0001206774-13-001760.txt : 20130507 0001206774-13-001760.hdr.sgml : 20130507 20130507110104 ACCESSION NUMBER: 0001206774-13-001760 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130507 DATE AS OF CHANGE: 20130507 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: 13818491 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 March 31, 2013

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 April 30, 2013 
Common Stock, $.01 par value   3,359,055 


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. 9
 
Item 3. Quantitative and Qualitative Disclosure About Market Risk. 10
 
Item 4. Controls and Procedures. 10
 
PART II – OTHER INFORMATION
 
Item 6. Exhibits. 10
 
Signatures 11

2


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Unaudited Financial Statements

              Condensed Balance Sheets as of
              March 31, 2013, December 31, 2012 and March 31, 2012

              Condensed Statements of Operations for the
              Three Months Ended March 31, 2013 and 2012

              Condensed Statements of Cash Flows for the
              Three Months Ended March 31, 2013 and 2012

              Condensed Statement of Shareholders’ Equity for the
              Three Months Ended March 31, 2013

              Notes to Condensed Financial
              Statements as of March 31, 2013

3


Morgan Group Holding Co.
Condensed Balance Sheets
(Unaudited)

March 31, December 31, March 31,
2013 2012 2012
ASSETS
Current assets:  
       Cash and cash equivalents $321,507 355,518 $331,249
       Prepaid expenses 12,056 5,931 --
              Total current assets       333,563       361,449 331,249
Equipment – Net 1,716 1,879 --
              Total assets $335,279 $363,328 $331,249
   
LIABILITIES  
Current liabilities:      
       Accrued liabilities $4,641 $16,374 $11,058
              Total current liabilities 4,641 16,374 11,058
              Total liabilities 4,641 16,374 11,058
      
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 33,591 33,591 30,553
Additional paid-in-capital 5,772,368 5,762,368 5,611,447
Accumulated deficit (5,475,321 )      (5,449,005 ) (5,321,809 )
              Total shareholders' equity 330,638 346,954 320,191
              Total liabilities and shareholders' equity $335,279 $363,328 $331,249

See accompanying notes to condensed financial statements

4


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

Three Months Ended March 31,
2013 2012
Revenues $-- $--
   
Administrative expenses (26,327 ) (17,273 )
Other income:  
       Interest and dividends       11 290
       Realized and unrealized gains on marketable securities -- 1,198
              Net loss before income taxes (26,316 )       (15,785 )
Income taxes --

--
       Net loss           ($26,316 )           ($15,785 )
 
Net loss per share, basic and diluted ($0.01 ) ($0.01 )
 
Shares outstanding, basic and diluted 3,359,055 3,055,345

See accompanying notes to condensed financial statements

5


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

Three Months Ended
March 31,
2013 2012
Cash Flows from Operating Activities
       Interest received $11 $--
       Cash paid to suppliers (44,022 ) (10,323 )
              Net cash used in operating activities       (44,011 ) (10,323 )
 
Cash Flows from Investing Activities
       Proceeds from the sale of marketable securities --       124,898
       Dividends received -- 290
              Net cash provided by investing activities -- 125,188
 
Cash Flows from Financing Activities  
       Proceeds from issuance of warrants 10,000 --
              Net cash provided by financing activities 10,000
Net (decrease) increase in cash and cash equivalents (34,011 ) 114,865
       Cash and cash equivalents, beginning of the period 355,518 216,384
       Cash and cash equivalents, end of the period $321,507 $331,349
 
Reconciliation of net loss to net cash used in operating activities:
                     Net loss ($26,316 ) ($15,785 )
                     Depreciation 163 --
                     Realized gains from the sale of marketable securities -- (3,285 )
                     Change in unrealized gains from investment in marketable securities -- 2,087
                     Dividends received -- (290 )
                     Increase in prepaid expenses (6,125 ) --
                     (Decrease) increase in accrued liabilities (11,733 ) 6,950
Net cash used in operating activities ($44,011 ) ($10,323 )
 
Cash paid for interest $-- $--
 
Cash paid for income taxes $-- $--

See accompanying notes to condensed financial statements

6


Morgan Group Holding Co.
Condensed Statement of Shareholders’ Equity
Three Months Ended March 31, 2013

Common Stock Additional
Par Paid in Accumulated
      Shares       Value       Capital       Deficit       Total
Shareholders’ equity,
       December 31, 2012 3,359,055 $33,591 $5,762,368 ($5,449,005 ) $346,954
Issuance of warrants -- -- 10,000 -- 10,000
Net loss for three months    
       ended March 31, 2013 -- -- - (26,316 ) (26,316 )
Shareholders’ equity,  
       March 31, 2013 3,359,055 $33,591 $5,772,368     ($5,475,321 ) $330,638

See accompanying notes to condensed financial statements

7


Morgan Group Holding Co.
Notes to Condensed 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. The Company 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 months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. 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 March 31, 2013, December 31, 2012 and March 31, 2012 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 of the money market fund.

 

The Company may from time to time invest 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.

 

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 and, if dilutive.

 
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 $1.6 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.


8


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.

 
Note 5.

Shareholders’ Equity and Stock Options and Warrants

 

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 is the closing price of the Common Stock as quoted on the OTC Markets’ inter-dealer quotation service on December 20, 2012. The Options are exercisable at any time and the exercise period expires December 21, 2015. As of March 31, 2013, these are the only options outstanding.

 

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 to Robert E. Dolan, Chief Financial Officer of the Company, in exchange for $2,000. Both warrants are exercisable currently through December 21, 2017. As of March 31, 2013, these are the only warrants outstanding.


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

Overview

The Company currently has no operating businesses and actively seeking 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 $25,000 to $75,000 per year.

Results of Operations

For the three months ended March 31, 2013, the Company incurred $26,316 of administrative expenses an increase of $9,043 from the $17,273 of expenses in the three months ended March 31, 2012, due to activity associated with acquisition evaluation, the costs of Directors and Officers Insurance and other administrative costs of maintaining in public status.

The company may from time to time invest in marketable securities that are subject to a publicly disclosed acquisition offer but are trading below the proposed acquisition price. No investments have been made during 2013. During the three months ended March 31, 2012, the company recorded $1,198 of net realized and unrealized gains from this activity, no realized or unrealized gains or losses were recorded during 2013. In addition, the Company also received $290 in dividend income for the three months ended March 31, 2012 as compared to $0 for the three months ended March 31, 2013, also as a result of this marketable security program.

Interest income from the Company investments in a money market fund that invests in United States Treasury securities was $11 during the three months ended March 31, 2013 as compared to $0 during the three months ended March 31, 2012.

9


Liquidity and Capital Resources

As of March 31, 2013, the Company’s principal assets consisted of cash and cash equivalents of $321,507 and a capital loss carry forward of about $4.4 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, which is unlikely at this time.

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.

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 but not limited to 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 LABEL LINKBASE
EX-101-CAL XBRL TAXONOMY EXTENSION CALCULATION
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).

10


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
 
May 7, 2013

11

 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, Jonathan P. Evans, 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: May 7, 2013

/s/ Jonathan P. Evans  
Jonathan P. Evans
Chief Executive Officer

12

 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: May 7, 2013

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

13

 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 March 31, 2013, 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: May 7, 2013

14

 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 months ended March 31, 2013, 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 Financial Officer

