-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CyrFwNrJPJu/CVDcsxCL+F4FZSf4xlbR+aZ02+rxw5DXiNB3kfCcuxTegBD9uNvU dg7vK1vrwqbQ0hnyL4wpmA== 0000950147-98-000186.txt : 19980317 0000950147-98-000186.hdr.sgml : 19980317 ACCESSION NUMBER: 0000950147-98-000186 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980313 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SC&T INTERNATIONAL INC CENTRAL INDEX KEY: 0001000079 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 860737579 STATE OF INCORPORATION: AZ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-27382 FILM NUMBER: 98564767 BUSINESS ADDRESS: STREET 1: 15695 NORTH 83RD WAY CITY: SCOTTSDALE STATE: AZ ZIP: 85260 BUSINESS PHONE: 6023689490 MAIL ADDRESS: STREET 1: 15695 NORTH 83RD WAY CITY: SCOTTSDALE STATE: AZ ZIP: 85260 10QSB 1 QUARTERLY REPORT US SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-QSB QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1997 Commission File Number: 0-27382. SC&T International, Inc. ---------------------------- (Exact name of small business as specified in its charter) Arizona 86-0737579 (State or other jurisdiction of (IRS Employer Identification) incorporation or organization) 15695 North 83rd Way, Scottsdale, Arizona 85260 ----------------------------------------------- (Address of principal executive offices) (602) 368-9490 ------------------ (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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. Yes No X ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 23,135,263 shares of Common Stock, par value $0.01 per share. Transitional Small Business Disclosure Format (Check one): Yes No X ----- ----- 1 SC&T INTERNATIONAL, INC. ------------------------ AND SUBSIDIARY -------------- Page Part I Financial Information Item 1 Financial Information Consolidated Balance Sheet as of December 31, 1997 3 Consolidated Statements of Operations for the Three Months Ended December 31, 1997 and December 31, 1996 5 Consolidated Statement of Shareholders' Equity for the Three Months Ended December 31, 1997 6 Consolidated Statements of Cash Flows for the Three Months Ended December 31, 1997 and December 31, 1996 7 Notes to Consolidated Financial Statements 8 Item 2 Management's Discussion and Analysis 10 Part II Other Information Item 1 Litigation 14 Item 2 Change in Securities 14 Item 3 Defaults Upon Senior Securities 15 Item 4 Submission of Matters to a Vote of Security-Holders 15 Item 5 Other Information 15 Item 6 Exhibits & Reports on Form 8-K 15 2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS SC&T INTERNATIONAL, INC. AND SUBSIDIARY UNAUDITED CONSOLIDATED BALANCE SHEET December 31, 1997 ASSETS Current assets: Cash $ 286,295 Receivables 1,160,649 Inventory 2,175,075 Other current assets 411,400 ---------- Total current assets 4,033,419 Product development costs, less accumulated amortization of $70,804 77,276 Property and equipment, less accumulated depreciation of $477,206 377,832 Other assets 147,198 ---------- Total Assets $4,635,725 ========== 3 SC&T INTERNATIONAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEET December 31, 1997 UNAUDITED LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,185,904 Common stock payable 103,130 Accrued expenses 39,048 ------------ Total current liabilities 1,328,082 ------------ Commitments and contingencies -- Shareholders' equity: Common stock, $0.01 par; authorized 25,000,000 shares; 23,135,263 shares issued and 22,940,823 shares outstanding 231,353 Series A preferred stock, $0.01 par; authorized 5,000,000 shares; 718 shares issued and outstanding 7 Additional paid-in capital 14,959,621 Treasury stock - at cost, 194,440 shares (29,166) Currency translation (193,634) Accumulated deficit (11,660,537) ------------ Total shareholders' equity 3,307,644 ------------ $ 4,635,725 ============ The accompanying notes are an integral part of these consolidated financial statements. 4 SC&T INTERNATIONAL, INC. AND SUBSIDIARY UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended December 31, 1997 and 1996 1997 1996 ------------ ------------ Net sales $ 2,375,262 3,125,865 Cost of goods sold 1,519,916 2,099,993 ------------ ------------ Gross profit 855,346 1,025,872 Selling, general and administrative expenses: Payroll and payroll taxes 335,740 232,911 Selling and promotion 294,018 300,986 Office and administrative 364,779 262,051 Research and development 55,974 68,821 Consulting fees 33,828 51,165 Other 105,485 180,866 ------------ ------------ 1,189,824 1,096,800 Loss from operations (334,478) (70,928) Other income (expense): Interest income 864 86,555 Interest expense (4,690) (3,967) ------------ ------------ Loss before income tax (338,304) 11,660 Income tax expense -- -- ------------ ------------ Net loss $ (338,304) $ 11,660 ============ ============ Net loss from operations per common share $ (0.01) $ 0.00 ============ ============ Net loss per common share $ (0.01) $ 0.00 ============ ============ Common shares outstanding 23,135,263 9,022,062 ============ ============ The accompany notes are an integral part of these financial statements. 5 SC&T INTERNATIONAL, INC. AND SUBSIDIARY UNAUDITED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY For the Three Months Ended December 31, 1997
