SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/14/22 Morgan Group Holding Co. 10-Q 9/30/22 48:2.8M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 676K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 22K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 22K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 15K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 15K 11: R1 Document and Entity Information HTML 66K 12: R2 Condensed Consolidated Statements of Financial HTML 85K Condition 13: R3 Condensed Consolidated Statements of Financial HTML 29K Condition (Parenthetical) 14: R4 Condensed Consolidated Statements of Operations HTML 89K 15: R5 Condensed Consolidated Statements of Equity HTML 50K 16: R6 Condensed Consolidated Statements of Cash Flows HTML 73K 17: R7 Organization and Business Description HTML 26K 18: R8 Significant Accounting Policies HTML 22K 19: R9 Revenue from Contracts with Customers HTML 57K 20: R10 Related Party Transactions HTML 22K 21: R11 Fair Value HTML 46K 22: R12 Retirement Plan HTML 22K 23: R13 Income Taxes HTML 20K 24: R14 Earnings per Share HTML 31K 25: R15 Equity HTML 22K 26: R16 Guarantees, Contingencies, and Commitments HTML 20K 27: R17 Net Capital Requirements HTML 18K 28: R18 Subsequent Events HTML 18K 29: R19 Organization and Business Description (Policies) HTML 24K 30: R20 Significant Accounting Policies (Policies) HTML 25K 31: R21 Revenue from Contracts with Customers (Tables) HTML 35K 32: R22 Fair Value (Tables) HTML 37K 33: R23 Earnings per Share (Tables) HTML 29K 34: R24 Organization and Business Description (Details) HTML 33K 35: R25 Revenue from Contracts with Customers (Details) HTML 32K 36: R26 Related Party Transactions, Revenue from HTML 33K Transactions with Related Parties (Details) 37: R27 Related Party Transactions, Transactions with HTML 18K Associated Capital Group (Details) 38: R28 Fair Value (Details) HTML 27K 39: R29 Retirement Plan (Details) HTML 16K 40: R30 Income Taxes (Details) HTML 19K 41: R31 Earnings per Share (Details) HTML 50K 42: R32 Equity (Details) HTML 18K 43: R33 Net Capital Requirements (Details) HTML 19K 46: XML IDEA XML File -- Filing Summary XML 78K 44: XML XBRL Instance -- brhc10044009_10q_htm XML 562K 45: EXCEL IDEA Workbook of Financial Reports XLSX 62K 7: EX-101.CAL XBRL Calculations -- mghl-20220930_cal XML 79K 8: EX-101.DEF XBRL Definitions -- mghl-20220930_def XML 167K 9: EX-101.LAB XBRL Labels -- mghl-20220930_lab XML 600K 10: EX-101.PRE XBRL Presentations -- mghl-20220930_pre XML 373K 6: EX-101.SCH XBRL Schema -- mghl-20220930 XSD 73K 47: JSON XBRL Instance as JSON Data -- MetaLinks 189± 265K 48: ZIP XBRL Zipped Folder -- 0001140361-22-041459-xbrl Zip 135K
FORM i 10-Q
|
i ☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
i ☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
i Morgan Group Holding Co.
|
(Exact name of Registrant as specified in its charter)
|
i Delaware
|
i 13-4196940
|
|
(State of other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
i 401 Theodore Fremd Avenue, i Rye, i NY
|
i 10580
|
|
(Address of principle executive offices)
|
(Zip Code)
|
( i 914) i 921-5216
|
(Registrant’s telephone number, including area code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
i Common Stock, par value $0.01 per share
|
i MGHL
|
OTC Pink®
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
||
i Non-accelerated filer ☒
|
Smaller reporting company i ☒
|
Emerging growth company i ☐
|
Class
|
Outstanding at October 31, 2022
|
|
Common Stock, $0.01 par value
|
i 600,090
|
PART I.
|
FINANCIAL INFORMATION
|
Page
|
Item 1.
|
Unaudited Condensed Consolidated Financial Statements
|
|
3
|
||
4
|
||
5
|
||
6 | ||
7 | ||
Item 2.
|
14
|
|
Item 3.
|
18
|
|
Item 4.
