0001206774-16-007471.txt : 20161102 0001206774-16-007471.hdr.sgml : 20161102 20161102094454 ACCESSION NUMBER: 0001206774-16-007471 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 30 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161102 DATE AS OF CHANGE: 20161102 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: 161966528 BUSINESS ADDRESS: STREET 1: 401 THEODORE FREMD AVENUE CITY: RYE STATE: NY ZIP: 10580 BUSINESS PHONE: 9149218821 10-Q 1 morgan3066253-10q.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 September 30, 2016
 
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 October 30, 2016
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. 3-9
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 9-10
 
Item 3. Quantitative and Qualitative Disclosure About Market Risk. 10
 
Item 4. Controls and Procedures. 10
 
PART II – OTHER INFORMATION
 
Item 6. Exhibits. 11
 
Signatures 12

2


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Unaudited Financial Statements

             Condensed Balance Sheets as of
September 30, 2016, December 31, 2015 and September 30, 2015
 
Condensed Statements of Operations for the
Three and Nine Months Ended September 30, 2016 and 2015
 
Condensed Statements of Cash Flows for the
Nine Months Ended September 30, 2016 and 2015
 
Condensed Statement of Shareholders’ Equity for the
Nine Months Ended September 30, 2016
 
Notes to Condensed Financial
Statements as of September 30, 2016

3


Morgan Group Holding Co.
Condensed Balance Sheets
(Unaudited)

September 30, December 31, September 30,
      2016       2015       2015
ASSETS
Current assets:
       Cash and cash equivalents $67,682 $117,492 $131,915
       Prepaid expenses 9,255 6,722 8,719
              Total current assets 76,937 124,214 140,634
Equipment – net -- -- 82
              Total assets $76,937 $124,214 $140,716
 
LIABILITIES
Current liabilities:
       Accrued liabilities $-- $-- $2,730
              Total current liabilities -- -- 2,730
              Total liabilities -- -- 2,730
 
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 33,591
Additional paid-in-capital 5,772,368 5,772,368 5,772,368
Accumulated deficit (5,729,022) (5,681,745) (5,667,973)
              Total shareholders' equity 76,937 124,214 137,986
              Total liabilities and shareholders' equity $76,937 $124,214 $140,716

See accompanying notes to condensed financial statements.

4


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

Three Months Ended Nine Months Ended
September 30, September 30,
      2016       2015       2016       2015
Revenues $-- $-- $-- $--
 
Administrative expenses (11,230) (12,675) (47,421) (50,840)
Other income:
       Interest income 44 -- 144 --
              Net loss before income taxes (11,186) (12,675) (47,277) (50,840)
Income taxes -- -- -- --
       Net loss ($11,186) ($12,675) ($47,277) ($50,840)
 
Net loss per share, basic and diluted ($0.00) ($0.00) ($0.01) ($0.02)
 
Shares outstanding, basic and diluted 3,359,055 3,359,055 3,359,055 3,359,055

See accompanying notes to condensed financial statements.

5


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

Nine Months Ended
September 30,
      2016       2015
Cash Flows from Operating Activities
       Interest income $144 $--
       Cash paid to suppliers (49,954) ($55,514)
              Net cash used in operating activities (49,810) (55,514)
                     Net decrease in cash and cash equivalents (49,810) (55,514)
Cash and cash equivalents, beginning of the period 117,492 187,429
       Cash and cash equivalents, end of the period $67,682 $131,915
 
Reconciliation of net loss to net cash used in operating activities:
       Net loss ($47,277) ($50,840)
       Depreciation -- 490
       (Increase) decrease in prepaid expenses (2,533) 363
       (Decrease) in accrued liabilities -- (5,527)
              Net cash used in operating activities ($49,810) ($55,514)
 
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
Nine Months Ended September 30, 2016

Common Stock Additional
Par Paid in Accumulated
      Shares       Value       Capital       Deficit       Total
Shareholders’ equity,
       December 31, 2015 3,359,055 $33,591 $5,772,368 ($5,681,745) $124,214
Net loss for nine
       months ended
       September 30, 2016 -- -- -- (47,277) (47,277)
Shareholders’ equity,
       September 30, 2016 3,359,055 $33,591 $5,772,368 ($5,729,022) $76,937

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”) 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.

