-----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, EXmAk30DrhJK2X1jLJUF5v6Nc+FPZtaoRZ970rXIaeJ2qTRhnRn89ynuOazoJ7jD 6LCgQS5Tg1LPbWlM94Db3A== 0000944209-96-000619.txt : 19961210 0000944209-96-000619.hdr.sgml : 19961210 ACCESSION NUMBER: 0000944209-96-000619 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961209 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SMARTALK TELESERVICES INC CENTRAL INDEX KEY: 0001018730 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 954502740 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21579 FILM NUMBER: 96677738 BUSINESS ADDRESS: STREET 1: 1640 S. SEPULVEDA BLVD STREET 2: SUITE 500 CITY: LOS ANGELES STATE: CA ZIP: 90025 BUSINESS PHONE: 3104448800 MAIL ADDRESS: STREET 1: 1640 S. SEPULVEDA BLVD STREET 2: SUITE 500 CITY: LOS ANGELES STATE: CA ZIP: 90025 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended September 30, 1996 Commission File No. 0-21579 SMARTALK TELESERVICES, INC. _______________________ Incorporated under the laws IRS Employer Identification of California No. 95-4502740 1640 S. Sepulveda Boulevard Suite 500 Los Angeles, California 90025 Telephone: 310-444-8800 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes [_] No [X]* * The Registrant has not been subject to such filing requirements for the past 90 days Indicate the number of shares outstanding of each of the issuer's classes of common stock at December 6, 1996: Voting, No par value: 12,824,834 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS SMARTALK TELESERVICES, INC. BALANCE SHEETS (UNAUDITED)
As of -------------------------------------- December 31, September 30, 1995 1996 ------------ ------------- ASSETS ------ Current assets: Cash and cash equivalents $ 2,115,351 $ 256,619 Trade accounts receivable (less allowance for doubtful accounts of $11,460 and $87,866, respectively) 224,974 1,731,899 Inventories 718,045 613,250 Other current assets 759,718 769,292 Prepaid expenses 3,078 100,444 ----------- ----------- Total current assets 3,821,166 3,471,504 Non-current assets: Deposits 16,100 79,425 Other non-current assets -- 318,577 Property and equipment, net 4,486 623,494 ----------- ----------- Total assets $ 3,841,752 $ 4,493,000 =========== =========== LIABILITIES AND SHAREHOLDERS' DEFICIT ------------------------------------ Current liabilities: Accounts payable $ 923,900 $ 2,753,319 Deferred revenue 3,696,515 3,751,944 Accrued marketing costs 381,429 155,070 Other accrued expenses 219,682 573,782 Note payable and current portion of long-term debt -- 1,555,305 ----------- ----------- Total current liabilities 5,221,526 8,789,420 Long-term debt less current portion -- 2,656,752 ----------- ----------- Total liabilities 5,221,526 11,446,172 ----------- ----------- Shareholders' deficit: Common stock, no par value; authorized 35,000,000 shares; 8,824,834 shares issued and outstanding 315,000 315,000 Additional paid in capital -- 24,000 Common stock subscribed (300,000) -- Accumulated deficit (1,394,774) (7,292,172) ----------- ----------- Total shareholders' deficit (1,379,774) (6,953,172) ----------- ----------- Total liabilities and shareholders' deficit $ 3,841,752 $ 4,493,000 =========== ===========
The accompanying notes are an integral part of these financial statements. 2 SMARTALK TELESERVICES, INC. STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Sept. 30, Nine Months Ended Sept. 30, ---------------------------- ---------------------------- 1995 1996 1995 1996 ---------- ----------- ---------- ------------ Revenue $ 185,900 $ 4,588,844 $ 227,638 $ 8,266,864 Cost of revenue 129,858 3,459,440 159,769 6,201,555 --------- ----------- --------- ----------- Gross profit 56,042 1,129,404 67,869 2,065,309 Sales and marketing 194,671 1,199,140 367,913 2,842,566 General and administrative 46,249 1,010,184 170,271 2,469,477 --------- ----------- --------- ----------- Operating loss (184,878) (1,079,920) (470,315) (3,246,734) Interest income 64 3,431 64 28,503 Interest expense 1,596 85,695 1,596 215,139 --------- ----------- --------- ----------- Loss before income taxes (186,410) (1,162,184) (471,847) (3,433,370) Provision for income taxes -- -- -- -- --------- ----------- --------- ----------- Net loss $(186,410) $(1,162,184) $(471,847) $(3,433,370) Net loss per share $ (0.02) $ (0.12) $ (0.05) $ (0.37) ========= =========== ========= =========== Weighted average number of shares 9,335,348 9,335,348 9,335,348 9,335,348 ========= =========== ========= ===========
