenly escheated to the State of Connecticut the 276,250 shares of the Company's stock owned by Mario J. Gabelli, the Company's Chairman of the Board and Chief Executive Officer. Those shares represented 9.0415% of the Company's stock then outstanding. All of those shares were subsequently sold by the State of Connecticut and Mr. Gabelli was unable to recover them. It is anticipated that Mr. Gabelli will reach a settlement agreement with the transfer agent under which the transfer agent will make a payment to the Company of $57,704.90, the amount required to pay the price of $0.19 per share for 303,710 shares of its stock. That is the number of shares required to return Mr. Gabelli to his previous ownership position of 9.0415% of the Company's outstanding stock. Upon receipt of this payment, the Company will issue 303,710 shares of its stock to Mr. Gabelli. The Company anticipates that this payment will be received and the corresponding shares issued in August 2012. Upon the issuance of such shares, there will be 3,359,055 shares of the Company's stock outstanding.

Off Balance Sheet Arrangements

None.

Item 3. Quantitative and Qualitative Analysis of Market Risk

The Company is a smaller reporting company as defined in Item 10(f)(1) of Regulation S-K and thus is not required to report the Quantitative and Qualitative Analysis of Market Risk specified in Item 305 of Regulation S-K.

8


Item 4. Controls and Procedures

a) Evaluation of Disclosure Controls and Procedures

     Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures as of the end of the period covered by this report were designed and were functioning effectively to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. The Company believes that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

(b) Changes in Internal Controls

     During the period covered by this report, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our financial statements.

Forward Looking Discussion

This report contains a number of forward-looking statements, including statements regarding the prospective adequacy of the Company’s liquidity and capital resources in the near term. From time to time, the Company may make other oral or written forward-looking statements regarding its anticipated operating revenues, costs and expenses, earnings and other matters affecting its operations and condition. Such forward-looking statements are subject to a number of material factors which could cause the statements or projections contained therein, to be materially inaccurate. Such factors include the estimated administrative expenses of the Company on a going-forward basis.

PART II - OTHER INFORMATION

Item 6. Exhibits.
 
           Exhibit 3.1                 Certificate of Incorporation of the Company*
 
Exhibit 3.2 By-laws of the Company*
 
Exhibit 31.1   Chief Executive Officer Rule 15d-14(a) Certification.
 
  Exhibit 31.2 Principal Financial Officer Rule 15d-14(a) Certification.
 
Exhibit 32.1 Chief Executive Officer Section 1350 Certification.
 
Exhibit 32.2 Principal Financial Officer Section 1350 Certification.
 
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 Company’s Registration Statement on Form S-1 (Registration No. 333-73996).

9


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.

By: 

/s/ Robert E. Dolan

ROBERT E. DOLAN

Chief Financial Officer

August 6, 2012

10

EX-31.1 2 exhibit31-1.htm CHIEF EXECUTIVE OFFICER RULE 15D-14(A) CERTIFICATION

Exhibit 31.1

Rule 13a-14(a) Certification of the Chief Executive Officer

I, Mario J. Gabelli, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

     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 is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     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.

     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

     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: August 6, 2012

/s/ Mario J. Gabelli  
Mario J. Gabelli
Chief Executive Officer

11

EX-31.2 3 exhibit31-2.htm PRINCIPAL FINANCIAL OFFICER RULE 15D-14(A) CERTIFICATION

Exhibit 31.2

Rule 13a-14(a) Certification of the Principal Financial Officer

I, Robert E. Dolan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) 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 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: August 6, 2012

/s/ Robert E. Dolan  
Robert E. Dolan
Principal Financial Officer

12

EX-32.1 4 exhibit32-1.htm CHIEF EXECUTIVE OFFICER SECTION 1350 CERTIFICATION

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE 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 Quarterly Report on Form 10-Q of Morgan Group Holdings Co. (the “Company”) for the three months ended June 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Mario J. Gabelli, 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/ Mario J. Gabelli  
Name: Mario J. Gabelli
Title: Chief Executive Officer