Common Stock Additional Treasury Stock ----------------- Preferred Stock paid-in ------------------ Currency Accumulated Shares Amount Shares Amount capital Shares Amount translation deficit ------ ------ ------ ------ ------- ------ ------ ----------- ------- Balance at September 30, 1997 23,135,263 $ 231,353 718 $ 7 $14,959,621 (194,440) $ (29,166) $ (74,539) (11,322,233) Preferred stock costs Currency translation - - - - - - - (119,096) - Net loss ( 338,304) ---------- --------- --- ----- ----------- -------- --------- ---------- ----------- Balance at December 31, 1997 23,135,263 $ 231,353 $ 718 $ 7 $14,959,621 (194,440) $ (29,166) $ (193,635) (11,660,537) ========== ========= ====== ===== =========== ======== ========= ========== ===========
The accompanying notes are an integral part of these consolidated financial statements. 6 SC&T INTERNATIONAL, INC. AND SUBSIDIARY UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months Ended December 31, 1997 and 1996
1997 1996 ------------ ------------ Cash flows from operating activities: Net loss $ (338,304) $ (189,864) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 55,655 50,534 Increase in accounts receivable (281,117) (531,423) Increase in allowance for doubtful accounts (111,996) -- Decrease in inventories 320,269 (98,325) Increase in advances on purchases of (160,536) (621,014) inventory Decrease in other current assets (73,981) Loan amortization -- Increase in prepaid expenses (177,811) -- Decrease in other assets 11,069 (38,902) Increase in accounts payable 910,195 (246,971) Decrease in accrued expenses (157,531) (65,404) ----------- ----------- Net cash used in operating activities 69,893 (1,815,350) ----------- ----------- Cash flows from investing activities: Purchase of property and equipment (110,522) (217,560) Development costs (6,345) (122,113) Loans to related parties (10,509) 9,374 ----------- ----------- Net cash used in investing activities (127,376) (330,299) ----------- ----------- Cash flows from financing activities: Currency translation (119,096) (12,430) Net borrowings under line of credit agreement -- 7,885 Principal payments on short-term debt -- (5,556) Principal payments on long-term debt -- (1,266) Proceeds from note payable, related party -- -- Net repayments on related party loans -- (29,166) Net borrowings on notes payable, bank -- -- Preferred stock issuance costs -- (20,570) Repayments to factor -- (121,368) Net cash (used in)provided by financing activities (119,096) (182,471) ----------- ----------- Net decrease in cash (176,579) (2,328,120) Cash, beginning of period 462,874 9,962,511 ----------- ----------- Cash, end of period $ 286,295 $ 7,634,391 =========== ===========
The accompanying notes are an integral part of these consolidated financial statements. 7 SC&T INTERNATIONAL, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (Unaudited) 1. Interim financial reporting: The accompanying unaudited Consolidated Financial Statements for SC&T International, Inc. (the "Company") have been prepared in accordance with the generally accepted accounting principles for interim financial information and the instructions to Form 10-QSB. Under a 10-Q filing, it is not necessary to include all of the information and footnotes required in a 10-K filing. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the periods presented have been made. The results of operations for the three month period ended December 31, 1997 is not necessarily indicative of the operating results that may be expected for the entire fiscal year ending June 30, 1998. Reclassification: Certain prior period amounts have been reclassified to conform to the current period presentation. 2. Common Stock: On October 22, 1997, the Company's shares of common stock, which was traded under the symbol SCTI, were delisted from the Nasdaq Small cap market. This action was taken as a direct result of the Company's failure to meet the filing requirement as stated in marketplace Rule 4310(c)(14). The failure to meet the filing requirement was the result of the untimely resignation of the Company's accounting firm, Toback & Company. This action by Toback & Company, as noted by the Nasdaq, caused the delisting of the Company, and the Company will pursue all legal options regarding Toback & Company's actions. The Company followed the appropriate policy of Nasdaq by filing its form 8-K, began a search for a new accounting firm, retaining Evers & Company. The Company has completed and filed its 10-K. The Company has entered into agreements with the holders of 94% of the Series A Preferred Stock hereby all of their shares of Series A preferred Stock are tendered for conversion at a fixed conversion price of $1.00 per share (the "Fixed Conversion"). The holders of Series A Preferred Stock waive all other conversion rights which they may have pursuant to any agreement. In addition to Fixed Conversion, the holders of Series A Preferred Stock will also receive warrants to purchase one third (1/3) of the number of shares which they receive pursuant to Section I of the Fixed Conversion at a price of $1.25, subject to ordinary anti-dilution provisions (the "Warrant Shares"). The Warrant Shares will be subject to ordinary registration rights and a warrant agreement and registration rights agreement will be forwarded as promptly as is possible. All such documents shall contain ordinary and reasonable terms, conditions, presentations and warranties. 