|
19
|
|
PART II.
|
OTHER INFORMATION *
|
|
Item 1.
|
19
|
|
Item 1A.
|
19
|
|
Item 6.
|
19 | |
20 |
September 30, | December 31, | |||||||
2021
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
i 2,385,307
|
$
|
i 2,888,897
|
||||
Receivables from brokers and clearing organizations
|
i 255,434
|
i 95,746
|
||||||
Receivables from affiliates
|
i 25,082
|
i 11,715
|
||||||
Deposits with clearing organizations
|
i 350,000
|
i 350,000
|
||||||
Income taxes receivable (including deferred tax asset of $ i 0
and $ i 0, respectively)
|
i 279,485
|
i 275,285
|
||||||
Fixed assets, net of accumulated depreciation of $ i 60,375
and $ i 52,169, respectively
|
i 14,497
|
i 22,703
|
||||||
Other assets
|
i 174,184
|
i 679,524
|
||||||
Total assets
|
$
|
i 3,483,989
|
$
|
i 4,323,870
|
||||
LIABILITIES AND EQUITY
|
||||||||
Compensation payable
|
$
|
i 223,537
|
$
|
i 474,717
|
||||
Payable to affiliates
|
i 217
|
i 46
|
||||||
Income tax payable
|
i 46,849
|
i 48,350
|
||||||
Accrued expenses and other liabilities
|
i 1,064,577
|
i 764,512
|
||||||
Total liabilities
|
i 1,335,180
|
i 1,287,625
|
||||||
Commitments and contingencies (Note J)
|
i | i | ||||||
Equity
|
||||||||
Common stock, $ i i 0.01 /
par value; i 10,000,000 and i 100,000,000
shares authorized, respectively, and i i 600,090 / and i i 600,090 /
issued and outstanding, respectively
|
i 6,001
|
i 6,001
|
||||||
Additional paid-in capital
|
i 53,886,180
|
i 53,886,180
|
||||||
Accumulated deficit
|
( i 51,743,372
|
)
|
( i 50,855,936
|
)
|
||||
|
i 2,148,809
|
i 3,036,245
|
||||||
Total liabilities and equity
|
$
|
i 3,483,989
|
$
|
i 4,323,870
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
Revenues
|
||||||||||||||||
Commissions
|
$
|
i 389,823
|
$
|
i 492,191
|
$
|
i 1,343,225
|
$
|
i 1,714,235
|
||||||||
Principal transactions
|
i 188
|
( i 20,667
|
)
|
i 7,558
|
( i 25,822
|
)
|
||||||||||
Dividends and interest
|
i 15,545
|
i 3,562
|
i 29,758
|
i 15,925
|
||||||||||||
Underwriting fees
|
i -
|
i -
|
i -
|
i 6,311
|
||||||||||||
Other revenues
|
i 7,760
|
( i 2,129
|
)
|
i 16,803
|
i 24,875
|
|||||||||||
Total revenues
|
i 413,316
|
i 472,957
|
i 1,397,344
|
i 1,735,524
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation and related costs
|
i 274,908
|
i 276,730
|
i 895,492
|
i 1,591,444
|
||||||||||||
Clearing charges
|
i 116,057
|
i 206,577
|
i 574,067
|
i 556,082
|
||||||||||||
General and administrative
|
i 190,994
|
i 274,262
|
i 653,392
|
i 992,676
|
||||||||||||
Occupancy and equipment
|
i 20,348
|
i 62,658
|
i 161,829
|
i 225,882
|
||||||||||||
Total expenses
|
i 602,307
|
i 820,227
|
i 2,284,780
|
i 3,366,084
|
||||||||||||
Loss before income tax benefit
|
( i 188,991
|
)
|
( i 347,270
|
)
|
( i 887,436
|
)
|
( i 1,630,560
|
)
|
||||||||
Income tax benefit
|
i -
|
i -
|
i -
|
i -
|
||||||||||||
Net loss
|
$
|
( i 188,991
|
)
|
$
|
( i 347,270
|
)
|
$
|
( i 887,436
|
)
|
$
|
( i 1,630,560
|
)
|
||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$
|
( i i 0.31 /
|
)