Date: May 7, 2013

15

 EX-101.INS 6 mghl-20130331.xml XBRL INSTANCE DOCUMENT 0001162283 2002-01-01 2002-03-31 0001162283 2012-01-01 2012-03-31 0001162283 2012-03-31 0001162283 us-gaap:ChiefExecutiveOfficerMember 2012-12-21 0001162283 2012-12-31 0001162283 us-gaap:ChiefExecutiveOfficerMember 2012-12-31 0001162283 us-gaap:ChiefFinancialOfficerMember 2012-12-31 0001162283 us-gaap:ChiefExecutiveOfficerMember 2012-12-01 2012-12-31 0001162283 us-gaap:ChiefFinancialOfficerMember 2012-12-01 2012-12-31 0001162283 2013-01-01 2013-03-31 0001162283 us-gaap:CommonStockMember 2013-01-01 2013-03-31 0001162283 us-gaap:AdditionalPaidInCapitalMember 2013-01-01 2013-03-31 0001162283 us-gaap:RetainedEarningsMember 2013-01-01 2013-03-31 0001162283 2013-03-31 0001162283 2013-04-30 0001162283 2011-12-31 0001162283 us-gaap:CommonStockMember 2012-12-31 0001162283 us-gaap:CommonStockMember 2013-03-31 0001162283 us-gaap:AdditionalPaidInCapitalMember 2012-12-31 0001162283 us-gaap:AdditionalPaidInCapitalMember 2013-03-31 0001162283 us-gaap:RetainedEarningsMember 2012-12-31 0001162283 us-gaap:RetainedEarningsMember 2013-03-31 xbrli:shares iso4217:USD iso4217:USDxbrli:shares xbrli:pure MORGAN GROUP HOLDING CO 0001162283 --12-31 Smaller Reporting Company mghl 3359055 10-Q false 2013-03-31 Q1 2013 331249 355518 321507 216384 0 5931 12056 331249 361449 333563 0 1879 1716 331249 363328 335279 11058 16374 4641 0 0 0 30553 33591 33591 5611447 5762368 5772368 -5321809 -5449005 -5475321 320191 346954 330638 33591 33591 5762368 5772368 -5449005 -5475321 331249 363328 335279 0.01 0.01 0.01 1000000 1000000 1000000 0 0 0 0.01 0.01 0.01 10000000 10000000 10000000 3359055 3359055 3359055 0 0 17273 26327 290 11 1198 0 -15785 -26316 0 0 -15785 -26316 -0.01 -0.01 3055345 3359055 0 11 10323 44022 -10323 -44011 124898 0 290 0 125188 0 0 10000 2000 10000 10000 114865 -34011 15785 26316 0 0 26316 0 163 3285 0 -2087 0 290 0 0 6125 -10323 -44011 3359055 3359055 2820051 10000 0 10000 0 <table style="line-height: normal; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Note 3.</font></td> <td align="left" width="98%"> <p align="justify"><u><font style="font-family: times new roman;" size="2">Income Taxes</font></u><font style="font-family: times new roman;" size="2"> </font></p> </td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"> <p align="justify"><font style="font-family: times new roman;" size="2">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 $1.6 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> <div align="justify"><font style="font-family: times new roman;" size="2">P</font><font style="font-family: times new roman;" size="2">ursuant 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></div> </td> </tr> </table> <table style="line-height: normal; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"> <tr valign="bottom"> <td align="left" width="1%"><font style="font-family: times new roman;" size="2">Note 4.</font></td> <td align="left" width="99%"><u><font style="font-family: times new roman;" size="2">Commitments and Contingencies</font></u></td> </tr> <tr> <td align="left" width="1%"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td> <td align="left" width="99%"></td> </tr> <tr> <td align="left" width="1%"></td> <td align="left" width="99%"> <p align="justify"><font style="font-family: times new roman;" size="2">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> </td> </tr> <tr> <td align="left" width="1%"></td> <td align="left" width="99%"></td> </tr> <tr> <td align="left" width="1%"></td> <td align="left" width="99%"> <p align="justify"><font style="font-family: times new roman;" size="2">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> </td> </tr> </table> <table style="line-height: normal; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="width: 3%;"><font style="font-family: times new roman;" size="2">Note 5. </font></td> <td align="left" width="99%"> <p align="justify"><u><font style="font-family: times new roman;" size="2">Shareholders&#8217; Equity and Stock Options and Warrants</font></u><font style="font-family: times new roman;" size="2"> </font></p> </td> </tr> <tr> <td align="left" width="1%"></td> <td align="left" width="99%"></td> </tr> <tr> <td align="left" width="1%"></td> <td align="left" width="99%"> <p align="justify"><font style="font-family: times new roman;" size="2">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 &#8220;Option&#8221;) to purchase 800,000 shares of the Company&#8217;s Common Stock at an exercise price of $0.15 per share of Common Stock, which is the closing price of the Common Stock as quoted on the OTC Markets&#8217; inter-dealer quotation service on December 20, 2012. The Options are exercisable at any time and the exercise period expires December 21, 2015. As of March 31, 2013, these are the only options outstanding. </font></p> </td> </tr> <tr> <td align="left" width="1%"></td> <td align="left" width="99%"></td> </tr> <tr> <td align="left" width="1%"></td> <td align="left" width="99%"> <p align="justify"><font style="font-family: times new roman;" size="2">Also on December 21, 2012, the Company issued a warrant to purchase up to 1,000,000 shares of the Company&#8217;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&#8217;s Common Stock to Robert E. Dolan, Chief Financial Officer of the Company, in exchange for $2,000. Both warrants are exercisable currently through December 21, 2017. As of March 31, 2013, these are the only warrants outstanding. </font></p> </td> </tr> </table> 235294 800000 1000000 200000 0.15 1.00 2015-12-21 11058 16374 4641 11058 16374 4641 6950 -11733 0 0 0 0 <table style="line-height: normal; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"> <tr valign="bottom"> <td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Note 1.</font></td> <td align="left" width="98%" nowrap="nowrap"><u><font style="font-family: times new roman;" size="2">Basis of Presentation</font></u></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td> <td align="left" width="98%"> <p align="justify"><font style="font-family: times new roman;" size="2">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> </td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"> <p align="justify"><font style="font-family: times new roman;" size="2">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. The Company received no value for its equity ownership from the bankruptcy proceeding.</font></p> </td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"> <p align="justify"><font style="font-family: times new roman;" size="2">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 months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. 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> <table style="line-height: normal; width: 100%; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="left" width="1%" nowrap="nowrap"><font style="font-family: times new roman;" size="2">Note 2.</font></td> <td align="left" width="98%"> <p align="justify"><u><font style="font-family: times new roman;" size="2">Significant Accounting Policies</font></u></p> </td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"> <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><b><font style="font-family: times new roman;" size="2"></font></b></p> </td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"> <p align="justify"><font style="font-family: times new roman;" size="2">At March 31, 2013, December 31, 2012 and March 31, 2012 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 of the money market fund. </font></p> </td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"> <p align="justify"><font style="font-family: times new roman;" size="2">The Company may from time to time invest 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> </td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"></td> </tr> <tr> <td align="left" width="1%" nowrap="nowrap"></td> <td align="left" width="98%"> <p align="justify"><font style="font-family: times new roman;" size="2">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 and, if dilutive.</font></p> </td> </tr> </table> 0.50 1600000 EX-101.SCH 7 mghl-20130331.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 - Statement - Condensed Statement of Shareholders' Equity link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Shareholders' Equity and Stock Options and Warrants link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Basis of Presentation (Details Texual) link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Marketable Securities link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Investment in Morgan Group, Inc link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Income Taxes (Details Textual) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Shareholders' Equity and Stock Options and Warrants (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.PRE 8 mghl-20130331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.LAB 9 mghl-20130331_lab.xml XBRL TAXONOMY LABEL LINKBASE EX-101.CAL 10 mghl-20130331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION EX-101.DEF 11 mghl-20130331_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
Income Taxes
 3 Months Ended
Mar. 31, 2013
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 $1.6 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.
EXCEL 14 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\U9#5F-C)A-%\W.&4S7S0V,C%?8F(W8E\R,&$Q M-F$U-S(T-C$B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I%>&-E;%=O#I%>&-E M;%=O#I%>&-E;%=O#I% M>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E M;%=O&5S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U M#I%>&-E;%=O#I7;W)K#I7;W)K#I%>&-E;%=O5]A;F1?4W1O8VM?,3PO M>#I.86UE/@T*("`@(#QX.E=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@ M(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T7S5D-68V,F$T7S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^,3`M43QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^43$\'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U9#5F-C)A-%\W M.&4S7S0V,C%?8F(W8E\R,&$Q-F$U-S(T-C$-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO-60U9C8R831?-SAE,U\T-C(Q7V)B-V)?,C!A,39A-3'0O:'1M;#L@8VAA'!E;G-E7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAAF5D/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$;G5M<#XQ+#`P,"PP,#`\3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U9#5F-C)A M-%\W.&4S7S0V,C%?8F(W8E\R,&$Q-F$U-S(T-C$-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO-60U9C8R831?-SAE,U\T-C(Q7V)B-V)?,C!A,39A M-3'0O:'1M;#L@8VAAF5D M(&%N9"!U;G)E86QI>F5D(&=A:6YS(&]N(&UA'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$2!I;G9E2!F:6YA M;F-I;F<@86-T:79I=&EE'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0@0FQO8VM=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\=&%B;&4@3H@=&EM97,@;F5W M(')O;6%N.R<@6QE/3-$ M)V9O;G0M9F%M:6QY.B!T:6UE2!O9B!,24-4($-O2!R96-E:79E9"!N;R!V86QU92!F;W(@ M:71S(&5Q=6ET>2!O=VYE2!P6QE/3-$)V9O;G0M9F%M:6QY.B!T M:6UE2P@=&AE>2!D;R!N;W0@ M:6YC;'5D92!A;&P@;V8@=&AE(&EN9F]R;6%T:6]N(&%N9"!F;V]T;F]T97,@ M2!A M8V-E<'1E9"!I;B!T:&4@56YI=&5D(%-T871E2!F;W(@82!F M86ER('!R97-E;G1A=&EO;B!H879E(&)E96X@:6YC;'5D960N($]P97)A=&EN M9R!R97-U;'1S(&9O2!B92!E>'!E8W1E9"!F;W(@=&AE('EE87(@96YD M:6YG($1E8V5M8F5R(#,Q+"`R,#$S+B!4:&4@<')E<&%R871I;VX@;V8@8V]N M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'1A8FQE('-T>6QE/3-$)VQI;F4M:&5I9VAT.B!N;W)M86P[('=I9'1H M.B`Q,#`E.R!B;W)D97(M8V]L;&%P3H@=&EM97,@;F5W(')O;6%N.R<@3X\=3X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@=&EM97,@;F5W(')O;6%N.R<@3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@=&EM97,@;F5W(')O;6%N.R<@ M2!L:7%U:60@:6YV97-T;65N=',@=VET:"!M M871U2!O9B!T:')E92!M;VYT:',@;W(@;&5S6QE/3-$)V9O;G0M9F%M:6QY.B!T:6UE2!S97)V M97,@87,@=&AE(&EN=F5S=&UE;G0@;6%N86=E6QE/3-$)V9O;G0M9F%M:6QY M.B!T:6UE2!M87D@ M9G)O;2!T:6UE('1O('1I;64@:6YV97-T(&EN(&UA&5R8VES92!O9B!I;BUT:&4M;6]N97D@'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA&5S/&)R/CPO"!$:7-C;&]S=7)E(%M!8G-T"!$:7-C;&]S=7)E(%M497AT($)L;V-K73PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'1A8FQE('-T>6QE/3-$)VQI;F4M:&5I9VAT M.B!N;W)M86P[('=I9'1H.B`Q,#`E.R!B;W)D97(M8V]L;&%P3H@=&EM97,@ M;F5W(')O;6%N.R<@3X\=3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@=&EM97,@;F5W(')O M;6%N.R<@&5S/"]F;VYT/CPO=3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@=&EM97,@;F5W(')O;6%N.R<@6QE/3-$)V9O;G0M9F%M:6QY.B!T:6UE M2!I"!B87-E"!A2!B87-I&%B;&4@ M:6YC;VUE(&1UF4],T0R/G5R65A'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQAF4],T0R/D-O;6UI=&UE;G1S(&%N9"!# M;VYT:6YG96YC:65S/"]F;VYT/CPO=3X\+W1D/@T*/"]T3H@=&EM97,@;F5W(')O;6%N.R<@6QE/3-$)V9O;G0M9F%M:6QY.B!T:6UE2!M87D@8F4@ M3X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@=&EM97,@;F5W(')O;6%N.R<@'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!T:6UE2!A;F0@4W1O8VL@3W!T:6]N6QE/3-$)V9O;G0M9F%M M:6QY.B!T:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!T:6UE28C.#(Q-SMS($-O;6UO;B!3 M=&]C:R!A="!A;B!E>&5R8VES92!P6QE/3-$)V9O;G0M9F%M:6QY.B!T:6UE M2!I2!I7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%\U9#5F-C)A-%\W.&4S7S0V,C%?8F(W8E\R,&$Q M-F$U-S(T-C$-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-60U9C8R M831?-SAE,U\T-C(Q7V)B-V)?,C!A,39A-3'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R"!!7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA&5C=71I=F4@3V9F:6-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\U9#5F M-C)A-%\W.&4S7S0V,C%?8F(W8E\R,&$Q-F$U-S(T-C$-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO-60U9C8R831?-SAE,U\T-C(Q7V)B-V)?,C!A M,39A-3&UL#0I#;VYT96YT+51R M86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y M<&4Z('1E>'0O:'1M;#L@8VAA&UL M;G,Z;STS1")U XML 15 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2013
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 March 31, 2013, December 31, 2012 and March 31, 2012 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 of the money market fund.

The Company may from time to time invest 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.

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 and, if dilutive.
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (USD $)
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2012
ASSETS      
Cash and cash equivalents $ 321,507 $ 355,518 $ 331,249
Prepaid expenses 12,056 5,931 0
Total current assets 333,563 361,449 331,249
Equipment - Net 1,716 1,879 0
Total assets 335,279 363,328 331,249
LIABILITIES      
Accrued liabilities 4,641 16,374 11,058
Total current liabilities 4,641 16,374 11,058
Total liabilities 4,641 16,374 11,058
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, 3,359,055 outstanding 33,591 33,591 30,553
Additional paid-in-capital 5,772,368 5,762,368 5,611,447
Accumulated deficit (5,475,321) (5,449,005) (5,321,809)
Total shareholders' equity 330,638 346,954 320,191
Total liabilities and shareholders' equity $ 335,279 $ 363,328 $ 331,249
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statement of Shareholders' Equity (USD $)
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2012 $ 33,591 $ 5,762,368 $ (5,449,005) $ 346,954
Balance (in shares) at Dec. 31, 2012 3,359,055      
Issuance of warrants 0 10,000 0 10,000
Net loss 0 0 (26,316) (26,316)
Balance at Mar. 31, 2013 $ 33,591 $ 5,772,368 $ (5,475,321) $ 330,638
Balance (in shares) at Mar. 31, 2013 3,359,055      
XML 18 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
 3 Months Ended
Mar. 31, 2013
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. The Company 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 months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. 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.
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets [Parenthetical] (USD $)
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2012
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 3,359,055 3,359,055 3,359,055
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document Entity Information
 3 Months Ended
Mar. 31, 2013
Apr. 30, 2013
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   3,359,055
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2013  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2013  
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Operations (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues $ 0 $ 0
Administrative expenses (26,327) (17,273)
Other income:    
Interest and dividends 11 290
Realized and unrealized gains on marketable securities 0 1,198
Net loss before income taxes (26,316) (15,785)
Income taxes 0 0
Net loss $ (26,316) $ (15,785)
Net loss per share, basic and diluted (in dollars per share) $ (0.01) $ (0.01)
Shares outstanding, basic and diluted (in shares) 3,359,055 3,055,345
XML 23 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation (Details Texual)
 3 Months Ended
Mar. 31, 2002
Stock Issued During Period, Shares, New Issues 2,820,051
Shares Retained During Period 235,294
XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity and Stock Options and Warrants
 3 Months Ended
Mar. 31, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
Note 5.

Shareholders’ Equity and Stock Options and Warrants

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 is the closing price of the Common Stock as quoted on the OTC Markets’ inter-dealer quotation service on December 20, 2012. The Options are exercisable at any time and the exercise period expires December 21, 2015. As of March 31, 2013, these are the only options outstanding.

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 to Robert E. Dolan, Chief Financial Officer of the Company, in exchange for $2,000. Both warrants are exercisable currently through December 21, 2017. As of March 31, 2013, these are the only warrants outstanding.

XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details Textual) (USD $)
In Millions, unless otherwise specified
 3 Months Ended
Mar. 31, 2013
Deferred Tax Assets, Valuation Allowance $ 1.6
Percentage Of Cumulative Changes In Ownership 50.00%
XML 26 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders' Equity and Stock Options and Warrants (Details Textual) (USD $)
 3 Months Ended 1 Months Ended 1 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Chief Executive Officer [Member]
Dec. 21, 2012
Chief Executive Officer [Member]
Dec. 31, 2012
Chief Financial Officer [Member]
Class Of Option Or Right Number Of Securities Called By Options Or Rights (in shares)     1,000,000 800,000 200,000
Class Of Option Or Right Exercise Price Of Options Or Rights (in dollars per share)     $ 1.00 $ 0.15  
Option Expiration Date     Dec. 21, 2015    
Proceeds From Issuance Of Warrants $ 10,000 $ 0 $ 10,000   $ 2,000
XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash Flows from Operating Activities    
Interest received $ 11 $ 0
Cash paid to suppliers (44,022) (10,323)
Net cash used in operating activities (44,011) (10,323)
Cash Flows from Investing Activities    
Proceeds from the sale of marketable securities 0 124,898
Dividends received 0 290
Net cash provided by investing activities 0 125,188
Cash Flows from Financing Activities    
Proceeds from issuance of warrants 10,000 0
Net cash provided by financing activities 10,000  
Net (decrease) increase in cash and cash equivalents (34,011) 114,865
Cash and cash equivalents, beginning of the period 355,518 216,384
Cash and cash equivalents, end of the period 321,507 331,249
Reconciliation of net loss to net cash used in operating activities:    
Net loss (26,316) (15,785)
Depreciation 163 0
Realized gains from the sale of marketable securities 0 (3,285)
Change in unrealized gains from investment in marketable securities 0 2,087
Dividends received 0 (290)
Increase in prepaid expenses (6,125) 0
(Decrease) increase in accrued liabilities (11,733) 6,950
Net cash used in operating activities (44,011) (10,323)
Cash paid for interest 0 0
Cash paid for income taxes $ 0 $ 0
XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2013
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.
ZIP 29 0001206774-13-001760-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001206774-13-001760-xbrl.zip M4$L#!!0````(`"]8IT*__#ZZF!H``$_-```1`!P`;6=H;"TR,#$S,#,S,2YX M;6Q55`D``TH7B5%*%XE1=7@+``$$)0X```0Y`0``[%U[<^(XMO]_J^8[:'.G MIV:K`O@1"$D_MLBK.[O=22:=GD?=>ZM+L05HVU@>V4["WJK][/<"1.R9#+ORW.V;=V"',=X3+_=[;G2\W9[7V MSM_???>7-W^MUP]C_I(_]3ED9#DYP2!J1`<3!""%V>2NW2X2S[1(3'L7:*P M&7N'EGUHF^3J4T+PX59Z_!#_3X`O?G@XZ/6]MSO]*`H.&XW[^_OZ0,@>]7M2 MQ$%?>,@F1]0=,5"]-6S;W$EJ>MS_EJN)K=:A-I0T[`:^OH5NI\7QK>@0:4CA<<:7>I$-?80>-2G(.OA&7Q/ M&W)$[$=RF&=;R)QZ3]PUDID7E\%!6/`CFC/+PI MJ!"'M1ZEP:A.EX:W2K+)BX)>/'AS].?7CQFECB,Y1VW@[0Z:,IK!8:@4_)IU MB3*+PT2GYAM/(Y`B8#+B+,R:J6H@&@90.^2#P!L]ZTO6?;N#GJ*6.H'Z0^CN M-%+W=BS\B#U$Y#-S(O12.6?C)"\YV$)2\*O]Z?2K;=8^40DM&M;.N#0X01X- MQ]^YBT_`)4JB^IKO6BJEX_-_[KPSP.C-EF6U[3>-RY9@^C9],B;9R/%H"::9V\PTMG=6K;I@2::P8/QVRIX8)FU$^8H'GP]85T&8X![+`8!\T.*5MN1$L9] MAM.07V#R<>Z[_(Z[,?5.'QPOQHG`YSZ53$UEKN@0RX4=W[T28219Q*6J>00S MJ"Z/PJ/A#8\\=MD=-]-YX.'7XSYGW=,'YL01OX/77>XP^8D-;IE\',$DZLAZ MB#9]X`))&'^YPR.-A;@F4=B/C*9DNKR:&7K%/K%W3X+=[NU"IU?M;"W:G8_ MP31[V54+^W&6>NROGR-H%37B]/<8>H1:+7REG\I.Q6`@_,^1<+X]#^N5+Q*8=0ZP3/@P5[--C:_4F-N+P_, MQUNM>ID[/?,UGBGW]B+21Q+IIKUU:2M]F=W^::SW1=1_&JM^B4O^P';\(MRM MLUQ,U?OB\ZD\/7S^W5_._V/^S]G/5Q_8`SMIMO;;OUVSW_F[7[^<_P'9ONLU33/SCZ\-@_??FB^??^F M]?Z@=9[+`XR1,FI4B*OLP,SD^8#1,);L7<(A]3(%G[Y+OV,;!2U^^7PRU5R2 MD7L([Y9O[2NP\:O:#1BUJU;YV;M,X8MX@-GB0JY(>JH^/CQAOAAPOZC9L@S* M-='(HY_?\R#.=#A/%E\MXB/JT:FGS">G8F]T$'C"3* M>8WYI3,W##Y=7K_O7)#WUY=?KLB'RX\GYQ?OR?'EF\:L9A'+^-TQP)'4._== M]O!/-BQ',^MA9C:5TCE6^=31&0\=ZOW&J#S5"SOE2-6TQ]9T9C65[](9]Y@\ MAL<](4MVZ/.`>E")7+-`R`@/-Z!OH_XPV[]@"TRWF:D]" MO%+>?BEU&P\C><2YIB;I:'W41<[@65B.UD\3-*::*::#>K\$%?Q_$9U1,TAE M%$33L-_Q7?R#0_P=]=3H'AU3*8>@!#]3+R[FY'0F\5C]<`":U#W3VCMXTUB* M;L5`1QF5G`5A*&TW+:+961=@)0Q:% MQY7)LDL0OM)'G897'E4"00L,<(RX8)5; MT6Q*U2`J)1*SO7_PF*#*6E!;JQNQC65(E+<*VK?:ZI$K:0-/:G]NK MCYS>@]&K2>`CYH<^]MSN1C)D^A+DVK5E\WP2M61R>0PN&5YW/J2*WJN;H M^2G0)(&UZ)?2XPW2+Z7%Y>EGPN;*`B2(S#,#^"2%U:F7<]-V\\#)K193K1)CN8A@OV79K?9382PEU^;^_CH8)W<5.HX3 M#V(/KY$X85W<4*A`UK4F!-)M(S-O6$RV2I"EA%UK0EAA&,VG`EE*V@!R'YFY M*D@E?[QCA"NMACP>O)564):!EX^8KJB\E$KA7#6%OV)2[2^N(N),\D$& MK@7Q6MTP9X5LLP!4#;E8[%L-N5@5'@FRWF7NQ%%?2/YOYBZM$(4[VZ:A_IL% M`5E:JJT'+3'F?P(>7 MH%XIV+6\]V.#73X!M+("71G:9^JQ\)K=,3]FLW:D)Z_'++GS,='T>E1+[[?,H:HOH?8@ M`.FX`^ZKO%:\$R?)+5F[[^:^M9_9>%E`KEID\_ECM6QK?R5DY^KJ8(SUSWU' M#-@Y$`=MPN2"$Y7Y[!>[I&7X9AUDY%>"8/7X%N18F"O#`PV\9M1#-WHIO_@R M^?R>4!;!Q^:5->#[N6#Q8\DV*@=]%C M*'T9X-D`+OSPB'6%9+K<#7U@X>D#&(*0T":5P_.(#4+,,H.:4G@>5$V%O;:, M:F9SO]W,:M7&L&X/2Q;L^8"/RJ8R/2I+H'KB^Y);J*H0J`9%:6,JC6(> MRZ&$OL_K"H\Z"+\319+?QA&]]=B-V!IC607F5C"B:A-9EQ'I$GX:V!W1D#MJ MJ//B:$8P,E>T,V/,6C[(7$"X6HQEX^#5,?[">*\/SSIW()D>NXAQ1^2RJZIE M)N;KL;?Y.;S MF4O1W!#.\I/=E8`F]SO>B,]Q$'BTVJ:[?9"6R@@O3'`RP3G*V#-C2AA&.-O@5UV?Z%X@?",HQM5#+)3 ME-;$M'5W2<^X''W^H#JQ4_MGXM>,N[?G^K?'8]=2\[55Q3C#@!/.5.HV)C"6 MI[SXD+$^\@YQKF2@%:!=ZF\%BZA[[59V.V4)XAL$O6!J9>>G5JN"!OF,EQ;6 M9V5^]2;7^#I4%^YX9)=*JJ-:::*O\00(5T^,?0JT*R23EA7]B?HI4:Y&GBIG M'MEVUZ"WP*5FSVC/H@@M?6-JL6\<$%Q/[**LW7/;RIIW&9(;@%AZVKHLOJ)M MI_$>8`7QNV6T,SNS"\A5BZPTTY9`-3FNG/L3P1:RONH=XQ(D-X%QF;V7=1'F MK\&H>'MJ+JV*<T!=-_G^0R]Z_=U?%'F9^>P2F`7W?,#!NM&.)OQVQWRU`UCN)0W>[NB_ MJC[6Z$+/4NSXN=:E`^X-#TG$!^`X?79/I!A0'\"%,+W&+`.L>B$B1NPZMM#` M:FESC$DI^H(/@]7^U+JJHFVP`$*Y5*4)54F_`G6&C M]6/>*>IZXQU5T0GL4;P57[8[`(T5%!"G2 M`'KX`)XT8MZ0?