8 SC&T INTERNATIONAL, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (Unaudited) 3. Commitments and contingencies: Operating leases: In October 1996, the Company purchased approximately 1.24 acres of land located at the Scottsdale Airpark in Scottsdale, Arizona. The Company completed construction of approximately 12,000 square feet of warehouse space and approximately 6,000 square feet of executive office space in April 1997. The Company has subsequently sold the facility on June 30, 1997 and effective July 1, 1997 leased the facility back from the buyer. The facility was sold by the Company for a profit exceeding 20% of cost. 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The statements contained in this Report on Form 10QSB that are not purely historical are forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Act of 1934, including statements regarding the Company's "expectations," "anticipation," "intentions," "beliefs," or "strategies" regarding the future. Forward-looking statements include statements regarding revenue, margins, expenses and earnings analysis for the remainder of fiscal 1998 and thereafter; future products or product development; future research and development spending and the Company's product development strategy; and liquidity and anticipated cash needs and availability. All forward looking statements included in this document are based on information available to the Company on the date of this Report, and the Company assumes no obligation to update any such forward-looking statement. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements. Overview SC&T International, Inc. (the "Company") was formed in June 1993. The Company develops and markets accessory and peripheral products for the computer and video game industries under its PLATINUM SOUND and PER4MER registered trademarks. The Company's products include sub-woofer, speaker and sound enhancement systems (for PC's and PC gaming systems), a PC volume controller, and a line of PC and Video Game arcade racing wheels for SEGA, Nintendo, Sony Playstation and IBM-PC's. The Company's multimedia keyboards line has been discontinued, in favor of a second generation product targeted at the corporate market. This second generation, features an enhanced Voice Recognition product, has been completed but at this time has not been introduced into the market. On December 31, 1994, the Company purchased SC&T Europe, a marketing and distribution company located in Antwerp, Belgium. The Company, in an effort to reduce its European operating costs, has consolidated its European distribution operations into one central facility located in the United Kingdom in May 1997. The Company formed SC&T Europe Limited, located in Portsmouth England. The Belgium office remains open at this time, solely as a sales office for mainline Europe. All current marketing and distribution operations, including a United Kingdom domestic sales force, is now being handled out of the United Kingdom operations. Despite the expansion in the number of customers and the corresponding increase in revenue since commencing operations, the Company's total operating expenses have exceeded revenues, resulting in a net loss of approximately $ 338,000 for the three months ended December 31, 1997. The Company's primary costs for are for research and development, tooling for new products, inventory, trade shows, selling and promotion activities. The Company expects certain costs to increase in connection with the anticipated expansion of sales. In addition, operating results may be influenced by factors such as: the demand for the Company's products, the timing of new product introductions by both the Company and its competitors, pricing by both the Company and its competitors, inventory levels, the Company's ability to develop and market new products, the Company's ability to manufacture its products at high quality levels and at commercially reasonable costs, the timing and levels of sales and marketing expenditures, and general economic conditions. 10 Results of Operations of the Company for the Three-Month Periods Ended December 31, 1997 and 1996 Net Sales Net sales for the three months ended December 31, 1997 decreased to approximately $2,375,000 or approximately $751,000 less than net sales for the three months ended December 31, 1996. Net sales for the quarter ended December 31, 1997 were negatively impacted by a delay in the manufacture and release of new products the Company is bringing to the market. The Company expects sales revenues to be negatively impacted through March 1998 due to lagging product deliveries. New manufacturing alliances under negotiations, will improve quality on-time deliveries and increase production volumes to accommodate higher sales volume. Gross Profit The Company's gross profit for the three month period ended December 31, 1997 increased to 36% compared to 32.8% for three month period ended December 31, 1996. Gross margins are affected by the sales product mix. Gross profit margins range from 20% to 40%. The Company anticipates new products will initially sell at higher margins. However, there can be no assurance that such margins can be maintained over the life of the product. Payroll and Payroll Taxes The Company's payroll and payroll tax expense increased from approximately $233,000 