|
$
|
( i i 0.58 /
|
)
|
$
|
( i i 1.48 /
|
)
|
$
|
( i i 2.72 /
|
)
|
||||
Weighted average shares outstanding: | ||||||||||||||||
Basic and diluted
|
i i 600,090 /
|
i i 600,090 /
|
i i 600,090 /
|
i i 600,090 /
|
Additional | ||||||||||||||||||||
Common | Paid-in | Accumulated | ||||||||||||||||||
Shares
|
Stock
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Balance at December 31, 2020 | i 600,090 |
$ | i 6,001 | $ | i 53,886,180 | $ | ( i 49,284,876 | ) | $ | i 4,607,305 | ||||||||||
Net loss | - | i - | i - | ( i 562,395 | ) | ( i 562,395 | ) | |||||||||||||
Balance at March 31, 2021
|
i 600,090 | i 6,001 | i 53,886,180 | ( i 49,847,271 | ) | i 4,044,910 | ||||||||||||||
Net loss | - |
i - |
i - |
( i 720,895 | ) | ( i 720,895 | ) | |||||||||||||
Balance at June 30, 2021
|
i 600,090 | i 6,001 | i 53,886,180 | ( i 50,568,166 | ) | i 3,324,015 | ||||||||||||||
Net loss | - | i - | i - | ( i 347,270 | ) | ( i 347,270 | ) | |||||||||||||
Balance at September 30, 2021 | i 600,090 | $ |
i 6,001 | $ |
i 53,886,180 | $ |
( i 50,915,436 | ) | $ |
i 2,976,745 |
Common | Paid-in | Accumulated | ||||||||||||||||||
Shares
|
Stock
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Balance at December 31, 2021
|
i 600,090 |
$ | i 6,001 | $ | i 53,886,180 | $ | ( i 50,855,936 | ) | $ | i 3,036,245 | ||||||||||
Net loss | - | i - | i - | ( i 347,113 | ) | ( i 347,113 | ) | |||||||||||||
Balance at March 31, 2022
|
i 600,090 |
i 6,001 |
i 53,886,180 |
( i 51,203,049 | ) | i 2,689,132 |
||||||||||||||
Net loss | - |
i - |
i - |
( i 351,332 | ) | ( i 351,332 | ) | |||||||||||||
Balance at June 30, 2022
|
i 600,090
|
i 6,001
|
i 53,886,180
|
( i 51,554,381
|
)
|
i 2,337,800
|
||||||||||||||
Net loss | - | i - | i - | ( i 188,991 | ) | ( i 188,991 | ) | |||||||||||||
Balance at September 30, 2022 | i 600,090 | $ |
i 6,001 | $ |
i 53,886,180 | $ |
( i 51,743,372 | ) | $ |
i 2,148,809 |
|
Nine
months ended September 30,
|
|||||||
|
2021
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
( i 887,436
|
)
|
$
|
( i 1,630,560
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
i 8,206
|
i 8,431
|
||||||
(Increase)/decrease in assets:
|
||||||||
Receivables from brokers and clearing organizations
|
( i 159,688
|
)
|
( i 13,042
|
)
|
||||
Receivables from affiliates
|
( i 13,367
|
)
|
( i 67,487
|
)
|
||||
Income taxes receivable
|
( i 4,200
|
)
|
i -
|
|||||
Other assets
|
i 505,340
|
i 15,101
|
||||||
Increase/(decrease) in liabilities:
|
||||||||
Compensation payable
|
( i 251,180
|
)
|
( i 196,059
|
)
|
||||
Payable to affiliates
|
i 171
|
( i 29,376
|
)
|
|||||
Income taxes payable
|
( i 1,501
|
)
|
i -
|
|||||
Accrued expenses and other liabilities
|
i 300,065
|
i 243,377
|
||||||
Total adjustments
|
i 383,846
|
( i 39,055
|
)
|
|||||
Net cash used in operating activities
|
( i 503,590
|
)
|
( i 1,669,615
|
)
|
||||
|
||||||||
Net decrease in cash, cash equivalents, and restricted cash
|
( i 503,590
|
)
|
( i 1,669,615
|
)
|
||||