&_66P2X[:EF)`]QUM<%=JL6QIT$P,#C;%?3KGAJ\0,OLP2V MW%/I`BM#55O'XQHA5F80#^%%[20&YZ]8U%,YWJH`(.O&$;A?;%2YTX3EKII9 MJ>+Z=G-RWP<.A['35[0!RKV(/1=X#R3<&*;C4+O`+V6,T^5W%2OCU12]%1N* M)>Z'1"02Z27:(;';EF*WW;:13\@*E>D"HQQ)3A&`HK@,E=B/X6$,42Z*&A0G M*9_H46H6YOYKA``*D88Q&3F21)`A&=`ALM7C`X[94;Q+DAM-^!V$T7W%79@)^1J3*8 MG%3GS`#6'237A*VMTFP9V_!I71E6QSO/(M\SA#ITTC54:R4'AQ M.D;"$_#M,'A'F#%X#P,WN)4(I@?@D"D^!Y<*`P!U[^`](PS&:P"'`S"8Q'A& M`G,>%2;-'R:?0I1_+!6:G,*AK'HQQ5B4*049#=#B%@CKA'A\]$G('HR@J$%* M(>YPH(U(-H#YV8U^3<&`2R",APU7%733.+C=^SK_2 M!\>/YSWHSM:S!%1"WW[UNI+!MEDT:ZI.W=<=B-42:"+BC'R"A%D"0Y;Q/QRRYA*L4?`W+P<)1<"/]WB'CPM[_R*D4Z/8@ST#WM M8L`HV>TP!ZBG?+"+?O*33/``2@B(5.T?L6QF04$WFEE5^!O6#&()41",LVW# MV#4,@^A]@WE!EU[/3J!27!$@[(%)AT,K@80N8^7OC;K9Q/!(-XB/LO6P1QS" MWV06@6X3HZM1]81VADY(?H\%=C<)O"]OCHG.,LB9)T?FUER(VX$TUM!C"@K-/J.%XJ\2A1:/M>[!)3< M:_>>LYLXP*\FVLZ*]O.]68=Z8U.!YJ;\#"Y1L`>]7J$6[[XW%;G4CN[UXII. MYX>RJ&8P38?I5[*;H,T&J+DPP5ZZ>]9JG8.:UP+X&I'3.CD1'O5W$R\Y2@R> MZ26G.FPA@CHY$E$_13IMK6-O'/6EB'O]*=GN+V&3(S)5&&71#+3T/')T[D7O MS*;;3=D]VTKVA^VF=;"7''N936J$YMB#T/"RJWWGI;S&">OH=.`H\>L8?[G- M/1HF+C8I-^^2?6MK,M@79OP7\K&=7/NS/I,VSNKM.2RP&JM'=^&]\+K*@QG% M[N%Q6'V:3*^N<#:8OON#N8WY%\&9S3E,GL^>S7!V>S1W+<[B3&M]SNKGISCI M5YV?^=N56W<>:P;S\!W M:J2EKHJ>^%&GIT&ZPH\_+0\T4W2C/\>U$LU59+4NS?5^T>-9.FVX= M-.L-"17`U,X)KPLAD8OZ^`.^">U"#U''==5DEUV$0: MI+EZ&N0L..MN>2@)XTI-5L8;3('8]GS%/VUJQD9S,)-MZO=2Q`'Y(#QU:.18 MU,F/F;V3Y'DV)5/([.9*P7*HVF'!=5G,`M3IFWIM]D+^W,7ET0&3WI!\'/I.7R?644?M M064J3N[\X)8(YML-!'180`D/8ZBX#AWJ=>AD+9AB:BP!=E#BXFV\>$??)$L_!]RO07@T MR2[,/@DSR[5J,T@FBZ/$LIN[UL%>`F2S.2G;[J>>WJ9!=RZ="'<>B)VJ3J*" M#LX>725-,;J_4>?CXK,T>WD(FAO&4B4DZ]T]G0O%(V72L:_F#H\FO1(!<4BF6DT\.AV(60 MZ!A\C='6VU>W8]"!OHT%*:!T\`BD%[N) MR";*.JJ#8/X#'J(F*+"C^OF4]=&.FB]4JKK>B4)I,9T%,LX:5@GG,V&].(2G M=0@H5.HDPQ>J"1AP[/+DODP7#SF[1:<=0IV6>(L'(@(\$ZWS-E1;TE7>X9Z# M#>#W6*6/80H#-!)X@$:?#8"!'=^S(!G^I\U/*16.F'R0`<%]'->3TQ&@QXH0 M5L;3$3).$NO!!9U!,8A/:C^I8AT9<0=\4QNMZIKU5*X[[LC6?JV3CL(-,+VA M,J(A<87*Z./:8O`81NI')NEWA8B@*,.-9M!^Y,3ML(*>HU0\%A6>-@G5'K;: MCX5A.7$5(%[:2_)B$"\=GYXC/X(X(6I0>*"H#N+0CF.IT_=QU0#"S[\15=!5 MB3@^F'D84GUL`(^F4"Y1W*.@(Z,%":-<<$LCAPTE8R\*1[Y/GP^`Z4?4!T_A MHR/*;S:K769D>TH95!A:=KFCSR4D$DC;5?OV2;(N#$;,B9*S/5A('4-@^JSS M:*\[):3=F=;\LI>?JXA04/SJY"C0\T9@P(SO4W`']!CT":0U4 M*=0RV9-!6K7KBA2BNMM%+W4.T]H:9!"P$11V'_?>?-AV-PU8+:778E+DC8 M)G;P>#SS_&;L.Q8)^6]G''@C44%!B;?1J#Z3<'HZDK%'.B6-N)B3C#1^&F;C M!\TD"*O_(_9Q+JQC_$^'?$;3G`WSG-E$OP6`7&R*OVA33&GKJ6F]!%N6U-&0 M%HB5)BD0'(,K0S[:%$AW+^%GL]]A7*NG3&\4LWV)-"1I_%G9UFQO:F(YT>D< MY@:Y$+L4:OV@71PF*=&,O*])^XK[TZ"*!L-TKQ";JH]"3XFL5A=9/8NL^H3N M=F@K2'SF7JLQFUP$S M1H,7I]16:A(])8T4-W^#^;":7.2")IQ7MOF>BS`;$7-[T0X;*^:PUWLS\E(N MSL@:YL>)$R;XM`+74<(JE0%7DFZT\'*[W..=/BL>F#YSL^Q,;IX M;86<`TH`#SD-V`=#;Q;F`(BRR:DJ%T4KJ/HZ"GSJ;!<`Z@^@$.<8W*IK3:*] M[092L7*^7C-$-T)8_A->D9S?S_2WCO.8ACL%Z'7Q-SV[A_E]R!)P+TD"OC4/ M`>P[[=R;=%/*\+L+EPLE^BE,AD3V6NRGKE9^61V,:TFA\D+"2WX$E(U'%\FSN10_64SP25]?`%!+ M`P04````"``O6*="I@H5'U4&``":10``%0`<`&UG:&PM,C`Q,S`S,S%?8V%L M+GAM;%54"0`#2A>)44H7B5%U>`L``00E#@``!#D!``#E7%MSVCH0?C\S_0\^ M]+7&7'HNR33MD%N'F:1A@/3TK2/L!71B2SZ2'*"__JR,*0&,K9!BG&3RD,3L M2KO?M]I=R4H^?)H&OG4/0E+.3BKU:JUB`7.Y1]GHI'+;O[3_KGSZ^.:W#[_; M]K?3[I5USMTH`*:L:Y094O"L"55CZ^*'?>%1Q87U=3Z6A4-5&]4C:S"SSHDB M?4'<.VGA!Y>">F3VSKHF,ZO6?&-^M6Y]JR;3VA3]G=@$BP MT$`F3RICI<)CQYE,)M7I0/A5+D9.HU9K.@O!RESR>"KIBO2DN9"M.]^NKWKN M&`)B4R858>Y22P^3IE<_.CIRXD]15-)C&>M?<9>H&+)R%FZT=V MO6$WZ]6I]"H:`\%]Z,+0BJ<_5K,03BJ2!J&OS8Z?C04,3RK!:.S;&L=:&$#)BJ4'NNVV5ZP-T`["1H)'X9C[FG"75UT>.%K861W`T=:XQ'L0JF"I@'WL(N/<;.L\7T+"7PR`#^>]GNZG%.PE6=$ MCEO,T]\N_HOH/?'1"ME29T2(&<+YE?@19%AOIK].=$NL.DB$NY@#?]Q@>36^ M$PE'1D$0CV93!<%"?RAXD`7P8EZ^BQ\6%QX(3&B8SR*)1O)0&T#\BC4!.AHK M_*AP"CL"0D*]BVD(3$+B)_KRA3,W-_H,E,M/G@D""7.-,C$W=RXW-Z!=!\9_ M&_!K[)BMCF+7!@]!J%D'"X&."+VV0]UH?('L59&A5EHVLITU6P!%DG-%R8#Z M5%$P*),IPL5:VW)=$8&W:8=IJC4541S5JY^9CFJ1A.7#6CE(_OOEM^?6$4]^>PF6B M]Y'R9GB#.\QX@IV.?[>,M.]SX"W3%GS:TV9H$%QQ*2\Q6LXX4Y1%:.G2HE,8 M<@%SN3Z9@KR8*D&0?5F/^""[ M<`\L@NP#G'7)@YYA%D#\1A991ZJ,!]>?@2$`/J;'EA=01J72<-Q# MYFNC.Q?)_`IB%\]_F]VC3SHOSZ%8>(ENG--[ZF'*STQL^=JO+0Z,$#7;H10; M"IBCND!\^@.\&W'+1/+S9^S9-8`WK"^(KNH]<".1=WBWPV"O+5!VP=ML>U2V MG@HE_$B[TN$B9E8I00>1(@,?^GP/[=1.$QYPH[)?"#:!RS:-5Q8A*9`9]C#;ML&_:`.L;XA<^GSRY/WO;ZW:;&U_KP,X^[V7@?X+)]X0Q(3^/TI-_^H?Y3Z*^3755T?Z.G0) MWW^6FN_-/PE\%.?_S,$'_X/4$L#!!0````(`"]8 MIT)\$G#D7!$``/02`0`5`!P`;6=H;"TR,#$S,#,S,5]D968N>&UL550)``-* M%XE12A>)475X"P`!!"4.```$.0$``.U=W7/B.!)_OZK['[CLZQ("[.QNIG9N MBPG)5NJ20!%F=^_))6P!VC$V)]D)[%]_DHP!8UN6C8WD*=<\#`%]=/=/'ZU6 MM_J77SWUSU8*.Z5K(67RZ^C)]:/]\]>N___F/7_[5;O_Y M>?+4&KJFOX*.UWJF9>8(6JUWY"U;]W^W[RWDN;CU>]!6BS9UW;N^;,++`]OO6,]BV;OK?MWHWW7[KYH>/O?['?KWG;XK[0H01\)K__DFL#C(LNDJY5: M@OW5#HNUV5?M;J_=[UYOB+6GBY:QO'TWQPU\Z`0_7C%Q`6QBUX83.&_M/GZ9 M/,:K(-GK8%Y\"WO1)IB[==$J7N"B"G&D*#IL^BDS?17L'5#.(RB8RT M>PZ%2TH,-OT9;.\9+Y'.I-;/H=9QO4&I4V;7(*>!8]XZ'O.VC,W?QBB]15ZU3[AA5*TH1E>F^ZJP]D4 MMGUR6$'BE"7+2!,ZFYZI+BPCJGJ]L4PJ"XR'V!A@HO-<\^MH MS2<8_?,/@#&58HRUC+%;O&7.)U6`D(-8R2?:381=6@S2E M-2/]V4R/=G'BYLDWSCD@,[Y[^J2]`&!-=]%NKP-MCX3?,-GTVC?=G>+\W>YK M8S\?*9/PD7XD82\VF$&;]VVD%S9N`F&IH'@*9H>9(:*6%S2ZI[`.<)1FJKV$ MK>T4F5PG@SEV5Q+B"KMT,XAMN9B.W$]7M(9/*"4N'[1\V'/EZ*/I.AX=B/U@R MX#NA/Q7%BP.RH^N+0];0Y#:)8>1,E@1*6AVC7P4P::=%`2JGTDX!1\#'MPJ0 M,3P^OU<&5-0`4252>X9*1HQ`\WKAOG4LB`*PZ(=3C.A71K!33^`"$8_I#"]@ ME;3YI!4U?J@$B23#1;&-2$!X*/&N$I'?4;HQL!^IPK7Y#]P*97Y2UOA0&Z'' M*0^EWKNPU.]\S,[?#XC0X_=_(<#WCC6DK*0(/JVX\6,-9"\@/A1_7\F@?T`V MQ'>4DH6+Q4,^4M+XJ09"3Z8[E/SP45C=L:X"#%1@C.CQ<&)[1#3&FS M*3`<%S&Z-S60^"G%H7!_NK!P!Y0(BQ'R8(.T01XI8W0KL5"4+-X8R:%\?U8T M>,>0GAJ&@XQT@/Y7ZK2.Z!SA20]4"_2[+N",L;W6JL"-7( M/Y'\P\%(*0A,<96'8%_:Z-;A3"H@?B_^E(-I)VK"K]:H'[UO;:SXC16__E;\ M`2%T,`]FS!ID>@*0H@6KL=N7N*ZDDEVVI:NXZ-D5_L"QV'_L\O(-V.S.?.#= M`8RW=.GY'=B^:-I(U:_(CB\'5%SXR2#)#% M=:N&N(O>W8 M!H$K!)W<:[9POT#Q!