UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
(Mark One)
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended June 30, 2007
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the transition period from ___________ to ___________ |
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Commission File Number 001-12233
Bexil Corporation
(Name of small business issuer in its charter)
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Maryland |
13-3907058 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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11 Hanover Square, New York, New York |
10005 |
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(Address of principal executive offices) |
(Zip Code) |
Issuer’s telephone number: 1-212-785-0400
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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.
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Yes x No |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No x
The number of shares outstanding of the issuer’s classes of common equity, as of August 13, 2007: Common Stock, par value $.01 per share – 883,592 shares.
Transitional Small Business Disclosure Format (check one): Yes o No x
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INDEX |
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PART I. FINANCIAL INFORMATION |
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Item 1. Financial Statements (Unaudited) |
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Condensed Consolidated Balance Sheet at June 30, 2007
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3 |
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Condensed Consolidated Statements of Income • Three months ended June 30, 2007 and 2006 • Six months ended June 30, 2007 and 2006
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4 |
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Condensed Consolidated Statement of Changes in Shareholders’ Equity at June 30, 2007 |
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Condensed Consolidated Statements of Cash Flows • Three months ended June 30, 2007 and 2006 • Six months ended June 30, 2007 and 2006
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6 |
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Notes to Condensed Consolidated Financial Statements
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7 |
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Item 2. Management’s Discussion and Analysis or Plan of Operation |
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Item 3. Controls and Procedures |
18 |
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PART II. OTHER INFORMATION
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Item 1. Legal Proceedings |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
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Item 3. Defaults Upon Senior Securities |
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Item 4. Submission of Matters to a Vote of Security Holders |
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Item 5. Other Information |
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Item 6. Exhibits |
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CERTIFICATION SIGNATURES |
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- 2 -
BEXIL CORPORATION
CONDENDSED CONSOLIDATED BALANCE SHEET
June 30, 2007
(Unaudited)
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ 622,908 |
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Investment securities, available-for-sale |
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36,444,503 |
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Receivables: |
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Interest receivable |
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599,679 |
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Refundable taxes |
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417,214 |
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Prepaid expenses |
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8,250 |
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Total current assets |
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38,092,554 |
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Deferred taxes |
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125,186 |
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Total assets |
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$ 38,217,740 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ 244,606 |
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Total current liabilities |
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244,606 |
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Commitments and contingencies (Note 8) |
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- |
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Shareholders' equity |
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Common stock, $0.01 par value, 9,900,000 shares authorized, |
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883,592 shares issued and outstanding |
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8,836 |
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Series A participating preferred stock, $0.01 par value, 100,000 |
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shares authorized, -0- shares issued and outstanding |
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- |
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Additional paid-in capital |
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12,938,802 |
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Accumulated other comprehensive loss |
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(69,255) |
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Retained earnings |
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25,094,751 |
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Total shareholders' equity |
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37,973,134 |
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Total liabilities and shareholders' equity |
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$ 38,217,740 |
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See notes to the condensed consolidated financial statements.
- 3 -
BEXIL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2007 |
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2006 |
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2007 |
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2006 |
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Revenues |
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Consulting and other |
$ - |
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$ 2,000 |
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$ - |
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$ 5,000 |
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- |
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2,000 |
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5,000 |
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Expenses |
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