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The preparation of 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 a cash equivalent approximates its fair value based on its nature.

At September 30, 2016, December 31, 2015 and September 30, 2015, all cash and cash equivalents were invested in a United States Treasury money market fund, of which an affiliate of the Company serves as the investment manager.

The Company 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 $244,059 arising from its temporary basis differences and tax loss carryforward, as its realization is dependent upon the generation of future taxable income during the period when such losses would be deductible.

Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of any of the Company’s net operating loss carry forwards may be limited if cumulative changes in ownership of more than 50% occur during any three year period.

 
Note 4. Commitments and Contingencies
 

From time to time the Company may be subject to certain asserted and unasserted claims. It is the Company’s belief that the resolution of these matters will not have a material adverse effect on its financial position.

The Company has not guaranteed any of the obligations of Morgan and believes it currently has no commitment or obligation to fund any creditors.


8


Note 5.       Shareholders’ Equity and Stock Options and Warrants
 

At the Company’s Annual Meeting of Stockholders on May 8, 2014, its stockholders voted to amend the Company’s Certificate of Incorporation (the “Charter Amendment”) to increase the number of authorized shares of common stock, par value $0.01 per share, from 10,000,000 to 100,000,000. In order to economize costs until necessary, the Company has not yet filed the Amended Certificate of Incorporation with its state of incorporation, Delaware, to effectuate the authorization.

On December 21, 2012, the Company and Jonathan P. Evans, Chief Executive Officer of the Company, entered into a Nonqualified Stock Option Agreement, whereby the Company granted to Mr. Evans an option (the “Option”) to purchase 800,000 shares of the Company’s Common Stock at an exercise price of $0.15 per share of Common Stock, which was the closing price of the Common Stock as quoted on the OTC Markets’ inter-dealer quotation service on December 20, 2012. These options were exercisable at any time and the exercise period expired on December 21, 2015. As of September 30, 2015, these were the only options outstanding and as of September 30, 2016, there are no options outstanding.

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.


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

Overview

The Company currently has no operating businesses and is 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 $50,000 to $100,000 per year.

Results of Operations

Three Months Ended September 30, 2016 and 2015

For the three months ended September 30, 2016, the Company incurred $11,230 of administrative expenses, a decrease of $1,445 from the $12,675 of administrative expenses for the three months ended September 30, 2015. The decrease was essentially due to lower legal costs in 2016 for acquisition projects.

During the third quarter of 2016, the Company earned $44 from its investment in a United States Treasury money market fund. No amounts were earned during the third quarter of 2015 due to lack of earnings by the fund.

Nine Months Ended September 30, 2016 and 2015

For the nine months ended September 30, 2016, the Company incurred $47,421 of administrative expenses, a decrease of $3,419 from the $50,840 of administrative expenses for the nine months ended September 30, 2015. The decrease was essentially due to lower legal costs in 2016 for acquisition projects and lower costs for making the Company’s regulatory filings in 2016.

During the nine months ended September 30, 2016, the Company earned $144 from its investment in a United States Treasury money market fund. No amounts were earned during the nine months ended September 30, 2015 due to lack of earnings by the fund.

9


Liquidity and Capital Resources

As of September 30, 2016, the Company’s principal assets consisted of cash and cash equivalents of $67,682.

The Company has adopted a growth strategy to acquire US-based businesses of an appropriate type and size. The execution of such a strategy may require the Company to obtain significantly more financial resources than it currently possesses. Those resources could take the form of debt and equity offerings, or potentially a hybrid instrument. There is no assurance that the Company can obtain such financial resources to successfully implement this strategy.