$FOIM3F+#\UA`R4;7<^=U)DS@:E-N=\TZ`",W-Q\3XA M,$,V%1@DH6-2U%LI6^V2;4)[DW4!AO19R`:F295SZXCVG'N^7`-*[=UY@$F9 M@;),:J/'Q4F5FXKA9JO47'X^8,DE?*.94BT(2%]IH"T=W_)FVN9.B1E>MGUH!-))8T$`V0].G=@C3Q@'Q$MTL8S*QM=M;YM!?"28TH?E6+"`G(<:-T#[-"]D]#3 M@[_R;7J2M(94Z"82;5#9E8VN6D>Y`@C*,:6S:I%+I3"Z:FT6!1!*9D(?K2%+ M/SK#T&1TZVV6+D9_'[2\3.A.*VH?Z"O-ACXFN"12Q7%[DC6U MCPR6YT,?<]N1);?`PBA16_O0XGR\Z&.6BP6'2JV'@EJU\?82\Z"/O2UG^+), M->V#ER69R`A=OJBQ)^6!QL:^T]AWO@'[#K`AF<`WZ/A0["!_4K(VP5AQNO4Y MMOP&';J>V`/'&E@K*D9VG^2A-[B+;Q&@D5%3:016'G2R^=#GY/+B.FZP_CN+ MX#'3'942SFV9=6MC'9#A1)_SRZ/S!@EWF0QH?:1K,=4VF'?X$+TABRH&`M0D M:BLU$4AAD0RC'&O:V.CHRCV!P&8Z_`A_"64?I`I1(X//N4W(,:_AG.70R/GI:^WU"14`:0`_"6 M+V4L"H36I!*WN0"#<2Z<]97UJM3:<=9J4:5(]-GB]_3O)/.9JB=SH5-@2HW: M&$O2Z=?'E)4]^F@)VV<+V=C%7-B>A]',]]@9;>I6L`(4Z;`VQIG*V-?']A:Z MNX:F6Y9KP>2ZC^U[0@MI1DW]7[/+P4C9+P@6Q^L/B!9+2M7@C0[!!7SQF1QV MJ3Z.3(?R,!9K4/_'],[GK^R7#1N'U,8AM7%(O=P=Q2%+4W-%T5Q1U/^*X@5Z M;$B/L2K<)H<6/ M'`G&2#*!)D1O&@E\J;/C)3GM90%MS;.EKE8TL>VF4)V M:Y)]$UGDF3/#:"YSUR5;5>V-1"%11V'+P:@^>^`1N445G/@FK_+*H0PD9;G4 M?H=,X+J4I53I!4*9".=B6?L=]`$YP#%+VD$%C=7G:J$8;_I<.$;.583X+,9[ M-`^S.LN>0&,5U=X>%`1%XN29R*@VFZT\WZ7,5OWS_Q3C29^[V^27^X,<.H^. MB2$@<`B#_P60YFE&_Z1"1;G2YXKW,JDIM$].E)L=?>YK!]9??N!32J8N5=A= MNHS8S.G^X%`R=HW$W,DF:F(^[(3[YVU<1]X$>_-AW)J'U&L#)34 M'3S*N39*UQ"N,301]Q830'=<3.WCB1=&[I1Q?6P:SP!_A=R1[V`[FYSXC0L0 ME:FN]A'&"R,M*Q!]S!Q)<0*'&'<)62A4YA4]&3PZ)P87C/\ M8Z3J&SV5]JL+PR\M$7VL7G&2H^G6BI-8LK13Q:(/H:7,@5TH>.ZT5.:8O2R(ZILP>EC,`I]UECR`.$:PH7"\%)?T>73_-._8<4?XELJ\%%91&%:1. MB61L4CG0!I24='Z9V`CK*8WKR0E1%B/Z7-,>/:";"4^LK-(0NIR0)!&OSUUI M]"WW3"22BBN-1LT)1@K]^EQDGIL>LB[/=B62KL_JE.<]\_H^8BYZN5S]TA2Y M-DC9V'8.^\R#7QAXEKNM^L2J%&)-GP5/AGP^3F>`0(LM]/0$PMW.)I"N&P1Y M\!7B-V3"P$>VUD-*=Z&*'<\"'$,@LC.EKFR*1KU,`T79\]V+@88^28:&U#,F0'3YM,X<9O M$I,V-O-OQ&9.%>!@0Q[ZF`UWOG(&*MD+?.<_B8>:3`.U>?U)FITR#@DI+U4$ MG85FKF,R$G#(J*%]!HML^O4Y"C3^!HV_0>-O(*-?'?D-';0FKU&;&K7IVU"; MACO[+1WA`T*@1]CY,CA&V+;[SIYQ$"`G4;LV"I,<+Q5J2U1/,-D9;@%'\SM_ MY=L\\=7=DBY.D#PZHW<'8K)$ZS3=2;9^/32I'-PT>E6C5S5Z5;WTJKCO)C-; ML3/KB!-%Z)_AZT&-XM4H7M^LXG5L_!^P\;[@U/Z!O.6C8[$043KF[S>[]#IA M8A9HA8\%TWDR=HF'H80#O(!$55LJE[[WAT1<_<;7.V5)'B*KT+JP0_>3CF%V`SBHR^)AZ]W\!P MTL^-^&Z)X/Q^`TV?'1='\SDR(Z.W>FP1V+O22 M:RGU-2X7O50&]?'R>P9_N7A*>R&C^1#.6.J1X&QW>.DH0P65;*$:+_]*-$9Y MCFJ%8^:N+-V&ZO"G'``51EB_X*@+0ZR)RG5)K/73C8[,:YE[:JRL4D_X7%,L MS7P49T@C9*H(^*W$;5Y!P*].3O3E!)56Y`Q?4LCO;1I,J3_:ID MG/3;DG97/)G;4:2[?BO[,]B@E;_*!"!23FTV MCM.1G'8$/"%8'Y%3D4F)_+BUR,W!-S">FF8TU= MOOFD^=Z):ZG-02'MTQDIXRPLDUD6>E[@ M.#-88+B_D9Q279;,(1XL`D^:9$1RMJ,V_X,\/@78JC`/\"'":XR1";\XM*,$ MLM)`DJRN-D>#?."5/#=E!$Y+;1Y!]%U>7/*TH3:#0L&-)9NE,A[#EYLT=,GE M1$E.DK"XVO0%12?%,?7ZO#:?$JC*WSDX(VXW6E]MQH$2XG;C[)3Q:GO*))E` MM)KYF'":1_,GN&`.2#Q716IJ>5$=M:_S2T^7+!;$F?#8O[.D?F<#0D;SX(YJ MA"=HL?3V*^?^GNL.V#9[T7_G)K\KEPK+68WJ_[Q[.3R6\A)\#E3O-U331R18 ME+<68RQ/6@5'$:#[NC<1Y@[:PT%1_^DLD:O%@?.--+WHE5_ MW[H;&[M+E,S)'88,">9222T;/=W/K"4RNA\0ZB]1Q(GF!7AG9*COZ7[,E>=C MCY;ZI\$.WNHI7NZ?MS&']L$[P-8#0)CKO`/*XBI8_2>(?'V@Q\0PDR'G?K\>I7P^[O+(EILY&U5#+QH[T9? M=TO3A86Q'WS)1JN+#[[8@[=QCF=Y.)Y"O.IFC;E*.C7Z=4D\6:T,]B,L)8]E MPK,B'48FZXW^\7]02P,$%`````@`+UBG0JX@?C,-(P``V_X!`!4`'`!M9VAL M+3(P,3,P,S,Q7VQA8BYX;6Q55`D``TH7B5%*%XE1=7@+``$$)0X```0Y`0`` MW5UMC]RXD?Y^P/T'GN^`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`+)^AD/Z]N2#ZI/J;O&P_KTR#FBK%E; M3N..//8@FT?8SQ_I]VN2X<<,1P%S?^*WC%/ARX4/9',`GYIBO]98R":#.*GK MN;O?AF=L;CM_EWM<]IM?B_ES'E&SSTCVM(@V<;+CD\E\G69TFLR*AKCHO/E? M]7G?_%@H79,QP6E\2'QLI+#H][HPWMI`&#:Y4DX62^#H[,O=BQ_+^,&+`B08 M4843_5+P_OV/XOOCJ4.CG'5<@OU;T2K(/\T_!*O6ZZ8R\Z1N&%[B%Q+1'WNT MR2G>^#$-R_;960U]FR3>F5I"(4ILVA%OM(V\&C)MO'3-M2D")VK\W[W!85:& M4LP=?'=V_K8(P?)?_TIGT@PSJ5;>^N@N*]8O(00P=:F(3:B4!.@73@)NON-) M"H%B]=`7D%6.NP5\WODX\FCL-W\DJ0Y,:_0VT-H06`J%&2HHJ:NFM/;1.YKD M5M#S[\I/ M%]F*#V^!0NK`FX@P17"*_=?W\<.;`!,!7OI#$[/T5[^*B/T6WQ,6J$?99V_7 M%2U+20'PJA"S.?3Y>NI(AQ@A-%I'%Q@"JWU@*)#:@X1I<7I)+2/QPD44X,?_ MQ4]*H#9I09':%E0R\CDAXI2(DMH#ZW@RP^)5`HHV8+L1,15B+P])0C_X@:2^ M%_X->\EU%%Q1[RX!K90<"+<*<9LPR$F1H$6,&%%J=B9IQ==.)#H4BON`4@5R M#TJF];X?2(B32_JU^SA1^]XZ):CG;0HI\6&<#!5T]ISN*.+"^MM.&+2];1<& MIL+G*O%8=L7=TVX=M_H[%[Y.`X3)IF#-X)B$4\CH'N(JYKM&= M.!:-=[LXNLMB_[>[K4='9WG(6/X+$T,=F*H88:-4M0JR\(]S(IZ8&1VR6P%`GY-DX."$YN$\%CRPZ-9"E8NM`L0PH,HMG>ESZ>C]16 MT%P5M@\/?$O2$22/([<=%+<`(L=P$QT6L@66FP\D\B*?4(N*4]*3N6S$;B.C M0*V._,!^N4$E(RHX+>8OCZ98;*B8E>P$#1!*\Q7Z$0AG5?,TQ5FJ83\-0D!+ M:8G86H1Q`@>@WR_IW=WUZLXF@+O'NPG5SL&&`^6EEV[G4<#^N?[G@3QX(;6: M=)Y=>DGR1*+[G[WPH,I3U^,'A+"N0JTC6,K`+S_P'RJL,S3/4,&-.+LMT)^L MF\]^P$?6T17)*O?V)E%CQM?7=-[*MCA?I(RNQ+YU:1)N1&9HC>])%#&LY5KN MI]3R>)T54D=\',.QM6M>#02`(0O4;4XT1CZ\.?^8.'"X:>DFP7N/!->/>QRE M.$\OH6)^ICTB_D,Q)VDP`TY(6JHT,98SH9S+UH1SDNQ8<%E9>)OCJ&D7VB"" M7D!<]N*_3@>^?+B4(D/\?89R"KMK![F8O(0`RD<9>9S:3J0TAJ3P2YY+M65U MP1-R9HEIR)$]W=".Y'>#Z:2W9UL%G[%Z3E&P@["Y89 MHDSVIA8C137OA`SR.]$PC\S"&=,NS.%%+':W]J,!0- M?BY03P+@T/](O#4)249P2JV0)Z)MXS#`2ST[,V2H:DMS`'#DJ+3)4L:(J0ET]&P M&?AD@'BW(]F.'P!%P64<922ZQY&O-AX5%^3!OU+XUB'>D5J<^E?IK9WOFZFP M_/1IL?IT_7EUA^:?K]#E\O-J\?FGZ\^7EM<]&C!JG4+V8@@R^W'`KH`;^P!& MJ^0J<;'LGV=90M:'C!4?1*L8W7@\\K"_&V"FV9_GM]=_7GZ\NKZ]^QVZ_K\O MB]7?[*8RFB[]'5KLW]"V,`W>Q`9$7SY8%S7L87N'L!TGU(*JN%W+"6=HD:9T MY6CQL-U(]E3(_E_GK\_?HKV7H`>AQ=O9^?DY^Q]*Q:5A[Y!MXX3\"P&AG,_MK'#4NRH2O"R]D#U782_4:1Z%KCBR9-L#I'S+? MU9'O(7%NYRK.^F[W[_?O9 M^>]_;]^]GC9`#CC64Q5PR*6>JHH[SE3FG;K6&/);24:5UG%,R(<:%%A'*^6:UJC+6SJE.5(KE99Z1Z,P7 M?);R+QQ7PL#;C@(R(@&94\YX8DW=\=7Z+K!U?*KK_^#\^2W./!+AX-I+&(S2 MN>\?=H>0O4QUA3?$)ZJ-.0UF0'^NI4H3@`43*KC0RPH?RAE?V7+G@W2J*A`( M*CM^W%GI#1SXE*ARRG]/JZ@[[EO?XS7=M[:[LWF>8G2.8O?\I.?ED=RB#O M0$IWYK@#J4JZ"K12@[@:[CA$4)5<2HR7F;NFP9SP9N]E'`7LOF^0N\&[+<99 M*B;S+:-`'U@J^96NW]Z9R["(V1X$>_U%KXN^T7?9^_EEHO_$ZC MIKT7?@?87.VA7W.#LY4\0V5:)KPV6S>R<`:IEY\?ER?'Z"6)4!"'H9>DK-Z-F(];^W7V$B/Z M<*G.E>@!I2UC$P\,S,L3>FTC:S%:,ZX.