The accompanying notes are an integral part of these financial statements. 3 SMARTALK TELESERVICES, INC. STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
ADDITIONAL COMMON STOCK PAID IN STOCK ACCUMULATED SHARES AMOUNT CAPITAL SUBSCRIPTION DEFICIT TOTAL --------- --------- ---------- ------------ ----------- ----------- December 31, 1994 4,941,904 $ 5,000 $ -- $ -- $ (65,472) $ (60,472) Shares issued 1,235,481 310,000 -- -- -- 310,000 Stock subscribed 2,647,449 -- -- (300,000) -- (300,000) Net loss -- -- -- -- (1,329,302) (1,329,302) --------- --------- ---------- ------------ ----------- ----------- December 31, 1995 8,824,834 315,000 -- (300,000) (1,394,774) (1,379,774) --------- --------- ---------- ------------ ----------- ----------- Funds received from stock subscription -- -- -- 300,000 -- 300,000 Purchase of assets of related entity -- -- -- -- (2,464,028) (2,464,028) Compensation under stock options issued -- -- 24,000 -- -- 24,000 Net loss -- -- -- -- (3,433,370) (3,433,370) --------- --------- ---------- ------------ ----------- ----------- September 30, 1996 8,824,834 $ 315,000 $ 24,000 $ -- $(7,292,172) $(6,953,172) ========= ========= ========== ============ =========== ===========
The accompanying notes are an integral part of these financial statements. 4 SMARTALK TELESERVICES, INC. STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30 -------------------------- 1995 1996 --------- ----------- Cash flows from operating activities: Net loss $(471,847) $(3,433,370) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation -- 51,801 Compensation expense associated with stock options issued -- 24,000 Changes in assets and liabilities which increase (decrease) cash: Accounts receivable (394,388) (1,506,925) Receivable from related party 3,400 -- Inventories (321,858) 104,795 Other current assets (109,645) (9,575) Prepaid expenses (9,774) (97,366) Deposits -- (63,325) Other non-current assets -- (318,577) Accounts payable 454,057 1,829,419 Deferred revenue 535,433 55,429 Accrued marketing costs (37,061) (226,359) Other accrued expenses 387,266 354,100 --------- ----------- Net cash provided (used) by operating activities 35,583 (3,235,953) Cash flows from investing activities: Purchase of LCN, net of equipment acquired -- (464,027) Capital expenditures -- (545,809) --------- ----------- Net cash used by investing activities -- (1,009,836) Cash flows from financing activities: Common stock proceeds -- 300,000 Note payable to shareholder 42,900 -- Note payable to related party -- 1,200,000 Revolving line of credit with related party -- 500,000 Revolving line of credit with a bank -- 210,000 Term loan with related party -- 250,000 Payment on subordinated term note with LCN -- (22,943) Payment on term loan with Pacific Bell Information Services -- (50,000) --------- ----------- Net cash provided by financing activities 42,900 2,387,057 Increase (decrease) in cash and cash equivalents 78,483 (1,858,732) Cash and cash equivalents at beginning of period 391 2,115,351 --------- ----------- Cash and cash equivalents at end of period $ 78,874 $ 256,619 ========= =========== Supplemental disclosure of cash flow information: Cash paid for interest $ 1,596 $ 215,139 ========= =========== Note payable issued for LCN purchase $ -- $ 2,000,000 ========= =========== Purchase of VoiceChoice Platform through issuance of note payable $ -- $ 125,000 ========= ===========
The accompanying notes are an integral part of these financial statements. 5 SMARTALK TELESERVICES, INC. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. BASIS OF INTERIM PRESENTATION The accompanying interim period financial statements are unaudited, and include, in the opinion of management, all adjustments (consisting of only normal recurring accruals) necessary for a fair statement of the results for the periods indicated; which, however, are not necessarily indicative of results which may be expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to certain rules and regulations of the Securities and Exchange Commission. The financial statements should be read in conjunction with the financial statements and the notes thereto for the year ended December 31, 1995 and other information included in the Company's Registration Statement on Form S-1 and the amendments thereto ("Form S-1") as filed with the Securities and Exchange Commission. 