At the Company’s Annual Meeting of Stockholders on May 8, 2014, its stockholders voted to amend the Company’s Certificate of Incorporation (the “Charter Amendment”) to increase the number of authorized shares of common stock, par value $0.01 per share, from 10,000,000 to 100,000,000. This Charter Amendment gives the Company greater flexibility in considering and planning for future corporate needs, including, but not limited to, possible future capital raising activities, potential strategic transactions, including mergers, acquisitions, and business combinations, as well as other general corporate transactions. Such transactions may be undertaken with affiliates of the Company or unaffiliated third parties. The Board believes that additional authorized shares of common stock will enable the Company to take timely advantage of market conditions and favorable financing and acquisition opportunities that become available.

The Company has no current plan, commitment, arrangement, understanding or agreement regarding the issuance of the additional shares of common stock that will result from the Company’s adoption of this Charter Amendment.

The Company has not yet filed the Amended Certificate of Incorporation with its state of incorporation, Delaware.

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.

10


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).

11


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

November 2, 2016

12

EX-31.1 2 morgan3066253-ex311.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: November 2, 2016

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

 EX-31.2 3 morgan3066253-ex312.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: November 2, 2016

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

 EX-32.1 4 morgan3066253-ex321.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 and nine months ended September 30, 2016, 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: November 2, 2016

EX-32.2 5 morgan3066253-ex322.htm PRINCIPAL FINANCIAL OFFICER SECTION 1350 CERTIFICATION

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Morgan Group Holdings Co. (the “Company”) for the three and nine months ended September 30, 2016, 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: November 2, 2016

