January 15, 2020
2019 First Quarter Results of Operations:
End of Year Cash and Cash Equivalents: $81,352.94
End of Year Outstanding Common Stock: 83,025,679
At the end of 2019, Galenfeha, Inc. has no outstanding debt, no options or warrants that convert into any class of stock, and no other instruments that convert into common or preferred stock.
2019 First Quarter MD&A:
Galenfeha sold Fleaux Solutions at the end of second quarter, 2019. Proceeds from this sale where used for: investment activities; extinguishment of all debt; and to purchase and retire Common Stock.
Throughout 2019, the company provided consulting and regulatory services and these services where profitable. At the time of this report, the company is currently providing engineering/regulatory consulting services for 2020. All excess proceeds for these services will be used for investment purposes, and to buy back common stock from time to time.
Management has removed the going concern from the investor page, primarily because all outstanding debt has been extinguished, the company has streamlined operational overhead, and the company has sufficient cash to operate for the next several years.
Galenfeha management is continually looking for an acquisition/merger with a private company with no debt, and a minimum annual net income of $8,000,000 USD. With Galenfeha's current capital structure, and with $8m+ net income for the incoming acquisition/merger, this would allow the company to meet the listing requirements for a higher exchange. No acquisition/merger will be considered that either immediately reverse splits the common stock or that does not allow GLFH to meet the minimum listing requirements for a higher exchange.
If no acquisition/merger candidate becomes available for 2020, management will continue providing engineering and regulatory services, and make investments in companies that management has experience, and believes to be undervalued.
At the time of this report, January 15, 2020, the company is not in negations with any possible acquisition/merger candidate.