-----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, LrJOAYWB1admLxZMHNiadvhE4+04aMxWorDWJ/zHjqw8M263wUMS5OgaF/ve2WVR y4CKKzmkWvUxbcZSaSOoYw== 0000950116-98-001163.txt : 19980518 0000950116-98-001163.hdr.sgml : 19980518 ACCESSION NUMBER: 0000950116-98-001163 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTHDESK CORP CENTRAL INDEX KEY: 0001023767 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 843165144 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-21819 FILM NUMBER: 98624435 BUSINESS ADDRESS: STREET 1: 2560 NINTH ST STREET 2: STE 220 CITY: BERKELEY STATE: CA ZIP: 94710 BUSINESS PHONE: 5108832160 10QSB 1 - -------------------------------------------------------------------------------- U. S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB X Quarterly Report Pursuant to Section 13 or 15(d) of the --- Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 1998 Transition Report Pursuant to Section 13 or 15(d) of the --- Securities Exchange Act of 1994 Commission File Number. 0-21819 HealthDesk Corporation (Exact name of Company as specified in charter)
California 94-3165144 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2560 Ninth Street, Suite 220, Berkeley, California 94710 (Address of principal executive offices) (Zip Code)
(510) 883-2160 (Company's telephone number, including area code) 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 X No --- --- As of May 13, 1998, there were 5,792,845 shares of the Company's Common Stock outstanding, 250 shares of the Company's Preferred Stock and 2,125,000 Redeemable Warrants outstanding. Transitional Small Business Disclosure Format Yes No X --- - -------------------------------------------------------------------------------- INDEX Part I Page Item 1 Financial Statements ........................................ 3 Item 2 Management's Discussion and Analysis or Plan Operation....... 3 Part II Item 2 Changes in Securities........................................ 6 Item 6 Exhibits and Reports on Form 8-K............................. 6 2 Part I Item 1. Financial Statements. The following Financial Statements are filed with this report as pages F-1 through F-6 following the signature page: Index to Interim Financial Statements Condensed Balance Sheets Condensed Statements of Operations Condensed Statements of Cash Flows Notes to Condensed Financial Statements Item 2. Management's Discussion and Analysis or Plan Operation. The Company's operating performance each quarter is subject to various risks and uncertainties as discussed in the Company's Form 10-KSB for the year ended December 31, 1997. The following discussion should be read in conjunction with the section entitled "Factors Affecting the Company's Business, Operating Results and Financial Condition" in the Form 10-KSB. The information set forth in "Management's Discussion and Analysis of Financial Condition and Results of Operations" below includes "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), and is subject to the safe harbor created by the section. Readers are cautioned not to place undue reliance on these forward-looking statements as they speak only as of the date hereof. Overview The Company was organized in August 1992 and is still in the development stage. Since inception, the Company has been engaged primarily in product development activities. The Company's initial product was introduced in early 1993 and the Company has not yet proven to be commercially viable. The Company has not yet generated any meaningful revenues, and will not generate any meaningful revenues until after the Company successfully completes market testing and subsequent commercialization of CareTeam Connect and HealthDesk OnLine for Diabetes and the commercialization of HealthDesk OnLine and then attract and retain a significant number of subscribers. For the period August 28, 1992 (inception) to March 31, 1998, the Company incurred a cumulative net loss of approximately $10,910,000. Since March 31, 1998, the Company has continued to incur increasing and significant losses and anticipates that it will continue to incur significant losses until, at the earliest, the Company generates sufficient revenues to offset the substantial up-front expenditures and operating costs associated with developing and commercializing its proposed products. The statements regarding the Company's future cash requirements are forward looking statements that are subject to risks and uncertainties which could result in the Company's inability to meet its funding requirements for the time period indicated. Software development costs (consisting primarily of salaries and related expenses) incurred prior to establishing technological feasibility are expensed in accordance with Financial Accounting Standards Board (FASB) Statement No. 86. In accordance with FASB 86, the Company will capitalize software development costs at such time as the technological feasibility of the product has been established. In June 1997, Statement of Financial Accounting Standards No. 130 "Reporting Comprehensive Income" and Statement of Financial Accounting Standards No 131 "Disclosures About Segments of An Enterprise and Related Information" were issued and are effective for the year ending December 31, 1998. The Company believes the adoption of these pronouncements will not have a material effect on its financial statements. 