Teton Advisors LLC : Quarterly Report for the Period Ended June 30, 2022

Condensed Consolidated Financial Statements Teton Advisors, Inc.

Quarterly Report for the Period Ended June 30, 2022

Teton Advisors, Inc. and Subsidiaries

Condensed Consolidated Financial Statements

Quarterly Report for Period Ended June 30, 2022

Contents
Condensed Consolidated Statements of Income ....................................................................	1
Condensed Consolidated Statements of Financial Condition ................................................	3
Condensed Consolidated Statements of Stockholders' Equity ..............................................	4
Condensed Consolidated Statements of Cash Flows .............................................................	5
Notes to Condensed Consolidated Financial Statements .......................................................	6
Management's Discussion of Operations ...............................................................................	15

Teton Advisors, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

			Three months ended June 30,
			2022				2021
Revenues
Investment advisory fees - mutual funds, net	$	2,698,344	$	3,448,729
Investment advisory fees - separate accounts			775,466				818,380
Distribution fees and other income, net			(5,201)				7,633
Total revenues			3,468,609				4,274,742
Operating expenses
Compensation			1,509,552				1,448,192
Sub-advisory fees			548,385				714,632
Distribution costs			461,181				449,695
Marketing and administrative fees			41,337				366,565
Advanced commissions			5,842				5,810
Other operating expenses			489,307				413,452
Total operating expenses			3,055,604				3,398,346
Income before interest, taxes, depreciation and amortization			413,005				876,396
Depreciation and amortization			83,890				86,023
Income before income taxes			329,115				790,373
Income tax provision			78,590				177,766
Net income	$	250,525	$	612,607
Net income per share:
Basic	$	0.20	$	0.49
Fully diluted
	$	0.20		$	0.48
Weighted average shares outstanding:
Basic			1,263,961				1,260,988
Fully diluted			1,273,576				1,270,705

The accompanying notes are an integral part of these financial statements.

1

Teton Advisors, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

			Six Months Ended June 30,
			2022				2021
Revenues
Investment advisory fees - mutual funds, net	$	5,690,368	$	6,639,250
Investment advisory fees - separate accounts			1,596,761				1,494,111
Distribution fees and other income, net			3,602				15,510
Total revenues			7,290,731				8,148,871
Operating expenses
Compensation			3,119,828				2,744,824
Sub-advisory fees			1,161,259				1,392,011
Distribution costs			903,379				884,467
Marketing and administrative fees			69,209				716,586
Advanced commissions			13,269				4,078
Other operating expenses			906,212				754,897
Total operating expenses			6,173,156				6,496,863
Income before interest, taxes, depreciation and amortization			1,117,575				1,652,008
Depreciation and amortization			168,682				172,046
Income before income taxes			948,893				1,479,962
Income tax provision			69,611				213,924
Net income	$	879,282	$	1,266,038
Net income per share:
Basic	$	0.70	$	1.00
Fully diluted
	$	0.69		$	1.00
Weighted average shares outstanding:
Basic			1,262,482				1,260,988
Fully diluted			1,273,118				1,270,937

The accompanying notes are an integral part of these financial statements.

2

Teton Advisors, Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition

`	(Unaudited)
		June 30,		December 31,
		2022			2021
ASSETS
Cash and cash equivalents	$	13,086,588	$	21,506,861
Investment advisory fees receivable		1,125,947			1,374,135
Distribution and shareholder service expense reimbursement receivable		43,537			53,086
Receivable from affiliates		1,900			2,800
Investment in securities		1,476,608			-
Income tax receivable		79,731			-
Contingent deferred sales commissions		8,866			17,827
Deferred tax asset		3,421,366			3,452,913
Intangible assets, net (Note B)		3,536,960			3,699,909
Right-of-use assets		328,140			385,352
Other assets (net of accumulated depreciation of $38,541 and $46,326 respectively)		474,717			276,039
Total assets	$	23,584,360	$	30,768,922
LIABILITIES AND STOCKHOLDERS' EQUITY
Due to broker	$	-	$	7,999,316
Compensation payable		656,394			707,926
Payable to affiliates		266,221			395,745
Distribution costs payable		224,809			233,409
Income tax payable		-			23,225
Lease liabilities		376,076			447,469
Accrued expenses and other liabilities		1,144,862			1,205,724
Total liabilities		2,668,362			11,012,814
Stockholders' equity:
Preferred stock, $0.001 par value; 350,000 and 80,000 shares authorized; none issued and outstanding		-			-
Class A Common stock, $0.001 par value; 5,150,000 and 1,700,000 shares authorized;
1,036,735 and 1,036,706 shares issued, respectively;
989,928 and 991,395 outstanding, respectively		977			974
Class B Common stock, $0.001 par value; 2,000,000 and 800,000 shares authorized;
792,000 shares issued; 329,064 and 329,092 shares outstanding, respectively		339			339
Additional paid-in capital		5,599,481			5,297,930
Treasury stock, at cost (46,807 class A shares and 443 class B shares
and 45,311 class A shares and 443 class B shares, respectively)		(1,206,355)			(1,185,409)
Retained earnings		16,521,556			15,642,274
Total stockholders' equity		20,915,998			19,756,108
Total liabilities and stockholders' equity	$	23,584,360	$	30,768,922

The accompanying notes are an integral part of these financial statements.

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