Date: August 6, 2012

13

 EX-32.2 5 exhibit32-2.htm PRINCIPAL FINANCIAL OFFICER SECTION 1350 CERTIFICATION

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL 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 Quarterly Report on Form 10-Q of Morgan Group Holdings Co. (the “Company”) for the three and six months ended June 30, 2012, 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:

     (3) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

     (4) 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 Financial Officer

Date: August 6, 2012

14

EX-101.INS 6 mghl-20120630.xml XBRL INSTANCE DOCUMENT 0001162283 2002-01-01 2002-03-31 0001162283 2010-12-31 0001162283 2011-04-01 2011-06-30 0001162283 2011-01-01 2011-06-30 0001162283 2011-06-30 0001162283 2011-12-31 0001162283 2012-04-01 2012-06-30 0001162283 2012-01-01 2012-06-30 0001162283 2012-06-30 0001162283 2012-07-30 xbrli:shares iso4217:USD iso4217:USDxbrli:shares xbrli:pure MORGAN GROUP HOLDING CO 0001162283 --12-31 Smaller Reporting Company mghl 3055345 10-Q false 2012-06-30 Q2 2012 192033 176129 216384 321832 212503 123700 0 388632 340084 321832 388632 340084 321832 6000 4108 11173 6000 4108 11173 6000 4108 11173 0 0 0 30553 30553 30553 5611447 5611447 5611447 -5259368 -5306024 -5331341 382632 335976 310659 388632 340084 321832 0.01 0.01 0.01 1000000 1000000 1000000 0 0 0 0.01 0.01 0.01 10000000 10000000 10000000 3055345 3055345 3055345 0 0 0 0 3040 19479 10130 27403 337 600 8 298 1527 5938 590 1788 -1176 -12941 -9532 -25317 0 0 0 0 -1176 -12941 -9532 -25317 -0.00 -0.00 -0.00 -0.01 3055345 3055345 3055345 3055345 48 8 13479 20339 607407 227139 552 290 -2473 125779 0 0 -15904 105448 -1176 -12941 -3016 -25317 -4390 -3876 -1548 2087 -552 -290 6000 7065 -13431 -20331 0 0 0 0 -13431 -20331 <table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="1%" nowrap="nowrap"><font size="2" style="font-family:times new roman">Note 1.</font></td> <td valign="top" width="1%"></td> <td valign="top" width="97%"><u><font size="2" style="font-family:times new roman">Basis of Presentation</font></u></td> </tr> <tr> <td valign="top" width="1%"></td> <td valign="top" width="1%">&#160;</td> <td valign="top" width="97%"></td> </tr> <tr> <td valign="top" width="1%"></td> <td valign="top" width="1%">&#160;&#160;&#160;&#160;&#160;</td> <td valign="top" width="97%"> <p align="justify"><font size="2" style="font-family:times new roman">Morgan Group Holding Co. (&#8220;Holding&#8221; or &#8220;the Company&#8221;) was incorporated in November 2001 as a wholly-owned subsidiary of LICT Corporation (&#8220;LICT, formerly Lynch Interactive Corporation&#8221;) to serve, among other business purposes, as a holding company for LICT&#8217;s controlling interest in The Morgan Group, Inc. (&#8220;Morgan&#8221;). On January 24, 2002, LICT spun off 2,820,051 shares of Holding common stock through a pro rata distribution (&#8220;Spin-Off&#8221;) to its stockholders and retained 235,294 shares.</font></p> <p align="justify"><font size="2" style="font-family:times new roman">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&#8217;s assets. On March 31, 2008, the bankruptcy proceeding was concluded and the bankruptcy court dismissed the proceeding. Holding received no value for its equity ownership from the bankruptcy proceeding.</font></p> <p align="justify"><font size="2" style="font-family:times new roman">The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.</font></p> </td> </tr> </table> <div><font style="font-family: times new roman;" size="2">Note 2. </font><u><font style="font-family: times new roman;" size="2">Significant Accounting Policies</font></u>&#160;</div> <p align="justify"><font style="font-family: times new roman;" size="2">All highly liquid investments with maturity of three months or less when purchased are considered to be cash equivalents. The carrying value of cash equivalents approximates its fair value based on its nature.</font></p> <p align="justify"><font style="font-family: times new roman;" size="2">At June 30, 2012, December 31, 2011 and June 30, 2011 all cash and cash equivalents were invested in a United States Treasury money market fund, of which an affiliate of the Company serves as the investment manager. </font></p> <p align="justify"><font style="font-family: times new roman;" size="2">The Company invests in marketable securities that are bought and held principally for the purpose of selling them in the near term and are classified as trading securities. Trading securities are recorded at fair value on the balance sheet in current assets, with the change in fair value during the period included in earnings.</font></p> <div><font size="2" style="font-family:times new roman">Note 3.</font><font size="2" style="font-family:times new roman"><u><font style="font-family:times new roman">Income Taxes</font></u></font>&#160;</div> <p align="justify"><font size="2" style="font-family:times new roman">The Company is a &#8220;C&#8221; corporation for Federal tax purposes, and has provided for deferred income taxes for temporary differences between the financial statement and tax bases of its assets and liabilities. The Company has recorded a full valuation allowance against its deferred tax asset of approximately $1.7 million arising from its temporary basis differences and tax loss carryforward, as its realization is dependent upon the generation of future taxable income during the period when such losses would be deductible.</font></p> <p align="justify"><font size="2" style="font-family:times new roman">Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of any of the Company&#8217;s net operating loss carry forwards may be limited if cumulative changes in ownership of more than 50% occur during any three year period.</font></p> <div><font size="2" style="font-family:times new roman">Note 4.</font><font size="2" style="font-family:times new roman"><u><font style="font-family:times new roman">Commitments and Contingencies</font></u></font>&#160;</div> <p style="text-align: justify;"><font size="2" style="font-family:times new roman">From time to time the Company may be subject to certain asserted and unasserted claims. It is the Company&#8217;s belief that the resolution of these matters will not have a material adverse effect on its financial position.</font></p> <p style="text-align: justify;"><font size="2" style="font-family:times new roman">The Company has not guaranteed any of the obligations of Morgan and believes it currently has no commitment or obligation to fund any creditors.</font></p> 2820051 235294 1700000 0.50 604382 352628 EX-101.SCH 7 mghl-20120630.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - Document Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Condensed Balance Sheets link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Condensed Balance Sheets [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Condensed Statements of Operations link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Condensed Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Basis of Presentation (Details Textual) link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Income Taxes (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.PRE 8 mghl-20120630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.LAB 9 mghl-20120630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.CAL 10 mghl-20120630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 11 mghl-20120630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
Note 4.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 these 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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Income Taxes
 6 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Note 3.Income Taxes 