3 In October 1997, the Accounting Standards Executive Committee issued Statement of Position 97-2 (SOP 97-2), Software Revenue Recognition, which delineates the accounting for software product and maintenance revenue. SOP 97-2 supersedes the Accounting Standards Executive Committee Statement of Position 91-1, Software Revenue Recognition, and is effective for transactions entered into in fiscal years beginning after December 15, 1997. The Company anticipates that SOP 97-2 will not have a material impact on its financial statements. Results of Operations Revenue decreased from $200,485 for the three months ended March 31, 1997 to $12,910 for the three months ended March 31, 1998. This decrease was primarily attributable to a decrease in development fee revenue associated with the development of HealthDesk OnLine for diabetes. During 1997, the Company had focused its efforts on the initial development of HealthDesk OnLine and reduced its marketing and sales efforts relating to its original Desktop HealthDesk product. Product development costs decreased by 47.9% from $697,217 for the three months ended March 31, 1997 to $363,212 for the three months ended March 31, 1998. The decrease in expenditures was principally related to the hiring of full-time programming staff versus the usage of higher cost contractors. During the first quarter 1997, the Company had ten (10) contractors in product development as compared to no contractors during the same period in 1998. To date, all product development costs have been expensed as incurred. The Company believes that significant investments in product development will be incurred to enhance the functionality of HealthDesk OnLine and increase the product line with new disease and life-stage modules. In the month of March 1998, the Company re-negotiated an existing content license agreement and recognized a reduced royalty cost of approximately $95,000 in the first quarter of 1998. Sales and marketing costs decreased by 31.6% from $438,718 for the three months ended March 31, 1997 to $299,867 for the three months ended March 31, 1998. This decrease resulted primarily from the reduction of headcount from ten (10) full-time sales and marketing employees during the first quarter of 1997 to six (6) during the same period in 1998 and a reduction in the allocations of general and administrative resources to sales and marketing activities. These reductions were offset by the increased expenses incurred in connection with leveraging the distribution channel established as a result of the Company's marketing agreement with HBO & Company. General and administrative costs decreased by 23.7% from $143,917 for the three months ended March 31, 1997 to $109,787 for the three months ended March 31, 1998. This decrease was primarily attributable to reversal of accrued professional fees. Other income (expense), net (including interest expense, interest income and amortization of discount and issuance costs) changed from a net expense of ($122,075) for the three months ended March 31, 1997 to income of $15,849 for the three months ended March 31, 1998. This change was primarily attributable to the fact that during the quarter ended March 31, 1997, the Company recorded remaining amortization of the non-recurring bridge discount and deferred debt issuance costs of $145,023. As a result of the foregoing, the Company incurred a net loss of $744,307 for the three months ended March 31, 1998, as compared to a net loss of $1,201,642 for the comparable period. Liquidity and Capital Resources On February 25, 1998, the Company completed an $800,000 private placement. The placement consisted of the sale of 400,000 shares of Common Stock, at a price of $2.00 per share to two of the Company's existing shareholders. At March 31, 1998, the Company had cash and cash equivalents of $1,431,465, as compared to $1,405,430 at December 31, 1997. 4 As of March 31, 1998, two existing shareholders agreed to purchase 250 shares of the Company's preferred stock for proceeds of $500,000. On May 13, 1998, the Company received the $500,000 proceeds. These shares are convertible, at any time, at the option of the holders into a number of shares of the Company's Common Stock equal to the proceeds of $500,000 divided by the lesser of 50% of the average closing prices for the preceding three days or $1.00, whichever is less. These shares are subject to mandatory conversion after five years from the date of their issuance. On April 13, 1998, the Company announced that it was repricing its outstanding publicly traded warrants to reduce the exercise price from $5.00 per share to $2.50 per share. In connection with such reduction, the Company was also seeking to reduce the call price for the warrants from $7.50 to $3.75. The Company intends to seek warrant holder approval of these changes over the next month. In the first quarter of 1997, $1,104,147 of cash was used in operating activities, principally as a result of the $1,201,642 loss in the first quarter of 1997 as offset by $145,023 in amortization of non cash discount, and $650,602 decrease in accounts payable and accrued liabilities. In the first quarter of 1998, $756,254 of cash was used in operating activities, principally as a result of the $744,307 loss in the first quarter of 1998. Working capital at March 31, 1998 was $1,605,914, as compared to $999,092 at December 31, 1997. The Company expects to incur significant expenses in connection with its operations, including expenses associated with marketing and sales personnel and the research and development of product lines. The Company believes that it has working capital which together with a $300,000 funding commitment from existing shareholders is sufficient to meet its projected cash requirements through the end of 1998. Of the $1 million funding commitment dated February 