Cash, cash equivalents, and restricted cash at beginning of period
|
i 3,238,897
|
i 4,946,403
|
||||||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
i 2,735,307
|
$
|
i 3,276,788
|
||||
|
||||||||
Reconciliation to cash, cash equivalents, and restricted cash:
|
||||||||
Cash and cash equivalents
|
$
|
i 2,385,307
|
$
|
i 2,926,788
|
||||
Restricted cash: deposits with clearing organizations
|
i 350,000
|
i 350,000
|
||||||
Cash, cash equivalents, and restricted cash
|
$
|
i 2,735,307
|
$
|
i 3,276,788
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
Commissions
|
$
|
i 369,171
|
$
|
i 441,174
|
$
|
i 1,249,687
|
$
|
i 1,525,320
|
||||||||
Hard dollar payments
|
i 20,652
|
i 51,017
|
i 93,538
|
i 188,915
|
||||||||||||
i 389,823
|
i 492,191
|
i 1,343,225
|
i 1,714,235
|
|||||||||||||
Underwriting fees
|
i -
|
i -
|
i -
|
i 6,311
|
||||||||||||
$
|
i 389,823
|
$
|
i 492,191
|
$
|
i 1,343,225
|
$
|
i 1,720,546
|
- |
Level
1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 assets include cash equivalents.
|
- |
Level
2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active
markets and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
|
- |
Level
3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These assets include infrequently traded common stocks.
|
Quoted Prices in Active | Significant Other | Significant | ||||||||||||||
Markets for Identical | Observable | Unobservable | ||||||||||||||
Assets
|
Assets (Level 1)
|
Inputs (Level 2)
|
Inputs (Level 3)
|
Total
|
||||||||||||
Cash equivalents
|
$
|
i 2,353,628
|
$
|
i -
|
$
|
i -
|
$
|
i 2,353,628
|
||||||||
Total assets at fair value
|
$
|
i 2,353,628
|
$
|
i -
|
$
|
i -
|
$
|
i 2,353,628
|
Quoted Prices in Active | Significant Other | Significant | ||||||||||||||
Markets for Identical | Observable | Unobservable | ||||||||||||||
Assets
|
Assets (Level 1)
|
Inputs (Level 2)
|
Inputs (Level 3)
|
Total
|
||||||||||||
Cash equivalents
|
$
|
i 2,859,939
|
$
|
i -
|
$
|
i -
|
$
|
i 2,859,939
|
||||||||
Total assets at fair value
|
$
|
i 2,859,939
|
$
|
i -
|
$
|
i -
|
$
|
i 2,859,939
|
Three months ended September 30,
|
Nine months
ended September 30,
|
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
Basic and diluted:
|
||||||||||||||||
Net loss attributable to shareholders
|
$
|
( i 188,991)
|
)
|
$
|
( i 347,270)
|
)
|
$
|
( i 887,436)
|
)
|
$
|
( i 1,630,560)
|
)
|
||||
Weighted average shares outstanding
|
i i 600,090 /
|
i i 600,090 /
|
i i 600,090 /
|
i i 600,090 /
|
||||||||||||
Basic and diluted net loss per share
|
$
|
( i i 0.31 / )
|
)
|
$
|
( i i 0.58 / )
|
)
|
$
|
( i i 1.48 / )
|
)
|
$
|
( i i 2.72 / )
|
)
|
ITEM 2: |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2021
|
2022
|
2021
|
||||||||||||||
Revenues
|
||||||||||||||||
Commissions
|
$
|
390
|
$
|
492
|
$
|
1,343
|
$
|
1,714
|
||||||||
Principal transactions
|
-
|
(21
|
)
|
8
|
(26
|
)
|
||||||||||
Dividends and interest
|
16
|
4
|
30
|
15
|
||||||||||||
Underwriting fees
|
-
|
-
|
-
|
6
|
||||||||||||
Other revenues
|
8
|