The Company is a “C” corporation for Federal tax purposes, and has provided for deferred income taxes for temporary differences between the financial statement and tax bases of its assets and liabilities. The Company has recorded a full valuation allowance against its deferred tax asset of approximately $1.7 million arising from its temporary basis differences and tax loss carryforward, as its realization is dependent upon the generation of future taxable income during the period when such losses would be deductible.

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.
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
ASSETS      
Cash and cash equivalents $ 321,832 $ 216,384 $ 176,129
Investment in marketable securities 0 123,700 212,503
Total current assets 321,832 340,084 388,632
Total assets 321,832 340,084 388,632
LIABILITIES      
Accrued liabilities 11,173 4,108 6,000
Total current liabilities 11,173 4,108 6,000
Total liabilities 11,173 4,108 6,000
COMMITMENTS AND CONTINGENCIES         
SHAREHOLDERS' EQUITY      
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none outstanding 0 0 0
Common stock, $0.01 par value, 10,000,000 shares authorized, 3,055,345 outstanding 30,553 30,553 30,553
Additional paid-in-capital 5,611,447 5,611,447 5,611,447
Accumulated deficit (5,331,341) (5,306,024) (5,259,368)
Total shareholders' equity 310,659 335,976 382,632
Total liabilities and shareholders' equity $ 321,832 $ 340,084 $ 388,632
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
 6 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Business Description and Basis of Presentation [Text Block]
Note 1. 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, formerly Lynch Interactive Corporation”) 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, the bankruptcy proceeding was concluded and the bankruptcy court dismissed the proceeding. Holding received no value for its equity ownership from the bankruptcy proceeding.