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(&#147;Holding&#148; or &#147;the Company&#148;) was incorporated in November 2001 as a wholly-owned subsidiary of LICT Corporation (&#147;LICT&#148;) to serve, among other business purposes, as a holding company for LICT&#146;s controlling interest in The Morgan Group, Inc. (&#147;Morgan&#148;). On January 24, 2002, LICT spun off 2,820,051 shares of Holding common stock through a pro rata distribution (&#147;Spin-Off&#148;) to its stockholders and retained 235,294 shares.</font></p> <p style="text-align: justify"><font style="font: x-small Times New Roman">The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The preparation of 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> <tr> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 98%">&#160;</td></tr></table> <table cellspacing="0" cellpadding="0" border="0" style="line-height: normal; border-collapse: collapse; width: 100%"><tr style="vertical-align: bottom"><td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: x-small Times New Roman">Note 2.</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 98%"><u><font style="font: x-small Times New Roman">Significant Accounting Policies</font></u></td></tr> <tr> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 98%">&#160;</td></tr> <tr> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td style="text-align: left; width: 98%"> <p style="text-align: justify"><font style="font: x-small Times New Roman">All highly liquid investments with maturity of three months or less when purchased are considered to be cash equivalents. 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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> <p style="text-align: justify"><font style="font: x-small Times New Roman">Basic earnings per share is based on the weighted-average number of common shares outstanding during each period. 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The Company has recorded a full valuation allowance against its deferred tax asset of approximately $244,059 arising from its temporary basis differences and tax loss carryforward, as its realization is dependent upon the generation of future taxable income during the period when such losses would be deductible.</font></p> <p style="text-align: justify"><font style="font: x-small Times New Roman">Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of any of the Company&#146;s net operating loss carry forwards may be limited if cumulative changes in ownership of more than 50% occur during any three year period. </font></p></td></tr></table> <table cellspacing="0" cellpadding="0" border="0" style="line-height: normal; border-collapse: collapse; width: 100%"><tr style="vertical-align: bottom"><td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: x-small Times New Roman">Note 4.</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 98%"><u><font style="font: x-small Times New Roman">Commitments and Contingencies</font></u></td></tr> <tr> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td style="text-align: left; width: 98%">&#160;</td></tr> <tr> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td style="text-align: left; width: 98%"> <p style="text-align: justify"><font style="font: x-small Times New Roman">From time to time the Company may be subject to certain asserted and unasserted claims. It is the Company&#146;s belief that the resolution of these matters will not have a material adverse effect on its financial position.</font></p> <p style="text-align: justify"><font style="font: x-small Times New Roman">The Company has not guaranteed any of the obligations of Morgan and believes it currently has no commitment or obligation to fund any creditors.</font></p></td></tr></table> <table cellspacing="0" cellpadding="0" border="0" style="line-height: normal; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: x-small Times New Roman">Note 5.</font></td> <td nowrap="nowrap" style="text-align: left; width: 1%"><font style="font: x-small Times New Roman">&#160;&#160;&#160;&#160;&#160;</font></td> <td nowrap="nowrap" style="text-align: left; width: 98%"><u><font style="font: x-small Times New Roman">Shareholders&#146; Equity and Stock Options and Warrants</font></u></td></tr> <tr> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 98%">&#160;</td></tr> <tr> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td style="text-align: left; width: 98%"> <p style="text-align: justify"><font style="font: x-small Times New Roman">At the Company&#146;s Annual Meeting of Stockholders on May 8, 2014, its stockholders voted to amend the Company&#146;s Certificate of Incorporation (the &#147;Charter Amendment&#148;) to increase the number of authorized shares of common stock, par value $0.01 per share, from 10,000,000 to 100,000,000. In order to economize costs until necessary, the Company has not yet filed the Amended Certificate of Incorporation</font><i><font style="font: x-small Times New Roman"> </font></i><font style="font: x-small Times New Roman">with its state of incorporation, Delaware, to effectuate the authorization.</font></p> <p style="text-align: justify"><font style="font: x-small Times New Roman">On December 21, 2012, the Company and Jonathan P. Evans, Chief Executive Officer of the Company, entered into a Nonqualified Stock Option Agreement, whereby the Company granted to Mr. Evans an option (the &#147;Option&#148;) to purchase 800,000 shares of the Company&#146;s Common Stock at an exercise price of $0.15 per share of Common Stock, which was the closing price of the Common Stock as quoted on the OTC Markets&#146; inter-dealer quotation service on December 20, 2012. These options were exercisable at any time and the exercise period expired on December 21, 2015. 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Document and Entity Information - shares
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Sep. 30, 2016
Oct. 30, 2016
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2016  
Entity Registrant Name MORGAN GROUP HOLDING CO  
Entity Central Index Key 0001162283  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2016  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   3,359,055
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Condensed Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Sep. 30, 2015
Current assets:      
Cash and cash equivalents $ 67,682 $ 117,492 $ 131,915
Prepaid expenses 9,255 6,722 8,719
Total current assets 76,937 124,214 140,634
Equipment - net 82
Total assets 76,937 124,214 140,716
Current liabilities:      
Accrued liabilities 2,730
Total current liabilities 2,730
Total liabilities 2,730
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 33,591
Additional paid-in-capital 5,772,368 5,772,368 5,772,368
Accumulated deficit (5,729,022) (5,681,745) (5,667,973)
Total shareholders' equity 76,937 124,214 137,986
Total liabilities and shareholders' equity $ 76,937 $ 124,214 $ 140,716
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Condensed Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2016
Dec. 31, 2015
Sep. 30, 2015
Statement of Financial Position [Abstract]      
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
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Condensed Statements of Operations - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenues
Administrative expenses (11,230) (12,675) (47,421) (50,840)
Other income:        
Interest income 44 144
Net loss before income taxes (11,186) (12,675) (47,277) (50,840)
Income taxes
Net loss $ (11,186) $ (12,675) $ (47,277) $ (50,840)
Net loss per share, basic and diluted $ 0.00 $ 0.00 $ (0.01) $ (0.02)
Shares outstanding, basic and diluted 3,359,055 3,359,055 3,359,055 3,359,055
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Condensed Statements of Cash Flows - USD ($)
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Sep. 30, 2016
Sep. 30, 2015
Cash Flows from Operating Activities    
Interest income $ 144
Cash paid to suppliers (49,954) (55,514)
Net cash used in operating activities (49,810) (55,514)
Net decrease in cash and cash equivalents (49,810) (55,514)
Cash and cash equivalents, beginning of the period 117,492 187,429
Cash and cash equivalents, end of the period 67,682 131,915
Reconciliation of net loss to net cash used in operating activities:    
Net loss (47,277) (50,840)
Depreciation 490
(Increase) decrease in prepaid expenses (2,533) 363
(Decrease) in accrued liabilities (5,527)
Net cash used in operating activities (49,810) (55,514)
Cash paid for interest
Cash paid for income taxes
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Condensed Statement of Shareholders' Equity - 9 months ended Sep. 30, 2016 - USD ($)
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2015 $ 33,591 $ 5,772,368 $ (5,681,745) $ 124,214
Balance (in shares) at Dec. 31, 2015 3,359,055      
Net loss for nine months ended (47,277) (47,277)
Balance at Sep. 30, 2016 $ 33,591 $ 5,772,368 $ (5,729,022) $ 76,937
Balance (in shares) at Sep. 30, 2016 3,359,055      
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Basis of Presentation
 9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
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”) 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.