2. SUBSEQUENT EVENT On October 23, 1996, the Company completed the sale of 4,000,000 shares of its stock in a public offering. The Company raised proceeds of $53,940,000 after deducting the underwriting discount. A portion of the proceeds were used to repay all of the Company's outstanding loans except for a revolving credit facility with Southern California Bank. 3. DIVIDENDS There were no dividends declared or paid for the nine months ended September 30, 1996 or 1995. 4. STOCK SPLIT AND NET LOSS PER SHARE On February 15, 1996, the Company's board of directors declared a 3,500 for 1 stock split distributable on February 13, 1996 to stockholders of record on February 13, 1996. On May 23, 1996, the board of directors declared a 2.51 for 1 stock split distributable on May 23, 1996 to shareholders of record on that date. On August 15, 1996, the Company effected a 0.5625 reverse stock split distributable on August 15, 1996 to shareholders of record on that date. In the accompanying statements, per share amounts and numbers of shares have been restated to reflect the stock splits. Net loss per share is based on the weighted average number of common shares and common stock equivalents outstanding during each period, after retroactive adjustment for the stock splits. Pursuant to requirements of the Securities and Exchange Commission, shares related to stock sold and options issued subsequent to August 15, 1995 have been shown as outstanding for all periods presented. 6 SMARTALK TELESERVICES, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION GENERAL SmarTalk provides convenient, easy to use, cost-effective telecommunications products and services to individuals and businesses primarily through its "SmarTalk Card". The SmarTalk Card provides customers with a single point of access to prepaid telecommunications services at a fixed rate charge per minute regardless of the time of day or, in the case of domestic calls, the distance of the call. The Company's services currently include domestic calling and outbound international long distance calling to more than 150 countries, as well as enhanced features such as sequential calling, speed dial and message delivery. The SmarTalk Card may also be recharged on-line with a major credit card, allowing the user to add minutes as needed. SmarTalk services are delivered through proprietary switching, application and database access software which run on two interactive call processing SmarTalk platforms, one of which, the "VoiceChoice Platform", the Company owns. The SmarTalk platforms and the Company's proprietary software allow users in the system to access SmarTalk services, and provide the Company with the flexibility to customize and add features to SmarTalk services on a platform-wide basis. SmarTalk's revenue originates from (i) Company and co-branded phone card sales through retailers, (ii) recharges of existing phone cards, (iii) cards sold for promotional marketing campaigns, (iv) corporate sales to businesses and (v) certain services provided to one of the Company's strategic partners. Under sales agreements with the majority of retailers, the Company sells cards to the retailer at a set price with normal credit terms. The Company generally invoices the retailer upon shipment, recognizing deferred revenue. The Company recognizes revenue and reduces the deferred revenue account as the customer utilizes calling time or upon expiration of cards containing unused calling time. The Company also recognizes deferred revenue upon recharge of existing phone cards and recognizes the revenue upon the usage or expiration of the recharge minutes. The Company was formed in October 1994 and had limited operations until June 1995. On October 23, 1996, the Company completed the sale of 4,000,000 shares of its stock in a public offering, which is now listed on the NASDAQ national stock market. The Company raised proceeds of $53,940,000 after deducting the underwriting discount. A portion of the proceeds were used to repay all of the Company's indebtedness except