(2
|
)
|
16
|
25
|
|||||||||||
Total revenues
|
414
|
473
|
1,397
|
1,735
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation and related costs
|
275
|
277
|
895
|
1,591
|
||||||||||||
Clearing charges
|
116
|
207
|
574
|
556
|
||||||||||||
General and administrative
|
191
|
274
|
653
|
993
|
||||||||||||
Occupancy and equipment
|
20
|
62
|
162
|
226
|
||||||||||||
Total expenses
|
602
|
820
|
2,284
|
3,366
|
||||||||||||
Loss before income tax benefit
|
(189
|
)
|
(347
|
)
|
(887
|
)
|
(1,631
|
)
|
||||||||
Income tax benefit
|
-
|
-
|
-
|
-
|
||||||||||||
Net loss
|
$
|
(189
|
)
|
$
|
(347
|
)
|
$
|
(887
|
)
|
$
|
(1,631
|
)
|
||||
Net loss per share
|
||||||||||||||||
Basic and diluted
|
$
|
(0.31
|
)
|
$
|
(0.58
|
)
|
$
|
(1.48
|
)
|
$
|
(2.72
|
)
|
|
Three Months Ended September 30,
|
Increase (Decrease)
|
||||||||||||||
|
2022
|
2021
|
$
|
%
|
||||||||||||
Commissions
|
$
|
369
|
$
|
441
|
$
|
(72
|
)
|
-16.3
|
%
|
|||||||
Hard dollar payments
|
21
|
51
|
(30
|
)
|
-59.5
|
%
|
||||||||||
|
390
|
492
|
$
|
(102
|
)
|
-20.8
|
%
|
|||||||||
Underwriting fees
|
-
|
-
|
-
|
0.0
|
%
|
|||||||||||
Total
|
$
|
390
|
$
|
492
|
$
|
(102
|
)
|
-20.8
|
%
|
Nine Months Ended September 30,
|
Increase (Decrease)
|
|||||||||||||||
2022
|
2021
|
$ |
|
%
|
||||||||||||
Commissions
|
$
|
1,250
|
$
|
1,525
|
$
|
(276
|
)
|
-18.1
|
%
|
|||||||
Hard dollar payments
|
94
|
189
|
(95
|
)
|
-50.5
|
%
|
||||||||||
1,343
|
1,714
|
(371
|
)
|
-21.6
|
%
|
|||||||||||
Underwriting fees
|
-
|
6
|
(6
|
)
|
-100.0
|
%
|
||||||||||
Total
|
$
|
1,343
|
$
|
1,721
|
$
|
(377
|
)
|
-21.9
|
%
|
Nine months ended September 30,
|
||||||||
2021
|
||||||||
Cash flows provided by (used in) activities:
|
||||||||
Operating activities
|
$
|
(504
|
)
|
$
|
(1,669
|
)
|
||
Financing activities
|
-
|
-
|
||||||
Net decrease in cash and cash equivalents
|
(504
|
)
|
(1,669
|
)
|
||||
Cash and cash equivalents, beginning of period
|
2,889
|
4,596
|
||||||
Cash and cash equivalents, end of period
|
$
|
2,385
|
$
|
2,927
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 1A. |
RISK FACTORS
|
ITEM 6. |
EXHIBITS
|
Certification of CEO pursuant to Rule 13a-14(a).
|
||
Certification of CAO pursuant to Rule 13a-14(a).
|
||
Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
||
Certification of CAO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
|
||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
MORGAN GROUP HOLDING CO.
|
|
(Registrant)
|
|
By: /s/ Joseph L. Fernandez
|
|
Name:
|
|
Title:
|
Executive Vice President - Finance
|
Date: November 14, 2022
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
Filed on: | 11/14/22 | |||
10/31/22 | ||||
For Period end: | 9/30/22 | |||
6/30/22 | 10-Q | |||
4/1/22 | 10-K | |||
3/31/22 | 10-Q | |||
12/31/21 | 10-K | |||
9/30/21 | 10-Q | |||
6/30/21 | 10-Q | |||
3/31/21 | 10-Q | |||
12/31/20 | 10-K, NT 10-K | |||
9/10/20 | ||||
8/5/20 | 8-K | |||
5/5/20 | ||||
4/1/20 | 10-K | |||
3/16/20 | ||||
10/31/19 | 8-K, 8-K/A | |||
List all Filings |