in the three months ended December 31, 1996 to approximately $336,000 in the three months ended December 31, 1997, or approximately 42.2%. Payroll and payroll tax expense also increased as a percentage of sales, from 8% for the three months ended December 31, 1996 to 14% for the three months ended December 31,1997. This represents an increase in sales and operations personnel. In addition, a significant portion of the increase in payroll and payroll taxes is a result of additional employees due to operations of SC&T Europe. The Company is required to employ a base staff of qualified personnel to maintain its operations. Selling and Promotion The Company's selling and promotion expenses decreased from approximately $301,000 in the three months ended December 31, 1996 to approximately $294,000 in the three months ended December 31, 1997. This represents an increase in selling and promotion expenses, as a percentage of sales from 10% for the three months ended December 31,1996 to 12% for the three months ended December 31, 1997. A portion of these expenses were utilized to continue promoting and creating packaging for new products in addition to exhibiting the Company's products at several trade shows. Approximately $125,000 of the increase was associated with the Company's sponsorship of a Formula Atlantic Racing Team in the 1998 Kool Toyota Atlantic Racing Championship Series. The Company has reduced its 1998 sponsorship to a co-sponsor associate level. 11 Office and Administration The Company's office and administrative expenses increased from approximately $262,000 in the three months ended December 31, 1996 to approximately $365,000 in the three months ended December 31,1997, or approximately 39%. As a percentage of net sales, office and administrative expenses increased from 8% for the three months ended December 31, 1996 to 15% for the three months ended December 31, 1997. Increased legal and audit fees of approximately $ 100,00 were the major reasons for the increased expense necessary to deal with the Company's ongoing legal, preferred shareholder issues and accounting costs. The Company hopes these costs will be reduced over the next 3-6 months. Development Cost Amortization Development cost amortization decreased from approximately $69,000 for the three months ended December 31, 1996 to approximately $56,000 December 31, 1997. Development cost amortization represents amortization of costs associated with development of new products. Such costs are amortized over a 12 month period commencing with the first sale of the product. Consulting Fees Expenditure for consulting fees decreased from approximately $51,000 for the three months ended December 31, 1996 to $34,000 for the three months ended December 30, 1997, or approximately 33%. Net Loss Primarily as a result of reduced sales, the Companies operating results changed from a profit of approximately $12,000 for the three month period ended December 31, 1996 to an operating loss of $ 338,000 for the three month period ended December 31, 1997. Late introduction of the Company's new products during the Christmas selling season attributed to the decrease in sales. Liquidity and Capital Resources The Companies working capital of $ 2,705,337 decreased $565,412 from September 30,1997. The Company is required to pay the costs of stocking inventory before the Company receives orders and payment from its customers. Typically, the Company's customers do not pay the Company for its products until approximately 60 days following delivery and billing. As a result, the receipt of cash from operations typically lags substantially behind the payment of the costs for purchase and delivery of the Company's products. Currently the US Company has reverted to factoring its accounts receivables in an effort to assist its cash flow. 12 Business Outlook and Risk Factors Management believes that there is growing acceptance in the global marketplace for the Company's expanding product line. The Company's future success rests in securing new manufacturing relationships that take advantage of lower manufacturing costs and improved reliability for product deliveries. The Company's total revenue and product mix could be materially and adversely affected by many factors, some of which are beyond the control of the Company. Those factors include, but are not limited to, turnover in the Company's sales force, competition from existing or new products, production delays, the Company's ability to penetrate new markets and attract new customers, unexpected postponement or cancellation of significant orders, lack of market acceptance of the Company's products, manufacturing defects and seasonality of sales and general economic conditions. Although the Company has focused on controlling administrative costs, it recognizes the added costs associated with attracting and retaining key personnel. The Company intends to continue to moderate general and administrative costs so that revenue growth will begin to exceed operating expenses. There can be no assurance, however, that the Company will be able to predict or respond to a shortfall in sales during any given quarter in order to reduce its fixed general and administrative expenses on a timely basis. The Company believes that it has major untapped market opportunities. The industry also has a strong outlook; with