20, 1998, $200,000 and $500,000 were received in February and May 1998, respectively. The Company is actively seeking additional equity financing. There can be no assurance, that the Company will be able to obtain public or private third-party sources of financing or, if obtained, that favorable terms for such financing would be obtained. In addition, given the trading history of the Company's Common Stock and Warrants since the initial public offering, there can be no assurance that the Company will be able to raise additional cash through public or private offerings of its common stock. There also can be no assurance that the Company's funding requirements will not increase significantly as a result of unforeseen circumstances or that the Company's cash used for operating activities will not increase. The Company's capital requirements relating to the development and commercialization of HealthDesk OnLine have been and will continue to be significant. Other than as described in this 10-QSB, the Company has no material commitments for capital expenditures. For the period August 28, 1992 (inception) to March 31, 1998, the Company had capital expenditures of $1,108,865 relating primarily to purchases of servers, PCs and telecommunications equipment. 5 Part II Item 2 Changes in Securities (c) Recent Sales of Unregistered Securities On February 19, 24 and 25, 1998 the Company sold an aggregate of 400,000 shares of Common Stock at a purchase price of $2.00 to two existing shareholders of the Company. On May 13, 1998, the Company received the proceeds of a $500,000 private placement of convertible preferred stock with two existing shareholders of the Company. The preferred stock conversion price is based on the market price of the common stock at the lesser of $1.00 or 50% of the three-day average closing price prior to conversion. The foregoing transactions were not registered under the Securities Act of 1933, as amended (the "1933 Act") in reliance upon the exemptions provided by Section 4 (2) of the 1933 Act and/or Regulation D promulgated thereunder as a transaction by an issuer not involving a public offering. Item 6. Exhibits and Reports on Form 8-K. a) Exhibits: 11.1 Statement Regarding computation of loss per share 27 Financial Data Schedule b) Reports on Form 8-K On February 19, 1998, the Company filed a current report on Form 8-K relating to the completion of sale of 400,000 shares of Common Stock to two existing shareholders for an aggregate gross proceeds of $800,000 recorded on a pro-forma basis, on the January 31, 1998 Balance Sheets. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto authorized. HealthDesk Corporation By: /s/ Timothy S. Yamauchi Date: May 15, 1998 ----------------------- Timothy S. Yamauchi Chief Financial Officer (principal financial and accounting officer) 6 Exhibit Index Description ----------- 11.1 Statement Regarding computation of loss per share 27 Financial Data Schedule HealthDesk Corporation (a Development Stage Company) CONTENTS
Page ---- Condensed Balance Sheets as of December 31, 1997 and March 31, 1998 (unaudited)........................ F-2 Condensed Statements of Operations for the three months ended March 31, 1997 and 1998, and period from inception to March 31, 1998 (unaudited).................................................. F-3 Condensed Statements of Cash Flows for the three months ended March 31, 1997 and 1998 and period from inception to March 31, 1998 (unaudited).................................................. F-4 Notes to Condensed Financial Statements................................................................. F-5
F-1 HealthDesk Corporation (a Development Stage Company) CONDENSED BALANCE SHEETS (unaudited)
December 31, March 31, ASSETS 1997 1998 ---- ---- (Unaudited) Current assets: Cash and cash equivalents.............................. $ 1,405,430 $ 1,431,465 Stock Subscriptions Receivable (See Note 6)............ ---- 500,000 Prepaid expenses and other............................. 78,724 119,383 Deferred offering and debt issuance costs............. ---- 10,618 ------------------ ------------------ Total current assets................................ 1,484,154 2,061,466 ------------------ ------------------ Property and equipment, net.............................. 472,561 417,948 Other assets............................................. 15,850 19,334 ------------------ ------------------ Total assets........................................ $ 1,972,565 $ 2,498,748 ================== ================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable.................................... $ 133,992 $ 153,330 Accrued liabilities................................. 351,070 302,222 ------------------ ------------------ Total liabilities................................. 485,062 455,552 ------------------ ------------------ Shareholders' equity: Convertible Preferred Stock (See Note 6)............ ---- 500,000 Common stock........................................ 11,457,505 12,257,505 Common Stock Warrants............................... 195,687 195,687 Deficit accumulated during the development stage.... (10,165,689) (10,909,996) ------------------- ------------------- Total shareholders' equity......................... 1,487,503 2,043,196 ------------------ ------------------ Total liabilities and shareholders' equity...... $ 1,972,565 $ 2,498,748 ================== ==================
The accompanying notes are an integral part of these financial statements. F-2 HealthDesk Corporation (a Development Stage Company) CONDENSED STATEMENTS OF OPERATIONS (unaudited)