%7J-*G\HXLCDAB$9J9(;4"O)PAV+ MD8%+;2D29-FU$/7[,+J?]**SE1<=HQ((YCI M?+W+?E`V2`D7PS$-*"DLPGH@9OA*GQ:;35M0ARQ=QC";-/K*<#+`&$[4@D\@ MPDJL)>,,TTD[DH0\5!U[>)S*9!E?.7>R5TS>AC3P;'#>>1'Y\0Z7CTAH7/^5 M<0#Z9+G033`)2G1\!L3^]=Y)A(?$?`]DFG!7XP4P-\L+<7J+'W!TP.H"J$U* MR*RLEI#M%#_^1ZL%3;6EM%0F9;A\H+D_W8!L)?YTHA'.;G["$4Z\J-]>E(;^L6CV,<3HH?OF0 MQCW;.+*F`*3ST;3JIC/2,VDXY_0YCEBU:8_5T!&!1BZ)1B#;SPOHH'04:<*J MRH/R8/%ESO;*@4AWB$[+;(L31#CU]S8-1!M931/1A17D&N\!I[SBE)!G$668 M#CNK$GI%'DB`(]6>M`XWZ-I/1YGV4JK@R@UEA@I&/L,7K/86A<.TJJ@0Y'26 MIO4I-8!=W6H;2WNEJVLI@!,DSFZQ%[*=_V7R)4KRGW_R2/0Q3M-EM$H\MO%T MA_U#TE<[=$!CD%/H$%5;J`B+454'$?I!=[$"19T*^\1I]>/-#*.$RJX MESPM,KQ+6?EZRDD[.>1QM)A)>X\EIODJ^-'&5)TG.6'(YS3V173\)#I^$XF/ M%HM,_MD9JGT8\2_/4/W;991M][0%JC]9]$#R/@UYGZY%Q^6_S%C[MN)SZ(Y@ M':"C/_S9U:2^J?O\:TK'!.W:J8SYEL8%CO!&69-&Q@'N4KN$EKA#2EKL\:.7 M.;6U+!=CZ:W[&!U9;Y+X@:04_.CE.N]@1(W`,3\A!7JWC9!T@A^!\[]%*:KBVL&%EQ*?;_^&ATR9^=_'">@1^Y5HO5A< M5!LK;\G,$.?*SU8XGRWG9*Y.N7@I;\;,T+I4)Q!\#EZAT41?T_;TH`=G1'_! MY'Y+/SRG`^S=X\^'W1HGRPV7K9(JJV];`QL$-+G!*C>A6S2$\I:0:`HM-QT7 M01TRTM$ZX*Z5UR^S7:0-1+S3.#EYM)+MQ_"^&NJ]>J4 M@@VT;J)2_'8%Q2)YFYH@8T"+Z)`S^F9$'Q? M),#!Q=.7%`>+:%ED$LW]C#R(TYNKVA6C<106S:"+)_22M417 MPZ]0V1@ZMN:`S8VB>L7XF"%TZFKYL',@E#L..X?A&++,2.QC'/!E:T>^3WJ+ M?4P>>DKR:#8!6GA$6ZV.K5W.*K:X.K/L4E3PVZM%,EB_4J-$H@-L"1(S^+5K MD1AA#]"NO"?^1.HJOCOL]R'!B2HQK8L:TEHZA6T91D[%-G!+.FL&H"4RGVK8 M\RTHBU$ZOLQF*5!CR@QJI'(LM^Q1"F070]%10E`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`)/7G._PF?')9HK<[FE_\4W%BNERE]RDWK%HU9<,2UR?*>$0%7< MUW24WY+F9NYS),TK7G2`LI!^5-/M-%VHGL\!K89:V]->1(T\5];E"A^JQP]; MJU1+H8[2H^)TX^55>>*QB%IIXXS;8@G10:I-F4!NYB6FTP"X[*>^S714\=0V M&)MNX";!K$!`_PNFO:Q6C;^EAJ;=YWR3O6.J%4B=H@Z=,_>Y#I.]93K8;SFB MQJG.:U0U['JP;G/O=UZ=MF[3;\U]/SG0P23>FH1]J7Q:[%;]5Z:]P.=[_,M)/E(3I\=K9CT36INE-K@8@\\U\PMV3PR@2^%C+)%UT*B4\5B04;SPU?U6$6S0U![S=G#4&G`+[^SA MM!>7=4H;[^J50LK?T\.I983VB=H$J6//T-5Q('U^K@8"*T\ZW&6Q_]LV#@.Z M=F:7#+(GL[<=%/QV'GE0*J1\[:'*^3LD>!U(>3]=M]A8-TM/0?2#4?$F1"\2 M+=B7D.,RWNWCB(5;\T>B6N2J^6S8DT2!UH-B`E!'.HHM2FG?9D:6WXI=J$`D MM0<%@B"+0.`-3A(<<-O\A-D#1PKX=Y*#%GSH%+==&R$G$UX5_2(HK8)%U=/M M.@C2;@:\GQSO=G&DAXLV+>1-XPY!6\$HIW$(#M+>;5TQE70MY/YQP/>&O)"% MPHOHTMN3S`M[0:'F`]WA52O0WK(MZ/D2ZVP1H9S%">AHC4=[1ZE_,.`@=8LS MCT0X*![*[,62A`$01%*1VSG>@A"5;[BZ`!IUCS?1HNQNP,=_ZR'25;RC4BE0 MTDT/^="O1."^:!;](DBMA>.C"P[Z2J\*)JVW>148`5Q_\J=2*V^(JM:<+5K( M=6:'H-TOQ,ZJ#^%:6U8Z(JZH24[7>DDVAL@77LBKNRE>V1U)Y.NH-[-M)(%! M5^HR=NQAS!K#R'1'D)K.0`F1JH\Z#>P4+?\$?>::R_%`8NK M<)3R._"WK-!72C)\AY,'XF-1%HME,]R+9).?O?"@NBLP^:<=\W8G=N,)SI%_ M^>R"?1I5O\VNSN=?1_GGB_I[%0'<=:8C]ZC8/N3M(;_2H,O^=T)0];AK`:KU M2*!RS;V/X?.&S`8C.#S`RLLJ2F)44#N0 MES"A"J#6V`NBEAWU(0C.`BX.*8EPFE[AU$_(GIGB/`KH3$O2Y>:&#G[QTML* M/V875)#?%)8QH#%`BQFD:FOC(&\$55KAI6-Y.RP)J-H2^H6UA7ACULP,0N_8 M0&](VQP.[Z;-#L8VX*8MH9/IAOAT,=;V,#KVJ]D`Y/:NKDJM4/C(B#JG#@<, MTXIRH-N:1H!L[76:H-%"IO852?TP3@\)U@@:55PV,K@[A9=G<7[RA4FW!K:G&`56ATSZ-H=N5$FJ* M6\>L4V<6,VS(-?M431#ZJ'5@\G-#6^>LM'?.'(1?R"M0S=M8G^-,9]KL802] M!-6C0N-Q8"8$40;V>I0.P-KWHS309=M*S"8R_3:LVXZ>0Y\;K%PULS'!^]#SQ>5XD3\\:>ZSB3N9?MPF534H M35JCUI,EH()[3FWWTNDV=7V+CL_ MDZ`^.4[X0:BX*O+:AMEJ6D-AIWJF`'F@4S[><(77V3P*1+!U?"%'ZZQ3NQ'0 MPQX#U=HG)B7S##%VOE&4!]W'%AQ8IEM6$_:@R!2L[6,C0Z1:L<1%E`MW?+&J M)6847.*$.9!5XK%[8?,TQ9GAAO9DG[1CY6-WF\)8^-LJA;E4'OEK6\[+.=M@ M%M]$^4>1^.HKUW8G+/4ET>Y+[_2^M.2O)C%IA7>;PIY/6"Y\\$C",_Z7FP\D MHHL\XH6+B'K:@SB.D,<81NQ0"PE]=9JX9YR(L[+4X9(95;@MQA16E0.+U@W! M6`O=S9`(%SUT"6,6#.BV`#BWZRO50F(G]AR;;BVI!SD#&L*R.:&981+P",#? MXN`04B=0F7)U3JJ5?)`;_CT*M':3R?XY"%E5HW451<5E:37<++%S&H('=B8IE6"SLK*"F8Y(L@&9+@;.$J M+YNZ\A[%XHJ%CGR/?!Z&\=>NPZZ*\CK<@+:AITSK[=.B\BU+/A=\,U1RHI+5 MEJW`:@5I.P;@:]J0/O).V!.XP71$H\R[IQ/7Y6%W".D''K!X5SM=1,NO$4[2 M+=G+-@6T^:%V!0P4:A6(+EE9A'5D1CDWVV\L^>V1/:U4-&)TS`>R*V)K<,%V14S-L;8M8FB+\#-PM3;)G)6ONN>Y/'\AV781 M!>P)ZX,77C_ZX8&%#/R`EEBH3IFYA&U#@C">>\P!'>D"R]>%J13,3> M13,]3S98$\E"K&"AVZ53]44<'42^_TT2TS9X>@'/B:#T[&E#WJ)8X19M6GZ4 MXOEUX[KHQEBC&VU$0[8<@2S$LN0%X#QP2PJFVBT.N<9L3EC%UU%&LJ?>:MJF M+0'Z.W,E6S%2A_-AC:!J*ZQLGFC'>H'NL32N^XFO+8VS7HTAO-?QB2 M`:],;@G>7#]B_\#"N.5F0WR<]#^ZHN""O`RI%+YU%Y!1HY(=I-KR>M.]L9,;5KH MRZ,-0;NOWPDB)X(B:>]V7JCKZ%HX(.3/+?2"H$X'"("F@,W!+Y[)<&'<.SNS M.>9=/0GX%B';`^P):8\TD"\.5@1K/3+(_F8YY!PJ'^BSA\W!;;UTV!A98-SU M/WQ9H8+&GOR)2S&ZEL.N4V0$QV#/>YNM489@BHBY@.X3F M?W=BONOLS'80W.Y)P/$FD=YXU^@@Q[LA8&N\Q=_=&.^NSFR-=T=/GI#(]?G` MVEENQ+7VZ]3?8B_#P2J^R^B_LO2M'BZHI*U>X9NC+1C8#D!>GJ#D8:=SG,M* M@M(4BDQ;^$4GZ\Q8JT7&$L;$\PP\?2P2:L8;H0C"I999S`EX2_9J1^A93RW; M2LMT1LK,Y.M?G=>!=3EM9&-*E5"GZHE=B]PZ+#XF_.ST,4XHU5:H9=Z5O-+" MQ%,4']NP9]CZ5B1-I52:T"D&GL0^QD'Z@4I\A[,LY)E#\_L$E\E'J\2+T@U. MYO?T%U)S-VT'S/C-%6R93MX$8FV@8R.H;$7DYQ3M(-Z0'=?PS6BKYSA.5[?F M1O:%[LR`47K4W:OKGA6Z>ZQ5-RM1#;7LN@L:9M:GE),KR];=),3'7Z(`)QU? MEODA77:P0G/:ZBCJ%"+.BSASIT7:*4('HAI?>`1Q&'I)RFQ*3.R6UB##5:ZY MF93K3[C^>Z[_@>O?Z7"<="Z&5EJO>6=DHJ/M1HA2F*;^Q*@-.SL5O8KU+O?S M8JB.^1=P+5W;XS!6N>9D&KL=J?`W@<+5N++SH6>IBGT0+3,=+T:AZS3^7Y@RHX("U M[=,5H$9-9\4'$A_2\`F1R#_PR\AX*G5TXA3'1T0K,C'4013WY!ZV,3HA5Z88 MCQ%K=+P7VD2T_0P'WP#"Z@JMIK6;7IB!Q8TZCK<6/&IXW1/F@!%F:TTDGBM,:A9I)3E6]=?F1M<>0EN?W+Q/$ M:5%E,^9X;42TR^IMY"V7]':\N+.]87]C:NRN876@TCWVR890G2M;5 MAK#G;Y'/^Y'^-=[S?HD3E(A^J9SNHWMV9YOMDHNGXL2&.>_N]2%#42R2!.)U M2.Y%:;8L1GO:65LOQ>*\C_V=+[$31#_M%0+Z8L4]0Y2'?GJ--W&"Z9_]O/Q\ M8#5I:!3O5?.V8[BND=WQ]2-.?)**O8/B;X-\<$]+-AUOKY+:_J5H*=\)*RE< M=+"@6CNU%3A*;S!'B@O%Q$'\AN;O7%+3J<*(L9J&;)6S M/+7J+DE0/@(TI^O&G7#8MR3][4."\2+*,`5U=DN]87[/2G6P""4"Y-DD M7+=V/GI[QAM&U8^CRM>9DZK2Y1(@+L(,5=ZPJH@Q0TP0Q"1!A2B(R3)#N336 M#AAM]_9:W=OKHK?74_8VZ"DGL-MH'93"^HQOR1^+>\Y6_7$NPC?EC\MN=<(? M"VF^77_W?H:#*U;Q&$?!;??F&=RW MGZL'EG0DH.LM)$"%"-P7?!,.UZAS)_&T>IW[;/VKR@U,ZE@5/N"9>]2?8U8W M/B39DPV?VOCZ<_>JK/0GQ[GE6S@Z?UK3T=_.R]:[=+`/&OG?X`V,.N M^W5:F^BTPLGN;9]CG>:CT/YTJJZSX4;9MZWZ3MC.G-9E=G4FN)^.