MORGAN GROUP HOLDING CO (MGHL)
Operating through its subsidiary G.research, LLC, Morgan Group Holding Co. extends institutional research and securities brokerage services throughout the United States. A core aspect of its operations involves producing research reports for approximately 100 companies, with a particular focus on small and mid-capitalization investments. The firm also offers syndicated underwriting services. Its extensive client base encompasses institutional investors, mutual funds, asset management firms, private wealth managers, and individual retail customers. Morgan Group Holding Co. was founded in 2001 and maintains its principal place of business in Rye, New York.
Sector: Security & Commodity Brokers, Dealers, Exchanges & Services
Industry: Financial - Capital Markets
Morgan Group Holding Co.
OTC:MGHLFinancial Services · Financial - Capital Markets
Mkt Cap-
Float192K
O/S600K
Inst Own-
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2.32M
Net Income-$29K
Total Assets$1.98M
Free Cash Flow$32K
Debt & Equity
Debt 14%
Equity 86%
Total Debt$225K
Total Equity$1.36M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:100Reverse splitJun 11, 2020100 shares → 1
Balance Sheet Details
Assets$1.98M
Liabilities$621K
Accounts Receivable$114K
Accounts Payable$0
Inventory$0
PP&E (Net)$3K
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 |
| Revenue | $2.32M | $2.31M | $2.14M | $2.01M | $2.97M | $4.44M | $9.25M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $101.17M | $128.37M |
| YoY Growth | 0.6% | 8.1% | 6.3% | -32.4% | -33.0% | -52.0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -21.2% | - |
| Cost of Revenue | $1.68M | $1.6M | $1.98M | $1.92M | $2.95M | $4.55M | $9.67M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $93.93M | $119.89M |
| Gross Profit | $648K | $710K | $2.14M | $88K | $29K | -$117K | -$427K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.24M | $8.47M |
| Gross Margin | 27.9% | 30.7% | 100.0% | 4.4% | 1.0% | -2.6% | -4.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.2% | 6.6% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $645K | $517K | $2.15M | $1.03M | $1.6M | $1.52M | $1.98M | $58K | $55K | $57K | $65K | $109K | $63K | $145K | $68K | $31K | $30K | $37K | $3K | $5K | $3K | $2K | $35K | $64K | $8.23M | $9.44M |
| Other | $0 | $0 | $0 | $432 | $0 | -$18 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.1M | $1.07M |
| Total Operating Expenses | $645K | $517K | $2.15M | $1.03M | $1.6M | $1.52M | $1.98M | $58K | $55K | $57K | $65K | $109K | $63K | $145K | $68K | $31K | $30K | $37K | $3K | $5K | $3K | $2K | $35K | $64K | $9.33M | $10.51M |
| Operating Income (EBIT) | $3K | $193K | -$843K | -$940K | -$1.57M | -$1.63M | -$2.41M | -$58K | -$55K | -$57K | -$65K | -$109K | -$63K | -$145K | -$68K | -$31K | -$30K | -$37K | -$3K | -$5K | -$3K | -$2K | -$35K | -$64K | -$2.09M | -$2.04M |
| Operating Margin | 0.1% | 8.4% | -39.4% | -46.7% | -52.8% | -36.8% | -26.0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -2.1% | -1.6% |
| Interest Expense | $32K | $46K | $5K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $745 | $0 | $0 | $864 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $273K | $310K |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2K | $216 | $191 | $2 | $2 | $5K | $745 | $925 | $346 | $864 | $9K | $20K | $19K | $10K | $4K | $3K | $6K | $0 | $0 |
| Other Income (Expense) | -$32K | -$46K | -$838K | $0 | $0 | $0 | $0 | $2K | $216 | $191 | $2 | $2K | $880 | $2K | $8K | $43K | $864 | $9K | $0 | $0 | $0 | $0 | $0 | $0 | -$273K | -$200K |
| Income Before Tax (EBT) | -$29K | $147K | -$848K | -$940K | -$1.57M | -$1.63M | -$2.41M | -$56K | -$55K | -$57K | -$65K | -$106K | -$62K | -$143K | -$60K | $12K | -$29K | -$28K | -$3K | -$5K | -$3K | -$2K | -$35K | -$64K | -$2.37M | -$2.24M |
| Income Tax Expense | $0 | $0 | $0 | $9K | $723 | -$203K | -$501K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$20K | -$19K | -$10K | -$4K | -$3K | -$6K | -$910K | $2.28M |