August 28, 1992 (Inception) to Three Months Ended March 31, March 31, 1997 1998 1998 ---- ---- ---- Revenue: Software development and licensing............ $ 200,485 $ 12,910 $ 1,136,255 Other......................................... -- -- 12,714 ------------ ------------ -------------- Total revenue............................... 200,485 12,910 1,148,969 ------------ ------------ -------------- Costs and expenses: Product development........................... 697,217 363,212 5,321,347 Sales and marketing........................... 438,718 299,867 3,648,468 General and administrative.................... 143,917 109,787 2,101,349 ------------ ------------ -------------- Total costs and expenses................... 1,279,852 772,866 11,071,164 ------------ ------------ -------------- Loss from operations....................... (1,079,367) (759,956) (9,922,195) Interest expense............................ (14,900) -- (127,232) Interest income............................. 37,848 15,849 188,003 Amortization of discount and issuance costs associated with bridge financing.......... (145,023) -- (1,029,250) Other expenses.............................. -- -- (14,322) ------------ ------------ --------------- Loss before income taxes................... (1,201,442) (744,107) (10,904,996) Provision for income taxes....................... (200) (200) (5,000) ------------- ------------- --------------- Net loss................................... $ (1,201,642) $ (744,307) $ (10,909,996) ============= ============= =============== Basic net loss per share......................... $ (0.26) $ (0.13) ============= ============= Diluted net loss per share....................... $ (0.26) $ (0.13) ============= ============= Weighted average number of shares of common stock, basic and diluted............................. 4,659,663 5,564,512 ============= =============
The accompanying notes are an integral part of these financial statements. F-3 HealthDesk Corporation (a Development Stage Company) CONDENSED STATEMENTS OF CASH FLOWS (unaudited)
August 28, 1992 Three Months Ended March 31, (inception) to 1997 1998 March 31,1998 ---- ---- ------------- Cash flows from operating activities: Net loss....................................... $ (1,201,642) $ (744,307) $ (10,909,996) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization................ 63,357 72,322 635,838 Amortization of non cash discount............ 145,023 ---- 1,029,250 Other........................................ ---- ---- 28,800 Changes in assets and liabilities: (Increase) decrease in prepaid expenses and deferred costs............................ 539,300 (51,277) (107,156) (Increase) decrease in other assets........ 417 (3,484) (19,334) Increase (decrease) in accounts payable.... (423,273) 19,338 153,330 Increase (decrease) in accrued liabilities. (227,329) (48,846) 305,656 ------------------- ------------------- ------------------ Net cash used in operating activities..... (1,104,147) (756,254) (8,883,612) ------------------- ------------------- ------------------- Cash flows from investing activities: Additions to property and equipment............ (74,188) (17,711) (1,108,865) ------------------- ------------------- ------------------- Net cash used in investing activities...... (74,188) (17,711) (1,108,865) ------------------- ------------------- ------------------- Cash flows from financing activities: Payments of short-term notes payable........... (2,000,000) ---- (2,000,000) Proceeds of short-term notes payable, net accrued offering costs........................ ---- ---- 970,750 Repayment of convertible notes payable......... ---- ---- (500,000) Proceeds from issuance of convertible notes payable....................................... ---- ---- 1,800,000 Proceeds from issuance of common stock and warrants, net of offering costs............... 7,018,788 800,000 8,858,965 Net proceeds from issuance of preferred stock.. ---- ---- 2,183,036 Proceeds from shareholders' loans.............. ---- ---- 118,164 Repayment of loans from shareholders........... ---- ---- (118,164) Proceeds from the exercise of stock options..... 4,816 ---- 111,191 ------------------ ------------------ ------------------ Net cash provided by financing activities... 5,023,604 800,000 11,423,942 ------------------ ------------------ ------------------ Net increase (decrease) in cash and cash equivalents................................. 3,845,269 26,035 1,431,465 Cash and cash equivalents at beginning of period.. 198,277 1,405,430 ---- ------------------ ------------------ ------------------ Cash and cash equivalents at end of period........ $ 4,043,546 $ 1,431,465 $ 1,431,465 ================== ================== ==================
The accompany notes are an integral part of these financial statements. F-4 HealthDesk Corporation (a Development Stage Company) NOTES TO CONDENSED FINANCIAL STATEMENTS (unaudited) The interim financial data is unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of all normal recurring adjustments necessary for a fair statement of results for the interim periods. The financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. Operating results for the three months ended March 31, 1998 are not necessarily indicative of the results that may be expected for the year ending December 31, 1998. The organization and the business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Company's consolidated financial statements filed as part of the Company's annual report for the fiscal year ended December 31, 1997 on Form 10-KSB. This quarterly report should be read in conjunction with such annual report. 