$ M5BTZ\R/]](_T9_H/:XC^X?\!4$L#!!0````(`"]8IT(.=BQ"OA0``.I8`0`5 M`!P`;6=H;"TR,#$S,#,S,5]P&UL550)``-*%XE12A>)475X"P`!!"4. M```$.0$``.U=6W/B.K9^/U7S'YC,ZZ03R+YTNJ9GBMQZJ),$BM![SWER.;8` M31N;D>TDS*\_DHS!!NMF&V1Y4_MA=].2O-;ZEF[KIK_]XV/A==X`"F'@?SWK M?KH\ZP#?"5SHS[Z>?9\\G'\^^\??__0_?_OS^?F_;L:/G;O`B1?`CSI/N,T4 M`K?S#J-YY_Z_Y_(-OY$7;P/SP@Z-JK MOW:>[%7G\NJOG=YE]ZIS^=.7WM67JVYG]-0Y/R&7D/9_#!P[HB(3TM5AMB!_.T^;G9.? MSKN]\ZONIX_0/2,R0($'QF#:H9__$JV6X.M9"!=+CY!-?YLC,/UZMIC-O7,B MQ\NKI/=?4ICZOGOO1S!:#?QI@!:4YK,.&??[>)`C?H')LOT9"N+E//`(_D[P MR0D6%Z3Q!7>\BVJTWM@>0>)E#D`4EB$N/T!%:FX#WP5^"-S[G((*. M[96A46;8BI2_1'8$"$CA<#I<`D3!*250QD@UTG=KA_,'+WBO3-YVH!JI>YEC M7,B'\5IV_Y\8JWM5,@M&K#QK0H@''B$0XD]0A/#D?($S'R_+CHVGJN,$,9ZK M_FR$H.]`/&;)V57F0U71*!P^\*`#RW'!'[`BM1/[HQQ52 M.`$?<;EMI(:O5N3[R48_\'BO'G@!3HQ@5%+-"L>I2-N##=%OMA>#X?0!^GB; MA;8WP`<]1,\NI<@4#5F1XH'_!D(ZV0;^$R7D&R%DX#MEB.6,5IE._!%`EZNM M-D4EE9@]F)#*PZX)NZS5MYJI\IG]B> M!)'ME:(XT_-(M#Z#`>WG2@=R",, MT^$MZ;[69;*,2]&X%@D5]]0.7ZG,X_!\9MM++/MN[P)X49C^0KCIG5]VU[:@ MOZQ_MC8WR@DY-Q407]S0ZB:49J'LHSS5-G+2\?`?]W#,&Z[6+2Z6U'QQ[LRA MMU&!*0H6ZI),:0D$?'0"A+?;KV>X1QQB$@.ZTY*]&C,W!0BMMR\.\91R;ZWA MFO![<8!OXTV@_P%#&1BS[:V>%C39D`B@VZ'=<`37S'SWPR5PJ`'\+EC8T.>A MR.IC734#R5V$&(!RV#`'\#`_Q'J3FY:6S]U`P892=DEO`4N*Y.Y$+@ M?)H%;Q*0SIS MBAU#YK>8;$0,'R[X^%^PX@I]IZWUBT%2WZ>=/4$.*_?;&!'V'F#HV-[_`1OA M2^X=9H4A>E9SZU6IQ*^. M+/$)LLD%\66U>`T\AJQS;:QK(Z2\2W,JWY_T+.7!8A'XU$Q)#9CA,(Y(*`0A MD;^N5>B[-*?B_>7(XNUC M(EQ"R(-GLU0]U\;J-N2J+1#P'M&IA'_5I,`;LSSGQ%+8UNHVY$HLJ=)[Q*>2 M_ZQ)\LD)*B'K`?]6=)/EMK>Z#;G-2B)0R$"*PK56%,@Y5AZ#36NK:\8]E4/^ M]M)4#,#%KE-AE]VZ'0WY"$%=YJ5,",$H"*'`$:'2_>2+4%5NOC#_8.Z(DG;/ MAIR.U.V>/8Y5P0CD^F&(%S*)Q2/?L"D.AQP2Q:CM$5[75'L#Z#78.MZ/BQN) M5B9!E?A_)&+HS?9HF&5T:R.TPGL6C33CP"G57[,_8A^Y8H1E>6D%\",$EC9T M[S^6)`E@;>[$W#\'OI/\A8.ZN+-FUX8LY%*,U.:2T@IX(I);(;:Y=II]);(P M[M)@;\J:IM MTC=CY9?#5+=#KE8PLXXZDT_.W/13MB6#W4NW$[`ZR@+FVG&D+G52XTA3L^.Q M.NI\WFH[JNNV8R6D4F9%YLJ"UOJ]FUR0F':K(CY:<;[*!$,)K<\[3:VN[MC> M$E@6,=&2&Y3KPH3LD0W=@7]K+R$^%608YMV>A)VMKNY8XA)HR[%5VS%,*_YC MDF/N`_?>1CX^;X3XHA@O8H_DFMZ!*70@;V,6=[:ZNH.:2^`OQU9;#V1*!S&K MJ]LZ5@+?8C;^"&;1"N90JV>Z#4R&0W84MSE*4$O"<#-LWF72A6O/OFI(XF\S M$"G2*>FD7T$^XM$C/&7J*U:M*"'Q#5%A"84A3C&=,O4EU`0J6GQ:%M=Y*C-A M*H*G,A.G,A.G,A--02YO_\6;RQ!1-EUJ01P!1--(I0WAK`$,*%"AS%`K;.1Y M;I.2<7LV+*I7!N8"+=H0H*!8XD>FF.VBT$L32 MQ4TJ@WQTHQ_CG9(C*UQ2SGQ#BT04%*/'R>(G.1_8\ON#&?A*6A(,,^T]MB=Q M^\7V0#@&;\"/`3^S;*=E4XQXC^+4E7W*6V$$^`9\O,-X?=_MNPOHT^J<$7P# MZVQ6#I2"GDTQ[$E`*^:DNAV@^#&*XV+]'/A!F8^) MMPPO[;`&9)_.(7P._`A@?$A2U1U\@RX^IG(/=,+>FHU]4D@6*X$<V%]`9,`P0RKU[=?V!Q8N:A;Z,578))XB;NB;GQJ/"3&2:\ M0A[DJYKMEI56JD,*I0W)>AO.US*]P0>Z*349/YB&&S4$[#-IBK<00!M"U]-DB]1U1!XM=>AI MT8LCKI=%T%-W,K^*BDBP`5J_>)WQ/<@K M0;D!==<&4-&-\ARR:Z>;I#*GM(936L,IK4'5PTDJ93YXP;O.`M8;&M0*5^]U M.[DZU0M6%PGQY.\\^3N;C-PSB(C:CE!`#,7NS>I["-R!/TP-/'TG@F])'J>$ M9T5Y,(.\IJ68:X71';/L`.#2JW2!;R$<`P?`-T&3D;JJK!9TYWX`8CRSZ[L9%0LN%4QNDNVU6W<[,44'G0 M%5AMQ\Z?8;7LH7#_6*37?UF''LCRV8XP"WF)U;()Z/9&UJD@:ERW(&1[X#@)V".Y`\G^..J@,H[O\ MN8I"J/+5ADJ,QWFY47MQ]*I*4,!0;2$K2ZI@F$84M5H'S+%(2C.4ZL"O]>C` MO:_).-UW_QTGJ3#A),!7[`!O@!Y)A_B<_C+N"H\`'XC_5!T_ MFWYDW*U]6FN`CNP.86`=2[#C`9YOIKNY^9-QW M66^'#?3)1C\`32'86OG'.ZEV''V0Z:Z[-OR1]416)-6-HDU8-XH2,[?9O3S5 M$?2T>GH-GD?6&@EI5#>0-D%A=F_S`W_'P20(I97J;_7TFDN/K#S2,JEN26NF M"HT06-K0%==-$76U>GJ-J-H59U\/E?1FO[O5TVMOU:X[Q2*I MS5CG@BGTZ=-KWV+H$J>1T<::(QEIK)Y>`_"1M;)NT=5F9M1:H2&)Y2;O%7+7 MN&TSJV>.R7B7[A2R:Z,OYIF"(D+<9*4[0TM2QG.>'_-E@L`Y^ZQR7WEJ)^ MIF4R,W@P&]G\`RE/@!1OX<:*[C=O2EXR"Y]B6!F^Z,*&77$T&_JV]A/@*+T24VZ\IA9K5T!6Q9'A%B3&(\+D8N&E] M-2'$Q1V:DO>KABV3E]KR,?2`NB,%X96OL'U3\G75(&6Q4ELQKR=IIZ MR9[/IF^E^W.:L\";7C MF'.2,0YWZW0\DI_'38E7'JN!F:Q,/2C%7'W9SG@1T>2^D&&<3I)7.P0N.6H` M/Z1(C@%>]D(8@1>`WJ`#DAPNXHF=)#LB^:H>#)N7X:IR,JPSCU5S%EO%DV%#K&+E3H:UYZ/F43RZ M0Y;4B`^'TU$6#-]]@7CCF$(''W7ZCA/$Y'V*V0A!WX%+#QR]@'2&AL"#CF3R M([.3!H_L31QB=0O#.Q`Z""[78BX0_@3C>8,)^<'A3'TPS9Y=+A2,N5>*R<.5 M$CE^I$3A%%R+[S0!E?\:?O8.AX01@C MF>=@.;TT3*,":F0F#Z];(]Z"9\F7,6<$_+1HIA!?/TR,$J12!WVI;`9\'9L0 MAQ2E&:4TCH8Y)D6?S*Q3&TCS/%1%A1.;HL1SB^;J?D`MNY$ON3UN*I&S&LH-H,2%OB!OX M:_*VDM\CU'=O`2++\_I]HGX8@DC1$':H3VHW72O`S+1D'TPT+;K8/]@0T1BZ MX73];('M#7PLVS@I?%CUZ"48GS/E5;IKF.Q%Y*C-7NJW/ M`OD*M[0BAEHU@S8%E;9&Y$B#%;D-D0UFVI%+12^<#,DG0W(CD+M;DXCU-[E( MD%-4`H#G!>_4K,F&4J*W029D.6XTOY7'>G(9((>(=X:WZMMX$7N8[C=P.\=; M%\#7RN&[#U`XATO6_46VORE6905^3C;FDXWY9&/^X]B856*T]![JVQ2Q9>+1 MOGSL5:M.]^FY*)OOW"?S8T:9_!U&\X'ODAK"8P2(T,ZC&#WTD62(3<5C>(Q6]7WN"*B&@./ M2I"<%R?!O1_AA4"XHRN.I/F:I%-ABE5877YF:][M'(+I_0=P8G)1&4ZGT`%( M7,Z2W4OS3:T$?L6*P&>Q!:!O7$]*H!?WTESOLE[0F2P:7I[MR?YW@";X*^%P MRHH:X!]_)$=H2H5,P6E%GIOV`R\\5TB/H;F6I@*HI;5BK]*FF6J1L3T(U_Z] MMIK+;"JAQ+HM[[-D.J"'>#B@(54Y*ST<<&VZOZR>,L=-*+-QFQ,+!."U733IC$5*`5+9XY@P\O!4U[$A?VW MK717A\P+GP/0EERSI]"3_0$7\4*(4:Z=[@J0NPBPK@X[)!N.%/3ED,JVTUWD M41*I79(-O^%7#83KFF&Q*:9:RA#DE,T;6[U&F)649V2609J>Q!`<_!W8?$;FA%;H1I0 MOK_5:UPJQS[>RAS5]I9`O5-T#.#B-4;A^C7N1S`C<5XQ`W& M9!5QD0+V:^V`D?\J@7;KV6$XG":^S"$:P]D\VFP9&W_HK>UYP+U9K:/-U^V8 MJ%8:U.HUQ*`@A+TRFZE>7#=K(A?Q=?^!;W*F8)%_089LY/JUFJY=IX*5Z4T:X@SDVL: MV>H98.FHD=>-/AD:-I*U]Y"S)\DEWDB$IR?\CM:5`581>58V*!OJ]-[F0S#R M*&Y6>RD3_7<;N9OR17TLET6RT8UA^.,!`3#P(X#1C<98U&MW&>\F=R02K"L# M;#8ZA++185TV'U-4.?'1:U7EA`3KR@`[E@ZA;%39<.-8G2(CE@@G`NX=27`! MOCLN/MH?[=O6E4E&N6-(8Z.UNBQZ#=;:WP*2BN7!:*5#;_-?MZX,L$@>61X; MW:W?N'ETW=U[(GU?6J\JTIH`M.B*5/8@'[6N&O=>LD!3#R:&C8)^/E+QQ@O" M)*$5_^7_`5!+`P04````"``O6*="PC#+%]`'```S.@``$0`<`&UG:&PM,C`Q M,S`S,S$N>'-D550)``-*%XE12A>)475X"P`!!"4.```$.0$``.U:;6_;-A#^ M/F#_@?.7;4!EV7'3-4;2(DWBP4!2&XG[`@Q#04NT382B7))*[/WZ':D72S8M MRW&VN7._&++NGN/=<]21E.[T[2Q@Z($(24-^5FO6&S5$N!?ZE(_/:A\&'>=U M[>V;'W\X_:J'^#'$H\#(J?8(V>UB5+3MNL^/C[6@U",,1^+,)I.0J9=]L*Z%P:N M-MEHM9H0"R/:VTXH@DLRPA%39[6O$6;&]1J"X+EL!^,)V]:P019`CZTZP$"E MT70_WUS?&?