| Net Income | -$29K | $147K | -$848K | -$949K | -$1.57M | -$1.43M | -$1.91M | -$56K | -$55K | -$57K | -$65K | -$106K | -$62K | -$143K | -$60K | $12K | -$29K | -$28K | $17K | $15K | $7K | $2K | -$32K | -$4.8M | -$854K | -$2.49M |
| Net Income Margin | -1.2% | 6.4% | -39.7% | -47.2% | -52.8% | -32.2% | -20.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.8% | -1.9% |
| Supplementary Data | ||||||||||||||||||||||||||
| EPS | -0.05 | 0.24 | -1.41 | -1.58 | -2.62 | -2.38 | -3.42 | -1.23 | -1.63 | -1.69 | -1.92 | -3.17 | -1.84 | -4.50 | -1.95 | 0.39 | -0.94 | -0.91 | 0.56 | 0.49 | 0.23 | 0.07 | -1.05 | -157.18 | -27.95 | -81.56 |
| Diluted EPS | -0.05 | 0.24 | -1.41 | -1.58 | -2.62 | -2.38 | -3.42 | -1.23 | -1.63 | -1.69 | -1.92 | -3.17 | -1.84 | -4.50 | -1.95 | 0.39 | -0.94 | -0.91 | 0.56 | 0.49 | 0.23 | 0.07 | -1.05 | -157.18 | -27.95 | -81.56 |
| Weighted Average OS | 600,090 | 600,090 | 600,090 | 600,090 | 600,090 | 600,090 | 557,338 | 45,385 | 33,590 | 33,590 | 33,590 | 33,590 | 33,590 | 31,768 | 30,553 | 30,553 | 30,553 | 30,553 | 30,553 | 30,553 | 30,550 | 30,550 | 30,550 | 30,550 | 30,550 | 30,553 |
| EBITDA | $5K | $198K | -$835K | -$929K | -$1.56M | -$1.62M | -$2.4M | -$58K | -$55K | -$57K | -$64K | -$108K | -$62K | -$143K | -$68K | -$31K | -$29K | -$37K | -$3K | -$5K | -$3K | -$2K | -$35K | -$64K | -$994K | -$861K |
| EBITDA Margin | 0.2% | 8.6% | -39.1% | -46.2% | -52.4% | -36.6% | -25.9% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -1.0% | -0.7% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 |
| Assets | ||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||
| Cash and Cash Equivalents | $1.75M | $1.71M | $1.59M | $2.29M | $2.89M | $4.75M | $6.59M | $130K | $17K | $64K | $117K | $187K | $9K | $356K | $216K | $192K | $377K | $405K | $440K | $423K | $408K | $401K | $399K | $433K | $1.52M | $2.09M |
| Short-Term Investments | $380 | $3K | $350K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $276K | $0 | $124K | $204K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.62M | $0 |
| Cash and Short-Term Investments | $1.75M | $1.72M | $1.94M | $2.29M | $2.89M | $4.75M | $6.59M | $130K | $17K | $64K | $117K | $187K | $285K | $356K | $340K | $396K | $377K | $405K | $440K | $423K | $408K | $401K | $399K | $433K | $4.14M | $2.09M |
| Accounts Receivable | $114K | $153K | $351K | $642K | $383K | $402K | $1.02M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.91M | $8.38M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $890K | $0 |
| Other Current Assets | $0 | $0 | $0 | $350K | $350K | $200K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.31M | $1.37M |
| Total Current Assets | $1.86M | $1.87M | $2.29M | $3.28M | $3.62M | $5.35M | $7.81M | $137K | $18K | $68K | $124K | $197K | $294K | $361K | $340K | $396K | $384K | $412K | $440K | $423K | $408K | $401K | $399K | $433K | $13.26M | $11.94M |
| Long-Term Assets | ||||||||||||||||||||||||||
| Property, Plant & Equipment Net | $3K | $4K | $5K | $12K | $23K | $34K | $44K | $56K | $5K | $0 | $0 | $572 | $1K | $2K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.34M | $3.69M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.26M | $7.12M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $282K |
| Other Long-Term Assets | $111K | $100K | $845K | $129K | $680K | $221K | $282K | $998K | $106K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $132K | $634K |
| Total Long-Term Assets | $113K | $107K | $850K | $141K | $702K | $255K | $326K | $1.05M | $106K | $0 | $0 | $572 | $1K | $2K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $9.73M | $11.73M |
| Other Assets | $0 | $0 | -$699K | $0 | $0 | $0 | $0 | -$1.05M | -$106.13M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $1.98M | $1.98M | $2.44M | $3.42M | $4.32M | $5.6M | $8.14M | $137K | $18K | $68K | $124K | $197K | $295K | $363K | $340K | $396K | $384K | $412K | $440K | $423K | $408K | $401K | $399K | $433K | $22.98M | $23.67M |
| Liabilities | ||||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||||
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $222 | $5K | $850 | $0 | $8K | $0 | $16K | $4K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.5M | $2.37M |