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

 
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Significant Accounting Policies
 9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Significant Accounting Policies
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 a cash equivalent approximates its fair value based on its nature.

At September 30, 2016, December 31, 2015 and September 30, 2015, all cash and cash equivalents were invested in a United States Treasury money market fund, of which an affiliate of the Company serves as the investment manager.

The Company 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.

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Income Taxes
 9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
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 $244,059 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.

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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 4. Commitments and Contingencies
 

From time to time the Company may be subject to certain asserted and unasserted claims. It is the Company’s belief that the resolution of these matters will not have a material adverse effect on its financial position.

The Company has not guaranteed any of the obligations of Morgan and believes it currently has no commitment or obligation to fund any creditors.
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Shareholders' Equity and Stock Options and Warrants
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
Shareholders' Equity and Stock Options and Warrants
Note 5.       Shareholders’ Equity and Stock Options and Warrants
 

At the Company’s Annual Meeting of Stockholders on May 8, 2014, its stockholders voted to amend the Company’s Certificate of Incorporation (the “Charter Amendment”) to increase the number of authorized shares of common stock, par value $0.01 per share, from 10,000,000 to 100,000,000. In order to economize costs until necessary, the Company has not yet filed the Amended Certificate of Incorporation with its state of incorporation, Delaware, to effectuate the authorization.

On December 21, 2012, the Company and Jonathan P. Evans, Chief Executive Officer of the Company, entered into a Nonqualified Stock Option Agreement, whereby the Company granted to Mr. Evans an option (the “Option”) to purchase 800,000 shares of the Company’s Common Stock at an exercise price of $0.15 per share of Common Stock, which was the closing price of the Common Stock as quoted on the OTC Markets’ inter-dealer quotation service on December 20, 2012. These options were exercisable at any time and the exercise period expired on December 21, 2015. As of September 30, 2015, these were the only options outstanding and as of September 30, 2016, there are no options outstanding.

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 $2,000. Both warrants are exercisable currently through December 21, 2017.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
Basis of Presentation (Details)
 1 Months Ended
Jan. 24, 2002
shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Stock Issued During Period, Shares, New Issues 2,820,051
Shares Retained During Period 235,294
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes (Details)
Sep. 30, 2016
USD ($)
Income Tax Disclosure [Abstract]  
Deferred Tax Assets, Valuation Allowance $ 244,059
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Shareholders' Equity and Stock Options and Warrants (Details) - USD ($)
 1 Months Ended
Dec. 21, 2012
Sep. 30, 2016
Dec. 31, 2015
Sep. 30, 2015
May 08, 2014
Common stock, par value per share   $ 0.01 $ 0.01 $ 0.01  
Common stock, shares authorized   10,000,000 10,000,000 10,000,000  
Chief Financial Officer [Member]          
Number of common shares that can be purchased through exercise of warrants 200,000        
Proceeds from issuance of warrants $ 2,000        
Chief Executive Officer [Member]          
Stock options granted 800,000        
Weighted-average exercise price per share, granted $ 0.15        
Number of common shares that can be purchased through exercise of warrants 1,000,000        
Strike price of warrant $ 1.00        
Proceeds from issuance of warrants $ 10,000        
Not Yet Authorized [Member]          
Common stock, shares authorized         100,000,000
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