_3(1CE]P7MV5"P5+_E:O$02Y*J:ZFO,D!>^=B-A9DJ*['[^1H, MYXW2$F7*I<+<6SBQXG028O/DY,0UTE25DS%6Q%]K_,05(2-NHI:B(NF,,9YF MJ!&60X-(!)KN(Z?1=#+"VUX8<27F168D\>KC\,%-A#98)`1,ZW6X1&H!^H3: M,2"PJ).9-['K:XD%0/D#D$/>60V91ACJ'.S#OP/R,DY#P* M[$9\)5SML0M*#F@10;T,MQF4`'1%PIR'"BLH;F].\71*^2C4M_5ST-8N#@"` M],6'VVZUON*)JW@7#(C`#U1`%;DHU,A=\,J*<&O>@!"%G4:IS MES$>Y0RQ7174;0GH54Q">B/@K4_#SC>!AU_KP)GDZFL$ M*]\J]Q8=>Q)>;4Z"SD'>WL\HMGBXV7B')062^[G08!=S1\<<3F`>ACV-9W;M M`.L+RCTZ921;BY\"M>?N-[T'HM)CH8P$@3_&N$Y7WOSAILG.:LBH1]-TE*O8 M:7^]3'O."%I80:F9PTW``,]2HN-+.Z$GRX1V.9@@R&`.E[V+,`BH,@4=2@04 M9CVKX$2?3=XR!2O3S<8RTSD3"',?%8P<+O6KRZ6F9]@44+\.&2W,%4 M?,0L(KU1AW(,\QFS+I=*F#=K"=^;E.S4OURF7IM!QHZ>]9DEE#-UN(GHFO?B MFH0NOS&:OVM-V`K%.2B1V^D_7MU5I180Y2BV@8R1%WK'=\/7,K!^HG[,#^=PG6/_HK[BT9(?-Y MM*V_(9W5)`U@ZU-+[DT$&9W5]#=G)_V<_`5"JL\"EJIHRR4?:LV46&8A&3@U MD7PV*_]\"T;"*1%Z77=3YVON,\0#A&\;3S%'>Q4-P\-MHP$(87L7",SK;0-9 M>A2>-QPW_8P*5XN/JR"`2$*A$+>V?:SK6H@[1JY#SY@I@>A_3HIS]"VG>>2T MFO69]&/'MA@_BVC+\5/<=N/;.T$JCIP"])#'%08K[<=8,Z89SPIT"5,RO>,L M3%6-NJ0MHLP7"RRYWL$'6Z=)%2?RN/3/+F[8&E=$R-\_Q8_R/KFGKYG&EC4G28>K\:6\5>Q\*)4P MTU(?"?7.\$LU]7A[:=I'VW`/SJ9=10)]]*DAG&B=U92(].;3:,%VCX;^P.#\ M2"2];)PRIE\GIKHR`C!5D9::MROI(!3,0W1H);P*#4.6*+="[4^P?1%ZA/BR M(\+@#C/2&PT$UF\&EE_RFB`K:>>#"T(H?UC,;>&-,),;XHMEPYA1$)`A5<\1 MM7F1(&_UFP%._,M(9Z!O/,@%6Z942*#1>V*$N\>RX6VP9:I61NS1-"7"TR\B MQN#S1128P^(#N9A@/@;J>>^1$R$G=)J?JY4A<9A0P[7[&O.?Y1*6@R$12;^0 MO-*E7.]:I*U3WI]T%?J)I`?>1R1,3Y&&ZLJZ25H-]"6=49ZTH9D3YL:L@'6!&%);A\C:V* M*"3=3(H]>4B-\WZ%4+>#[=$#O)2C?L+_^BPN-/8H:[>$!L-(2'.O-[J&,R&# M4Y#>LN5W..5JW\`S>,&P-!W6&M(3MW0\4=G4RW9I%Y@QV*K.DT\FB5Z>B!WM M[#A_XQ>G_Q@A5S-8.:B,IVLJJ\K")O".D_X90X]=@^E+XUEW6=Q$V,7YS/EP MYU]\8MWX[`HGSK\!4$L!`AX#%`````@`+UBG0K_\/KJ8&@``3\T``!$`&``` M`````0```*2!`````&UG:&PM,C`Q,S`S,S$N>&UL550%``-*%XE1=7@+``$$ M)0X```0Y`0``4$L!`AX#%`````@`+UBG0J8*%1]5!@``FD4``!4`&``````` M`0```*2!XQH``&UG:&PM,C`Q,S`S,S%?8V%L+GAM;%54!0`#2A>)475X"P`! M!"4.```$.0$``%!+`0(>`Q0````(`"]8IT)\$G#D7!$``/02`0`5`!@````` M``$```"D@8`L` M`00E#@``!#D!``!02P$"'@,4````"``O6*="KB!^,PTC``#;_@$`%0`8```` M```!````I($R,P``;6=H;"TR,#$S,#,S,5]L86(N>&UL550%``-*%XE1=7@+ M``$$)0X```0Y`0``4$L!`AX#%`````@`+UBG0@YV+$*^%```ZE@!`!4`&``` M`````0```*2!CE8``&UG:&PM,C`Q,S`S,S%?<')E+GAM;%54!0`#2A>)475X M"P`!!"4.```$.0$``%!+`0(>`Q0````(`"]8IT+",,L7T`<``#,Z```1`!@` M``````$```"D@9MK``!M9VAL+3(P,3,P,S,Q+GAS9%54!0`#2A>)475X"P`! @!"4.```$.0$``%!+!08`````!@`&`!H"``"V XML 30 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 22 74 1 false 5 0 false 4 false false R1.htm 001 - Document - Document Entity Information Sheet http://www.morgangroupholdingco.com/role/DocumentAndEntityInformation Document Entity Information true false R2.htm 002 - Statement - Condensed Balance Sheets Sheet http://www.morgangroupholdingco.com/role/BalanceSheets Condensed Balance Sheets false false R3.htm 003 - Statement - Condensed Balance Sheets [Parenthetical] Sheet http://www.morgangroupholdingco.com/role/CondensedBalanceSheetsParenthetical Condensed Balance Sheets [Parenthetical] false false R4.htm 004 - Statement - Condensed Statements of Operations Sheet http://www.morgangroupholdingco.com/role/StatementsOfOperations Condensed Statements of Operations false false R5.htm 005 - Statement - Condensed Statements of Cash Flows Sheet http://www.morgangroupholdingco.com/role/StatementsOfCashFlows Condensed Statements of Cash Flows false false R6.htm 006 - Statement - Condensed Statement of Shareholders' Equity Sheet http://www.morgangroupholdingco.com/role/StatementsOfShareholdersEquity Condensed Statement of Shareholders' Equity false false R7.htm 007 - Disclosure - Basis of Presentation Sheet http://www.morgangroupholdingco.com/role/BasisOfPresentationAndSignificantAccountingPrinciples Basis of Presentation false false R8.htm 008 - Disclosure - Significant Accounting Policies Sheet http://www.morgangroupholdingco.com/role/SignificantAccountingPolicies Significant Accounting Policies false false R9.htm 009 - Disclosure - Income Taxes Sheet http://www.morgangroupholdingco.com/role/Taxes Income Taxes false false R10.htm 010 - Disclosure - Commitments and Contingencies Sheet http://www.morgangroupholdingco.com/role/CommitmentsAndContingencies Commitments and Contingencies false false R11.htm 011 - Disclosure - Shareholders' Equity and Stock Options and Warrants Sheet http://www.morgangroupholdingco.com/role/ShareholdersEquityAndStockOptionsAndWarrants Shareholders' Equity and Stock Options and Warrants false false R12.htm 012 - Disclosure - Basis of Presentation (Details Texual) Sheet http://www.morgangroupholdingco.com/role/BasisOfPresentationAndSignificantAccountingPrinciplesDetailsTexual Basis of Presentation (Details Texual) false false R13.htm 016 - Disclosure - Income Taxes (Details Textual) Sheet http://www.morgangroupholdingco.com/role/IncomeTaxesDetailsTextual Income Taxes (Details Textual) false false R14.htm 017 - Disclosure - Shareholders' Equity and Stock Options and Warrants (Details Textual) Sheet http://www.morgangroupholdingco.com/role/ShareholdersEquityAndStockOptionsAndWarrantsDetailsTextual Shareholders' Equity and Stock Options and Warrants (Details Textual) false false All Reports Book All Reports Process Flow-Through: 002 - Statement - Condensed Balance Sheets Process Flow-Through: Removing column 'Dec. 31, 2011' Process Flow-Through: 003 - Statement - Condensed Balance Sheets [Parenthetical] Process Flow-Through: 004 - Statement - Condensed Statements of Operations Process Flow-Through: 005 - Statement - Condensed Statements of Cash Flows mghl-20130331.xml mghl-20130331.xsd mghl-20130331_cal.xml mghl-20130331_def.xml mghl-20130331_lab.xml mghl-20130331_pre.xml true true