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.
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Significant Accounting Policies
 6 Months Ended
Jun. 30, 2012
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
Note 2. Significant Accounting Policies 

All highly liquid investments with maturity of three months or less when purchased are considered to be cash equivalents. The carrying value of cash equivalents approximates its fair value based on its nature.

At June 30, 2012, December 31, 2011 and June 30, 2011 all cash and cash equivalents were invested in a United States Treasury money market fund, of which an affiliate of the Company serves as the investment manager.

The Company invests in marketable securities that are bought and held principally for the purpose of selling them in the near term and are classified as trading securities. Trading securities are recorded at fair value on the balance sheet in current assets, with the change in fair value during the period included in earnings.
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets [Parenthetical] (USD $)
Jun. 30, 2012
Dec. 31, 2011
Jun. 30, 2011
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, shares authorized 1,000,000 1,000,000 1,000,000
Preferred stock, shares outstanding 0 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized 10,000,000 10,000,000 10,000,000
Common stock, shares outstanding 3,055,345 3,055,345 3,055,345
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document Entity Information
 6 Months Ended
Jun. 30, 2012
Jul. 30, 2012
Entity Registrant Name MORGAN GROUP HOLDING CO  
Entity Central Index Key 0001162283  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol mghl  
Entity Common Stock, Shares Outstanding   3,055,345
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
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Condensed Statements of Operations (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues $ 0 $ 0 $ 0 $ 0
Administrative expenses (10,130) (3,040) (27,403) (19,479)
Other income        
Interest and dividends 8 337 298 600
Realized and unrealized gains on marketable securities 590 1,527 1,788 5,938
Net loss before income taxes (9,532) (1,176) (25,317) (12,941)
Income taxes 0 0 0 0
Net loss $ (9,532) $ (1,176) $ (25,317) $ (12,941)
Loss per share, basic and diluted (in dollars per share) $ 0.00 $ 0.00 $ (0.01) $ 0.00
Shares outstanding, basic and diluted (in shares) 3,055,345 3,055,345 3,055,345 3,055,345

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Income Taxes (Details Textual) (USD $)
In Millions, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Deferred Tax Assets, Valuation Allowance $ 1.7
Beneficial Ownership Percentage 50.00%
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Condensed Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flows from Operating Activities    
Interest received $ 8 $ 48
Cash paid to suppliers (20,339) (13,479)
Net cash used in operating activities (20,331) (13,431)
Cash Flows from Investing Activities    
Purchases of marketable securities (227,139) (607,407)
Proceeds from the sale of marketable 352,628 604,382
Dividends received 290 552
Net cash provided by (used in) investing activities 125,779 (2,473)
Cash Flows from Financing Activities 0 0
Net increase (decrease) in cash and cash equivalents 105,448 (15,904)
Cash and cash equivalents, beginning of the period 216,384 192,033
Cash and cash equivalents, end of the period 321,832 176,129
Reconciliation of net loss to net cash used in operating activities:    
Net loss (25,317) (12,941)
Realized gains from the sale of marketable securities (3,876) (4,390)
Change in unrealized losses (gains) from investment in marketable securities 2,087 (1,548)
Dividends received (290) (552)
Increase in accrued liabilities 7,065 6,000
Net cash used in operating activities (20,331) (13,431)
Cash paid for interest 0 0
Cash paid for income taxes $ 0 $ 0
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Basis of Presentation (Details Textual)
 3 Months Ended
Mar. 31, 2002
Stock Issued During Period, Shares, New Issues 2,820,051
Shares Retained During Period 235,294
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