for a revolving credit facility with Southern California Bank. RESULTS OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 1996 COMPARED WITH NINE MONTHS ENDED SEPTEMBER 30, 1995 Revenue. Revenue increased to $8,266,864 for the nine months ended September 30, 1996 from $227,638 for the nine months ended September 30, 1995. The substantial increase in revenue reflects an increase in usage of SmarTalk services by users of the SmarTalk Card, an increase in the number of retail storefronts in which the Company's product is distributed and greater brand awareness and consumer acceptance. Revenue generated from recharges comprised approximately 10% of total revenue for the nine months ended September 30, 1996 compared to 5.1% for the comparable period in 1995. This increase in recharge revenue is due to a greater number of SmarTalk cards eligible for recharge in the marketplace. In addition, $2,682,897 of revenue for the nine months ended September 30, 1996, was attributable to a distribution and processing agreement entered into on June 1, 1996 with West Interactive Corporation. The 7 Company recognizes revenue under this agreement based on minute usage, which is consistent with the manner in which the Company recognizes revenue on cards sold to retailers. Cost of Revenue. Cost of revenue increased to $6,201,555 for the nine months ended September 30, 1996 from $159,769 for the nine months ended September 30, 1995. The increase was primarily attributable to greater use of the Company's services. The gross profit percentage for the nine months ended September 30, 1996 was 25% as compared to 29.8% for the nine months ended September 30, 1995. The gross margin percentage decreased primarily due to the lower gross margin associated with the above-mentioned distribution and processing agreement and the costs associated with operating the VoiceChoice platform which was purchased on June 15, 1996. Transport costs constituted a greater percentage of cost of revenue in the 1996 period as the fulfillment and card cost percentage declined. Sales and Marketing Expenses. Sales and marketing expenses increased to $2,842,566 or (34.3% of revenue) for the nine months ended September 30, 1996 from $367,913 (or 162% of revenue) for the nine months ended September 30, 1995. The increase in dollar amount was primarily due to commissions paid to sales representatives generally and to retailers for recharges, as well as the continued expansion of the Company's marketing activities, which include co-op advertising, manufacturers development funds and free promotional goods. The decrease as a percentage of revenue was due to increased revenue growth in 1996. General and Administrative Expenses. General and administrative expenses increased to $2,469,477 (or 29.9% of revenue) for the nine months ended September 30, 1996 from $170,271 (or 74.8% of revenue) for the nine months ended September 30, 1995. The increase in dollar amount was primarily due to the addition of personnel and costs associated with the growth in the company's business. The decrease as a percentage of revenue was due to increased revenue growth in 1996. General and administrative costs for the nine months ended September 30, 1996 included rent associated with the Company's move into a new office on March 1, 1996, VISA and MasterCard processing fees associated with the Company's on-line recharge feature, as well as increased general operating expenses. General and administrative costs for the nine months ended September 30, 1995 primarily included expenses related to establishing regulatory compliance in all 50 states, the cost of developing the Company's product and packaging concept, and costs to file documentation related to the procurement of corporate servicemarks and patents. Interest Expense. Net interest expense, net of interest income for the nine months ended September 30, 1996 was $186,636 as compared to $1,532 for the nine months ended September 30, 1995. This increase was due to an increase in debt financing in 1996. Income Taxes. The Company had losses for the nine months ended September 30, 1996 and 1995. Accordingly, there was no provision for income taxes. Net Loss. As a result of the above items, net loss increased to $3,433,370 for the nine months ended September 30, 1996 from $471,847 for the nine months ended September 30, 1995. QUARTER ENDED SEPTEMBER 30, 1996 COMPARED WITH QUARTER ENDED SEPTEMBER 30, 1995 Revenue. Revenue increased to $4,588,844 for the quarter ended September 30, 1996 from $185,900 for the third quarter ended September 30, 1995. The substantial increase in revenue reflects an increase in usage of SmarTalk services by users of the SmarTalk Card, an increase in the number of retail storefronts in which the company's product is distributed and greater brand awareness and consumer acceptance. Revenue generated from recharges increased significantly and comprised approximately 9.8% of total revenue for the quarter ended September 30, 1996 and 5.3% for the same quarter in 1995. This increase in recharge revenue is due to a greater number of SmarTalk cards eligible for recharge in the marketplace. In addition, $2,222,897, or approximately 48.4% of revenue for the third quarter ended September 30, 1996, was earned under a distribution and processing agreement entered into on June 1, 1996 with West Interactive. The Company recognizes revenue under this agreement based on minute usage, which is consistent with the manner in which the Company recognizes revenue on cards sold to retailers. 8 Cost of Revenue. Cost of revenue increased to $3,459,440 for the third quarter ended September 30, 1996 from $129,858 for the quarter ended September 30, 1995. The increase was primarily attributable to greater use of the Company's services. The gross profit percentage for the third quarter ended September 30, 1996 was 24.6% as compared to 30.1% for the quarter ended September 30, 1995. Gross margin decreased primarily due to the lower gross margin associated with the above mentioned distribution and processing agreement and the costs associated with operating the VoiceChoice platform which was purchased on June 15, 1996. Transport costs constituted a greater percentage of cost of revenue in the 1996 period as the fulfillment and card cost percentage declined. Sales and Marketing Expenses. Sales and marketing expenses increased to $1,199,140 (or 26.1% of revenue) for the quarter ended September 30, 1996 from $194,671 (or 105% of revenue) for the quarter ended September 30, 1995. The increase in dollar amount was primarily due to commissions paid to sales representatives generally and to retailers for recharges, as well as the continued expansion of the Company's marketing activities, which include co-op advertising, manufacturers development funds and free promotional goods. The decrease as a percentage of revenue was due to increased revenue growth in 1996. General and Administrative Expenses. General and administrative expenses increased to $1,010,184 (or 22% of revenue) for the quarter ended September 30, 1996 from $46,249 (or 24.8% of revenue) for the third quarter ended September 30, 1995. The increase in dollar amount was primarily due to the addition of personnel and costs associated with the growth in the Company's business. The decrease as a percentage of revenue was due to increased revenue growth in 1996. General and administrative costs for the quarter ended September 30, 1996 included rent associated with the Company's move into a new office on March 1, 1996, VISA and MasterCard processing fees associated with the Company's on-line recharge feature, as well as increased general operating expenses. General and administrative costs for the quarter ended September 30, 1995 primarily included expenses related to establishing regulatory compliance in all 50 states, the cost of developing the Company's product and packaging concept, and costs to file documentation related to the procurement of corporate servicemarks and patents. Interest Expense. Net interest expense, net of interest income for the third quarter ended September 30, 1996 was $82,264 as compared to $1,532 for the quarter ended September 30, 1995. The increase was due to an increase in debt financing in 1996. Income Tax. The Company had losses for the quarters ended September 30, 1996 and 1995. Accordingly, there was no provision for income taxes. Net Loss. As a result of the above items, net loss increased to $1,162,184 for the quarter ended September 30, 1996 from $186,410 for the quarter ended September 30, 1995. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- On October 23, 1996, the Company completed the sale of 4,000,000 shares of its stock in a public offering, which is now listed on the NASDAQ national stock market. The Company raised proceeds of $53,940,000 after deducting the underwriting discount. A portion of the proceeds were used to repay all of the Company's outstanding loans except for a revolving credit facility with Southern California Bank. From inception through September 30, 1996, the Company has funded operations primarily from cash generated by operations and borrowings under its debt agreements. The Company's operating activities used net cash of $3,235,953 for the nine months ended September 30, 1996. The cash used by operating activities is primarily attributable to the Company's continued efforts to increase its penetration of the retail distribution channel. 9 In September 1996, the Company entered into a revolving line of credit with Southern California Bank ("SCB Line of Credit"). Pursuant to the terms of the SCB Line of Credit, the Company can borrow up to $1,000,000 secured by a first priority lien on substantially all of the Company's assets. Interest on the outstanding principal balance, calculated from the date of each advance to the repayment of each advance, is at the prime rate (as published in the Wall Street Journal) plus 2.375%. Interest payments are due monthly with the Company being required to make a minimum interest payment of $4,429 per month for one year. If the line of credit is paid off prior to one year, the remaining minimum monthly payments become due and payable. The SCB Line of Credit will become due and payable September 1, 1997. As of December 6, 1996, there was $510,000 outstanding pursuant to the SCB Line of Credit. The Company believes that the proceeds from the Offering, together with the funds anticipated to be generated from operations, will be sufficient to finance the Company's operations for the next 18 months. 10 SMARTALK TELESERVICES, INC. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits required by Item 601 of Regulation S-K. 3.1 Amended and Restated Articles of Incorporation of SmarTalk TeleServices, Inc. (Incorporated by reference from Amendment No. 1 to the Registration Statement on Form S-1, filed September 25, 1996. Registration No. 333-10391 as Exhibit 3.1 thereof) 3.2 Amended and Restated Bylaws of Incorporation of SmarTalk TeleServices, Inc. (Incorporated by reference from Amendment No. 1 to the Registration Statement on Form S-1, filed September 25, 1996, Registration No. 333-10391 as Exhibit 3.2 thereof) 4.1 Registration Rights Agreement (Incorporated by reference from the Registration Statement on Form S- 1, filed August 18, 1996, Registration No. 333-10391 as Exhibit 4.1 thereof) 27.1 Financial Data Schedule (b) Reports on Form 8-K There were no reports on Form 8-K filed by the Company for the three months ended September 30, 1996 11 SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SmarTalk TeleServices, Inc. --------------------------- (Registrant) Date: December 6, 1996 By: /s/ Andrew Folck --------------------------- Andrew Folck Chief Financial Officer 12 EXHIBIT INDEX
Exhibit Number Description - -------------- ----------- 3.1 Amended and Restated Articles of Incorporation of SmarTalk TeleServices, Inc. (Incorporated by reference from the Registration Statement on Form S-1, filed August 18, 1996, Registration No. 333-10391 as Exhibit 4.1 thereof). 3.2 Amended and Restated Bylaws of Incorporation of SmarTalk TeleServices, Inc. (Incorporated by reference from Amendment No. 1 to the Registration Statement on Form S-1, filed September 25, 1996, Registration No. 333-10391 as Exhibit 3.2 thereof). 4.1 Registration Rights Agreement (Incorporated by reference from the Registration Statement on Form S-1, filed August 18, 1996, Registration No. 333-10391 as Exhibit 4.1 thereof). 27.1 Financial Data Schedule
13 EX-27 2 ARTICLE 5 - FINANCIAL DATA SCHEDULE
5 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 256,619 0 1,819,765 87,866 613,250 3,471,504 675,295 51,801 4,493,000 8,789,420 0 0 0 315,000 24,000 4,493,000 8,266,864 8,266,864 6,201,555 6,201,555 5,312,043 0 186,636 (3,433,370) 0 (3,433,370) 0 0 0 (3,433,370) (0.37) (0.37)
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