| Short-Term Debt | $225K | $225K | $400K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.78M | $3.44M |
| Current Income Tax Payable | $0 | $0 | $15K | $63K | $48K | $47K | $54K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.5M | $0 |
| Other Current Liabilities | $387K | $335K | $622K | $0 | $0 | $455K | $710K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $675K | $1.36M |
| Total Current Liabilities | $621K | $589K | $1.2M | $1.33M | $1.29M | $996K | $2.1M | $222 | $5K | $850 | $0 | $8K | $0 | $16K | $4K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2K | $11.46M | $10.88M |
| Long-Term Liabilities | ||||||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.09M | $5.19M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $744K |
| Other Long-Term Liabilities | $0 | $0 | $1.2M | $0 | $0 | $0 | $0 | $0 | $5 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $0 | $3K | $1.2M | $0 | $0 | $0 | $0 | $0 | $5 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.09M | $5.94M |
| Other Liabilities | $0 | $0 | -$1.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $621K | $592K | $1.2M | $1.33M | $1.29M | $996K | $2.1M | $222 | $5K | $850 | $0 | $8K | $0 | $16K | $4K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2K | $15.55M | $16.81M |
| Stockholders' Equity | ||||||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $6K | $6K | $6K | $6K | $6K | $6K | $6K | $49K | $34K | $34K | $34K | $34K | $34K | $34K | $31K | $31K | $31K | $31K | $31K | $31K | $30K | $30K | $30K | $30K | $30K | $0 |
| Retained Earnings | -$52.53M | -$52.51M | -$52.65M | -$51.81M | -$50.86M | -$49.28M | -$47.85M | -$5.85M | -$5.79M | -$5.74M | -$5.68M | -$5.62M | -$5.51M | -$5.45M | -$5.31M | -$5.25M | -$5.26M | -$5.23M | -$5.2M | -$5.22M | -$5.23M | -$5.24M | -$5.24M | -$5.21M | -$409K | $0 |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $53.89M | $53.89M | $53.89M | $53.89M | $53.89M | $53.89M | $53.89M | $5.94M | $5.77M | $5.77M | $5.77M | $5.77M | $5.77M | $5.76M | $5.61M | $5.61M | $5.61M | $5.61M | $5.61M | $5.61M | $5.61M | $5.61M | $5.61M | $5.61M | $5.61M | $3.66M |
| Total Equity | $1.36M | $1.39M | $1.24M | $2.09M | $3.04M | $4.61M | $6.04M | $137K | $13K | $68K | $124K | $189K | $295K | $347K | $336K | $396K | $384K | $412K | $440K | $423K | $408K | $401K | $399K | $431K | $5.24M | $3.66M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.2M | $3.19M |
| Total Liabilities and Equity | $1.98M | $1.98M | $2.44M | $3.42M | $4.32M | $5.6M | $8.14M | $137K | $18K | $68K | $124K | $197K | $295K | $363K | $340K | $396K | $384K | $412K | $440K | $423K | $408K | $401K | $399K | $433K | $20.78M | $20.47M |
| Supplementary Data | ||||||||||||||||||||||||||
| Total Debt | $225K | $225K | $400K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.87M | $8.63M |
| Net Debt | -$1.52M | -$1.49M | -$1.19M | -$2.29M | -$2.89M | -$4.75M | -$6.59M | -$130K | -$17K | -$64K | -$117K | -$187K | -$9K | -$356K | -$216K | -$192K | -$377K | -$405K | -$440K | -$423K | -$408K | -$401K | -$399K | -$433K | $6.35M | $6.54M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 |
| Operating Activities | ||||||||||||||||||||||||||
| Net Income | -$29K | $147K | -$848K | -$949K | -$1.57M | -$1.43M | -$1.91M | -$56K | -$55K | -$57K | -$65K | -$106K | -$62K | -$143K | -$60K | $12K | -$29K | -$28K | $17K | $15K | $7K | $2K | -$32K | -$4.8M | -$854K | -$2.49M |
| Depreciation & Amortization | $2K | $5K | $8K | $11K | $11K | $11K | $11K | $0 | $0 | $0 | $572 | $654 | $654 | $82 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.1M | $1.07M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $3K | $270K | $0 | $0 | $0 | $0 | $0 | $0 | -$1K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$143K | $2.87M |
| Stock-Based Compensation | $0 | $0 | $0 | -$247.62M | $19.23M | -$254.17M | -$729.86M | $0 | $0 | $0 | $0 | $0 | $0 | $109K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||||||
| Accounts Receivable | $38K | $200K | $27K | -$259K | $20K | $616K | -$727K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.56M | $2.56M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$4.27M | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4K | $850 | -$8K | $8K | -$16K | $12K | $4K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.13M | -$1.53M |
