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MGHL > SEC Filings for MGHL > Form 10-Q on 12-Nov-2013All Recent SEC Filings

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Form 10-Q for MORGAN GROUP HOLDING CO


12-Nov-2013

Quarterly Report


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. The primary, but not exclusive, focus of this search is on US based manufacturing businesses with EBITDA between $5-$20 million. 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 September 30, 2013, the Company incurred $12,343 of administrative expenses as compared to $10,195 of reimbursements in excess of administrative expenses in the three months ended September 30, 2012. During the three months ended September 30, 2012, the Company received reimbursement from its transfer agent, American Stock Transfer & Trust Company, LLC, of $15,186 for previously incurred legal fees (see Note 5 above). The amount exceeded the actual expenses recorded during the three months ended September 30, 2012 of $4,991. 2013 expenses were greater than this amount due primarily to the costs of Directors and Officers Insurance and additional professional fees. For the nine months ended September 30, 2013, the Company incurred $50,720 of administrative expenses an increase of $33,512 from the $17,208 of expenses in the nine months ended September 30, 2012. Aside from the previously noted reimbursement of administrative expenses increase due to activity associated with acquisition evaluation, the cost of Directors and Officers Insurance and other administrative costs of maintaining its 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 and nine months ended September 30, 2012, the company recorded $500 and $2,288, respectively, of net realized and unrealized gains from this activity, no realized or unrealized gains or losses were recorded during 2013. Also during the three and nine months ended September 30, 2012, received $400 and $690, respectively, in dividend income for the three and nine months ended September 30, 2012 as compared to $0 for the three and nine months ended September 30, 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 and in United States Treasury securities was $3 and $23, respectively, during the three and nine months ended September 30, 2013 as compared to $17 and $25, respectively, during the three and nine months ended September 30, 2012.

Liquidity and Capital Resources

As of September 30, 2013, the Company's principal assets consisted of cash and cash equivalents of $294,786 and a capital loss carry forward of about $4.4 million which it expects will substantially expire at the end of this year. 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.

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