1. Organization and Basis of Presentation: HealthDesk Corporation (the Company), a development stage company, is engaged in designing, developing and marketing HealthDesk(R) OnLine, a healthcare management and information system which enables consumers to take a more active role in their personal and family health. HealthDesk OnLine features easy-to-use Windows-based software designed to develop personal medical records and health management programs and access educational, health related information from the Company's private website and over the Internet. 2. Recently Issued Accounting Pronouncements: In June 1997, Statement of Financial Accounting Standards No. 130 "Reporting Comprehensive Income" and Statement of Financial Accounting Standards No 131 "Disclosures About Segments of An Enterprise and Related Information" were issued and are effective for the year ending December 31, 1998. The Company believes the adoption of these pronouncements will not have a material effect on its financial statements. In October 1997, the Accounting Standards Executive Committee issued Statement of Position 97-2 (SOP 97-2), Software Revenue Recognition, which delineates the accounting for software product and maintenance revenue. SOP 97-2 supersedes the Accounting Standards Executive Committee Statement of Position 91-1, Software Revenue Recognition, and is effective for transactions entered into in fiscal years beginning after December 15, 1997. The Company anticipates that SOP 97-2 will not have a material impact on its financial statements. 3. Concentrations of Credit Risk: The Company places its temporary cash investments with one financial institution. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. One customer accounted for approximately 97% of revenues in three months ended March 31, 1998. 4. Legal Proceedings: The Company is subject to a complaint filed by a former employee with the California Department of Fair Employment & Housing. The claim alleges wrongful termination as a result of alleged denial of reasonable accommodation for a wrist and neck injury. The Company intends to defend this matter vigorously. There can be no assurance, however, that such matters will be resolved in a manner favorable to the Company. F-5 HealthDesk Corporation (a Development Stage Company) NOTES TO CONDENSED FINANCIAL STATEMENTS (unaudited) 5. Net Loss Per Share In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (SFAS) No. 128, Earnings Per Share, which establishes standards for computing and presenting earnings (loss) per share. Under the new standard, Basic earnings per share is computed based on the weighted average number of common shares outstanding and excludes any potential dilution; Diluted earnings per share reflects potential dilution from the exercise or conversion of securities into common stock. SFAS No. 128 is effective for financial statements issued for periods ending after December 15, 1997. The financial statements presented have been prepared in accordance with SFAS No. 128 and loss per share data for the prior period presented has been restated to conform with current year presentation. Options to purchase 730,738 and 699,827 shares of common stock with exercise prices ranging from $1.04 to $5.00 and $1.04 to $5.00, respectively, were outstanding as of March 31, 1997 and 1998 and were excluded from the loss per share calculation for the quarters then ended as they have the effect of decreasing loss per share. 6. Convertible Preferred Stock As of March 31, 1998, two existing shareholders agreed to purchase 250 shares of the Company's preferred stock for proceeds of $500,000. On May 13, 1998, the Company received the $500,000 proceeds. These shares are convertible, at any time, at the option of the holders into a number of shares of the Company's Common Stock equal to the proceeds of $500,000 divided by the lesser of 50% of the average closing prices for the preceding three days or $1.00, whichever is less. These shares are subject to mandatory conversion after five years from the date of their issuance. 7. Repricing of Warrants On April 13, 1998, the Company announced that it was repricing its outstanding publicly traded warrants to reduce the exercise price from $5.00 per share to $2.50 per share. In connection with such reduction, the Company was also seeking to reduce the call price for the warrants from $7.50 to $3.75. The Company intends to seek warrant holder approval of these changes over the next month. F-6 EX-11 2 EXHIBIT 11 EXHIBIT 11.1 HealthDesk Corporation Computation of Loss per Share
Three Months Ended March 31, ---------------------------- 1997 1998 ---- ---- Weighted average number of common shares outstanding used for both Basic and Diluted calculations..................................... 4,659,663 5,564,512 ------------------- ------------------- Net Loss........................................................... $ (1,201,642) $ (744,307) ==================== ==================== Basic loss per share............................................... $ (0.26) $ (0.13) ==================== ==================== Diluted loss per share............................................. $ (0.26) $ (0.13) ==================== ====================
EX-27 3 FINANCIAL DATA SCHEDULE
5 0001023767 HEALTHDESK CORPORATION 1 US DOLLARS 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 1 1,431,465 0 0 0 0 2,061,466 965,684 547,736 2,498,748 455,552 0 0 500,000 12,257,505 0 2,498,748 12,910 12,910 0 0 772,866 0 0 (744,107) 200 (744,307) 0 0 0 (744,307) (0.13) (0.13)
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