expanding markets characterized by rapid technological change, coupled with the frequent introduction of product upgrades and evolving industry standards. The Company strives to provide market-leading solutions that address the PC user interested in upgrading existing equipment. Due to the risk factors discussed and to other factors that generally affect high technology companies, there can be no assurance that the Company will be able to successfully penetrate these markets in the future. The Company plans new product introductions during 1998 that it feels strongly that coupled with existing products, will enhance future sales revenues. The Company has been advised by it's independent certified public accountants that the audit report for the year ended June 30, 1997 will include a going concern qualification. The Company does not dispute this qualification. Due to the large number of preferred shares outstanding, the Company was unable to raise additional equity funds in the past year. It is currently anticipated that the Company will require additional working capital to continue to fund its operations. Management intends to actively explore both debt and equity financing as well as holding discussions with potential merging partners in order to obtain such debt or equity financing. There is no assurance that management will be able to obtain any such financing. 13 PART II - OTHER INFORMATION ITEM I. LITIGATION The Company has favorably resolved many of its past litigation issues. Current Pending or Threatened litigation involves: a. The Company v. Maxi Switch On May 13, 1997 a Pima County jury awarded SC&T $ 3,000,000 against Maxi-Switch, Inc. Silitek Corporation, and Lite-On Peripherals, Inc. For defendants' breach of contract and misappropriation of trade secrets related to SC&T's Multimedia keyboards. On June 30, 1997 a formal Judgment was signed by the Judge for $ 3,160,885, which included attorney's fees and court costs. The defendants posted a $3,200,000 bond pending post trial motions. Post trial motions were denied. On January 5, 1998 the Court ordered defendants to add a further $500,000. to the bond for additional appeal costs. It also ordered that the 5.15% accruing interest. Resolution of the appeal should take about one year. b. Home Arcade v. the Company In September of 1997, Home Arcade filed suit in San Jose, California, against the Company re a license dispute. The Company has denied breaching the contract and instructed counsel to vigorously defend the case. Due to the recent filing of the case, counsel has not been able to develop an opinion with regard to the timing or likely results of this litigation. However, management believes it has committed no wrongdoing. c. Lake Management v. the Company In June of 1997, Lake Management filed suit against the Company in Phoenix, Arizona, seeking specific performance requiring the Company to issue common stock to Lake pursuant to a preferred shareholder conversion agreement. The Company has resolved a similar problem with 94% of the entities in Lake's class. The Company believes it will reach a suitable agreement with Lake. It is anticipated that an agreement should be reached within a year. d. Jack Of All Games v. the Company In June of 1997, Jack Of All Games Entertainment, Inc. sued the Company in Cincinnati, Ohio, for breach of contract regarding a purchase order of 5,000 racing wheels. Jack Of All Games is seeking $55,000, interest and attorneys fees. The Company had previously agreed to a full product replacement, then offered a full product exchange, then offered to repurchase the product at current company selling value. Jack Of All Games has refused all offers. Management has honored all obligations under the terms of this agreement and firmly defends this action by Jack Of All Games as frivolous and without merit. Unasserted Claims and Assessments The Company has a new racing wheel product which includes "force-feedback" technology. Atari expressed a desire to evaluate the Company's force-feedback technology to determine whether it violates a patent possessed by Atari. The Company is presumptively protected under the circumstances because the Company obtained a license for its force-feedback technology from another company, Immersion Corporation. Immersion Corporation has indemnified the Company for patent infringement liability. ITEM 2. CHANGES IN SECURITIES None 14 ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY-HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K The Company plans to change the fiscal year from June 30, to March 31, effective March 31, 1998. 15 SIGNATURES In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated. Signature Capacity Date --------- -------- ---- SC&T INTERNATIONAL, INC. /s/ James L. Copland Chairman of the Board March 11, 1998 - ------------------------ Chief Executive Officer /s/ Richard W. Elwood Director of Finance March 11, 1998 - ------------------------ and Operations 16 EX-27 2 FINANCIAL DATA SCHEDULE
5 1 U.S. DOLLARS 6-MOS JUN-30-1998 OCT-01-1997 DEC-31-1997 1 286,295 0 1,494,013 67,000 1,160,649 4,033,419 855,038 (477,206) 4,635,725 1,328,082 0 0 7 231,353 14,736,821 4,635,725 2,375,262 2,375,262 1,519,916 1,189,824 (3826) (68,004) (4690) (338,304) 0 (334,478) 0 0 0 (338,304) (.01) (.01)
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