| Other Working Capital | $21K | -$397K | -$508K | $594K | -$167K | -$1.04M | -$17K | -$12K | $4K | $3K | $2K | -$1 | -$3K | -$6K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $502K | -$1.52M |
| Total Working Capital Change | $59K | -$197K | -$482K | $335K | -$148K | -$424K | -$744K | -$12K | $8K | $4K | -$6K | $8K | -$20K | $6K | $4K | $7K | $0 | -$8K | $0 | $0 | $0 | $0 | -$2K | $2K | -$81K | -$488K |
| Other Non-Cash Items | $0 | $0 | $226K | $247.62M | -$19.23M | $254.17M | $729.86M | $0 | $0 | $0 | $0 | -$2K | -$857 | -$690 | -$8K | -$43K | $500 | $0 | $0 | $0 | $0 | $0 | $0 | $3.08M | -$603K | -$1.84M |
| Net Cash from Operating | $32K | -$45K | -$1.1M | -$603K | -$1.71M | -$1.84M | -$2.37M | -$68K | -$47K | -$53K | -$70K | -$100K | -$82K | -$29K | -$64K | -$24K | -$28K | -$35K | $17K | $15K | $7K | $2K | -$34K | -$1.72M | -$566K | -$882K |
| Investing Activities | ||||||||||||||||||||||||||
| Capital Expenditures | -$291 | -$4K | -$958 | $0 | $0 | -$842 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$99K | -$106K |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$66K | -$280K | -$617K | -$1.12M | -$1.37M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$11K | -$2.62M | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $344K | $0 | $742K | $1.21M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5K | $690 | $876 | $1.21M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $453K | -$30K | -$18K |
| Net Cash from Investing | -$291 | -$4K | -$958 | $0 | $0 | -$842 | $0 | $0 | $0 | $0 | $0 | $278K | -$275K | $124K | $88K | -$161K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $442K | -$2.75M | -$124K |
| Financing Activities | ||||||||||||||||||||||||||
| Debt Repaid | - | - | -$400K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | $106K | $677K |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $515K | $180K | $0 | $0 | $0 | $0 | $0 | $43K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$230K | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$5K | -$690 | -$876 | -$170 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $0 | -$2.89M | $0 | $0 | $0 | $0 | $0 | $15K | $3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.2M | $2.5M | -$72K |
| Net Cash from Financing | $0 | -$175K | $400K | $0 | $0 | $0 | -$2.37M | $180K | $0 | $0 | $0 | $0 | $10K | $45K | -$876 | -$170 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.2M | $2.74M | -$749K |
| Forex Effect | $3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $876 | $170 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11K | $0 | $0 |
| Net Change in Cash | $35K | -$224K | -$697K | -$603K | -$1.71M | -$1.84M | -$4.74M | $112K | -$47K | -$53K | -$70K | $178K | -$347K | $139K | $24K | -$185K | -$28K | -$35K | $17K | $15K | $7K | $2K | -$34K | -$67K | -$575K | -$1.75M |
| Supplementary Data | ||||||||||||||||||||||||||
| Operating Cash Flow | $32K | -$45K | -$1.1M | -$603K | -$1.71M | -$1.84M | -$2.37M | -$68K | -$47K | -$53K | -$70K | -$100K | -$82K | -$29K | -$64K | -$24K | -$28K | -$35K | $17K | $15K | $7K | $2K | -$34K | -$1.72M | -$566K | -$882K |
| Capital Expenditure | -$295 | -$4K | -$958 | $0 | $0 | -$842 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$99K | -$106K |
| Free Cash Flow | $32K | -$49K | -$1.1M | -$603K | -$1.71M | -$1.84M | -$2.37M | -$68K | -$47K | -$53K | -$70K | -$100K | -$82K | -$31K | -$64K | -$24K | -$28K | -$35K | $17K | $15K | $7K | $2K | -$34K | -$1.72M | -$665K | -$988K |
| Cash at Beginning | $1.71M | $1.94M | $2.64M | $3.24M | $4.95M | $6.79M | $11.53M | $17K | $65K | $117K | $187K | $9K | $356K | $216K | $192K | $377K | $405K | $440K | $423K | $408K | $401K | $399K | $433K | $500K | $2.09M | $3.85M |
| Cash at End | $1.75M | $1.71M | $1.94M | $2.64M | $3.24M | $4.95M | $6.79M | $130K | $17K | $64K | $117K | $187K | $9K | $356K | $216K | $192K | $377K | $405K | $440K | $423K | $408K | $401K | $399K | $433K | $1.52M | $2.09M |